If I am allowed to say something for the Fintech industry, Seize the opportunity as it might not come again. If you miss the chance, you might regret it later. Why? Well, the answer lies in the blog that you will continue to read because you are excited to find out your opportunities. This blog will discuss various fintech app ideas which would make it inevitable for you to initiate any one of these finance app ideas and multiply the benefits at the earliest.
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A lot of influencing people from the fintech industry have quoted multiple times suggesting that fintech is the future. Leveraging technology to improve the financial system as well as customer experience will take it to literally ANOTHER level. I will mention multiple quotes during the blog to encourage you to try any of these best finance mobile app ideas. Let’s begin this blog on finance app ideas with a popular quote by Chris Skinner.
“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese” – Chris Skinner.
The influence of technology and the advancements it will bring to the financial world will be revolutionary. The rising graph of the global fintech market is expected to cross $309.98 billion by 2022. The impact of this rise is eye-catching, and as an experienced app development company, we can feel the same. We are receiving multiple queries from entrepreneurs who are eager to be a part of this mushrooming space.
We would like to introduce you to the concept of the finance app.
What is a finance app?
A finance app is an easy way of controlling and managing finances. These apps can swiftly process the data using various technologies such as Artificial Intelligence, Big Data, Blockchain, Microservices, etc. These technologies will help in developing a fully potential mobile application.
“We’re witnessing the creative destruction of financial services, rearranging itself around the consumer. Who does this in the most relevant, exciting way using data and digital wins!” – Arvind Sankaran.
Why should you opt for finance app development?
Mobile apps can do wonders, and the same holds for the finance industry. A finance mobile app can help people track their investment, assist them in splitting the bills, give them regulated tax information, and many more things that we will explore while writing about financial app ideas for startups.
“Financial institutions must be able to deliver an easy to navigate, a seamless digital platform that goes far beyond a miniaturized online banking offering.” – Jim Marous.
The following are the reasons why you should initiate a fintech startup app development.
- The rising demand will have room for your app idea. It will bloom in the space if the app idea can solve a major problem of the audience.
- Millions of people have already resorted to mobile apps and eagerly await a finance app that will simplify bill paying, etc.
- The mobile finance app will confirm data security, and this is the need of the hour. Mobile apps will help in mitigating cyber crimes or manual errors, which may lead to severe issues.
Let’s start with our next & very important discussion on,
Top 8 fintech app ideas in 2022:
“Technological innovations will be the heart and blood of the banking industry for many years to come, and if big banks do not make the most of it, the new players from Fin-Tech and large technology companies surely will.” – David M Brear.
Digital Banking:
Hassle-free banking is the demanding finance app solution that you can build in current times. People are demanding digital banking solutions that can assist them in viewing/performing/maintaining their money transactions. It will also refrain them from visiting banks or ATMs for money withdrawal or any bank-specific activities.
Mobile banking applications will help users perform activities such as viewing account balance, closing/opening of an account, NEFT transactions, initiating deposits, ordering credit/debit cards, managing loan amounts, and many more things.
Features of digital banking app are:
- Smart and authenticated login;
- Fingertip authentication;
- Multiple account management;
- View balance;
- View deposit;
- Transfer money;
- Repeat a transfer;
- EMI management;
- Secured data;
- Advanced account insights;
- Help center;
- Withdraw money;
P2P payment application:
Next-gen is already adapted to various in-app wallet systems. However, a general mobile wallet application like Paytm, GooglePay, Venmo, etc., will keep every transaction in sync. The user has to set up an identity and attach a bank account to handle the transaction. The biometric login will secure the data and the activity.
Once the app is developed, you can approach various eCommerce or shopping apps to integrate the same with your platform. This will ease out the transaction initiation process in many ways. Customers can earn reward points in return for using your app.
Features of the Peer to Peer payment application are:
- Profile creation;
- Bank account details;
- No hidden transaction fees;
- Payment notification;
- Transfer money using mobile numbers;
- Earn rewards;
- View transaction details & history.
Loan lending application:
More than ever, we need loan lending applications in place. In the current scenario, it is difficult for a lender and a borrower to meet physically and discuss the rates.
A loan lending application will seamlessly connect a suitable lender to the borrower. The borrower can browse through the list of interested money lenders in a project and contact them for further discussion. The platform allows them to discuss/negotiate the loan rates and gain fundings.
The application uses AI-powered tools to keep track of user’s behavior and spending history.
Features of loan landing application:
- Lenders profile;
- Speedy transfer directly into the account;
- Live alerts for spendings;
- Credit score checking;
- No-fee transaction.
Read Also: Grab Your Hands On The List of Best Mobile App Ideas for 2022
Insurance Tech application:
This app type can be a subsection of a banking app or can be an app itself. An insurance tech application will help in delivering impeccable insurance services to the customers. It will help in keeping everything in sync by using the latest technologies such as blockchain, big data, AI, IoT, machine learning, etc.
The insurance tech app will analyze human behavior and assess various risk factors before allowing an insurance agent to grant insurance to the audience.
Features of an insurance tech application are:
- Profile setup;
- Profile verification;
- Authenticated signup;
- Document upload;
- Document scanning;
- Insurance company details;
- Selection of an insurance company;
- Customized suggestion;
- Easy navigation;
- Swift integration with various gadgets;
Cryptocurrency apps:
Well, we all would read or explore cryptocurrency apps topics one way or the other. Some of you would even be interested in making an investment that is ringing bells in the market.
The crypto market’s popularity is rising in leaps and bounds, and people are excited to trade crypto goods over various platforms. A cryptocurrency app will assist users in purchasing or exchanging various digital currencies in return for currency.
Features of cryptocurrency application are:
- Transparent transaction;
- Lower fees;
- Various cryptocurrencies & exchange rates;
- International currency exchange;
- Portfolio management;
- Secured withdrawals;
- Bitcoin deposits;
Crowdfunding finance application:
Startups and small businesses are always hunting for crowdfunding solutions. A crowdfunding finance application will help fund hunters with a list of contributors and venture capitalists. There are very limited options as of today providing crowdfunding finance, and if you have a finance app idea in this segment, it will prosper like anything.
Features of a crowdfunding finance application are:
- Profile setup;
- List of contributors and venture capitalists;
- In-app chat and call;
- Secured transaction;
- Safety check;
- User verification.
Investment & trading application:
The new generation believes in investment—investments in stocks, shares, forex, funds, etc. And an investment & trading application will give them a clear understanding of various shares and funds so that the user can invest fearlessly.
It will help users in scheduling their investments and manage fundings at convenience.
Features of investment & trading application are:
- User profile setup;
- Share and stock wishlist;
- Investment prices;
- Investment details;
- Investment profile;
- Investment scheduling;
- Canceling/selling a trade;
- History of investments;
RegTech application:
Regulatory compliances are the toughest to achieve. Each country, many times, even regions, has its own set of rules to comply with. A RegTech application will help financial companies to comply with various local and global regulations.
It would be best to follow a detailed mobile app development process to initiate a RegTech app development.
How do Fintech apps make money?
Just like any other free application, it is quite easy & lucrative for fintech to make money. Fintech app owners can either go for in-app advertising or go for a subscription model or earn through a referrals policy. They can even collaborate with various businesses to make money.
Coming to an end:
“By lowering the barrier to create new digital currency applications, we will see an explosion in the number of ideas tried.” – Brian Armstrong
The future of fintech is promising. And trust me, the best fintech app ideas for app development would ace the game if it is developed with the right approach. You can hire on-demand app developers from an experienced app development company like Kody Technolab to implement your fintech app ideas. Well, let’s all look at the brighter side of the story and the changes these apps will bring into the market.
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