Posted: Jul 16, 2021
The digital revolution has altered the way we do business and access various services. From banking to finance to insurance, every aspect of the business has been changed to reflect evolving consumer preferences.
It's a well-known fact that the COVID-19 epidemic pushed the adoption of many of the most exciting financial technology developments. For certain participants in the financial sector, transitioning to a digital-only format proved critical to survival. Established financial institutions that were previously resistant to innovation are now opting for mobile app development services to compete with startups and developing fintech applications.
According to research, the fintech application industry will be worth $305 billion in 2025. It is now one of the fastest-growing businesses in the world that are trying to find stability.
The most difficult mobile app concept to pursue is an application that has several features. An app that uses several industries, such as software, healthcare, logistics, and infrastructure development, links entrepreneurs with investors.
It is clear that transitioning to digital formats to deliver financial solutions is now a primary objective for many financial companies and represents a well-planned technology investment. From large corporations to emerging businesses, everyone is attempting to capitalize on the pandemic's disruption.
Another poll found that around 64% of millennials and 59% of Generation X users use fintech apps at least once. Fintech garnered $1.1 billion from venture capital investors in 2009, according to Pitchbook. By 2020, the investment will amount to $44.1 billion. The figure is likely to rise even further in 2021 and beyond.
Fintech applications are a type of payment technology that allows users to receive and transfer money easily. If you're considering developing an amazing Fintech app for your startup business, now is a perfect moment to do it. We're going to offer the finest Fintech app ideas in this post to assist you in growing your company on a financial platform. Continue reading to maximize your investment's return.
Startups are increasingly concentrating their efforts on developing Fintech payment apps that will enable them to accept and transfer money easily. If you're considering creating a finance-related application for your company, now is the ideal moment to do it. This post will offer you to hire mobile app developers to execute finest app ideas that will help your business scale new heights.
What is a Financial App?
In general, a financial app is a piece of software that monitors and controls an individual's or business's financial operations. In today's fast-paced environment, conventional in-person dealings are too time-consuming and discouraged. Financial applications and the increasing use of mobile devices provide viable options for expediting this process. With cloud computing and the Internet of Things, investing, advising, lending, and even bill sharing amongst pals may become simpler and quicker.
Role of Fintech Apps in the Growth of Fintech Startups
Startups provide software that handles everything from insurance, finances, assets, payments, but more for companies and people.
The latest advancements in mobile payment processing and security mean that the technology changes daily. Additional financial variables, such as insurance, equity, shares, stock, risk adherence, and more, are taken care of using fintech applications.
You need to find the latest fintech app ideas to fuel your business if you offer any financial services.
One of the most popular applications in current times, eWallets have enhanced people's convenience in paying bills, paying at physical merchant locations, and paying across multiple e-commerce sites and other online media. The digital wallet industry is increasing rapidly and is expected to reach $7581 billion by 2024. This indicates that there is still considerable momentum in this market. If a firm wants to develop a digital wallet application, it may gain popularity by improving security and providing an exceptional user experience.
AliPay has substantial market dominance in the East, while Apple Pay has a sizable market share in the West. PayPal (an online money transfer platform), established in 1999, was one of the first few electronic wallets globally. Thus, building eWallets is another fantastic modern-day financial app concept.
A distributed electronic ledger is commonly referred to as a blockchain. When blocks in the chain are assembled, they form a single entity. A single 'entity block' Using blockchain technology to construct apps that support cryptocurrency transactions is a promising prospect for the near future.
The data saved in a blockchain is spread over the whole blockchain network, not stored on any single server. This assures financial fraud because there is no one point of attack.
Whether a fintech startup or an experienced financial institution, blockchain technology benefits all businesses in the BFSI industry. These applications may provide users with many alternatives while also enhancing their security when doing online transactions. Additionally, these applications enable users to conduct transactions utilizing cryptocurrency.
This idea is now popular in the US and UK markets. It's like crowdsourcing platforms such as Kickstarter. Consider creating a company for other companies while pondering financial concepts. Crowdfunding apps assist aspiring entrepreneurs in raising funds for their endeavours. Additionally, they offer important proof-of-concept capabilities: by rapidly submitting their business idea to a crowdfunding site, they can determine investor interest. Kickstarter, without a doubt, has the largest user base in the app sector and may serve as an outstanding example of a high-quality crowdfunding application.
However, some niches have their crowdfunding apps: For example, Patreon enables creative workers to crowdfund their work, while Ketto focuses on non-profit initiatives and efforts.
Crowdfunding apps can be viable financial technology (fintech) app ideas for startups and large financial technology (fintech) firms. These applications can have a large effect on startup fundraising by giving funding alternatives that provide other companies with a means to get startup capital. They seek ways to secure financing for their new and upcoming company endeavour by contacting Venture Capitalists and financial institutions.
Digital Banking Applications
The digital wallet industry is increasing rapidly and is expected to reach $7581 billion by 2024. This indicates there is still considerable momentum in this market. If a firm wants to develop a digital wallet application, it may gain popularity by improving security and providing an exceptional user experience. Digitization strategies of governments, uncertain time frames like the COVID-19 epidemic, robust security measures adopted by banks, and much more are all factors that contribute to the popularity of such apps.
Due to many consumers increasingly banking via mobile devices, banks no longer need to provide physical space. As a result, nearly all banks now offer mobile applications that enable clients to handle all their banking activities with a few simple clicks.
Today's customers enjoy many benefits of digital banking, including the ability to conduct transactions, establish accounts and deposits, invest, and add beneficiaries with only a few clicks on their smartphones.
These applications have already established a foothold in the industry. The business that develops eWallets applications enables app users to conduct online transactions without physical wallets or credit or debit cards. Users may pay with only a few touches and get discounts or vouchers in exchange. Bank clients may avoid lengthy lines at banks and ATMs by managing most of their payment operations via net banking and mobile banking applications.
Trading and investment apps
Stock and commodity trading apps are among the biggest fintech app developments in the financial landscape today. Trading and investing applications combine blockchain, artificial intelligence, and machine learning to enhance trading results significantly. Algorithmic trading removes human error and behavioural variables, makes data-driven judgments, responds quickly to changing market conditions, and allows traders to trade simultaneously from numerous accounts.
Artificial Intelligence and data analytics enable users to get insight into prospective investments and make educated choices quickly. Numerous trading and investing applications, including Robo-advisors, assist users in developing their investment and trading skills.
Such an investment and stock trading application is expected to cost more than $7.5 billion. Thus, creating trading applications can assist investors in resolving this issue by allowing them to handle stocks, equity funds, shares, and crypto assets simultaneously.
Thus, firms may create scalable, secure apps that assist individuals in managing their finances, comparing data from many sources, and quickly speculating on the values of trade assets.
Peer to Peer (P2P) Payment Solution
Peer-to-peer payment programs, like digital wallets, have exploded in popularity in recent years. These applications serve as a great vehicle for transferring money between payment methods and bank accounts in real-time. P2P apps are created using industry-standard technology such as biometric, near-field communication (NFC), voice, and face recognition. Zelle, Venmo, Cash App, and Paypal are all successful peer-to-peer payment programs that charge consumers no commission fees for online transactions. Such an app offers your consumers an excellent facility to transfer money instantly across bank accounts and payment systems.
• Verifying transactions with a unique ID or one-time password.
• Notifying users when their transactions are completed, received, or declined.
• Keeping track of previous transactions.
• Sending and receiving money without incurring costs.
• Providing biometric locks for applications.
In a competitive environment, trustworthy financial applications with intuitive features, smooth performance, and strong security will remain competitive. Hopefully, these suggestions can alleviate some of the stress involved with a new app. Therefore, it is necessary to work with an app development company for a customized fintech application that ensures success in a longer run.
Zennaxx’s mobile app developers help companies succeed by using their experience in developing feature rich FinTech applications such as payment gateways, digital wallets, banking portals, and insurance apps. With over a decade of expertise, we are one of the leading FinTech consulting companies, supported by a team of 250+ experts that have serviced worldwide customers with a 100% success record.