The sector of BFSI has been thriving at a continuous pace while witnessing a paradigm shift from payment traditionally into Online trends of payment. The term FinTech is coined after technological integration in the sector of finance which has added convenience for security and customers for financial institutes. In current scenarios, the trend of payments have changed from cheques to online transfer using digital payments techniques, due to which the Fintech sector could offer new opportunities for Start-up’s.
Ample of entrepreneurs, Financial companies and investors have either shifted towards Fintech or are looking to plan for making the most out of it. According to predictions from the reputed company, the Global Fintech market is growing tremendously for reaching $309.98 billion by 2022. If you are an owner of Start-up or are in lookout for an amazing idea which could leverage the benefit of the Fintech sector, here we are providing top 10 ideas which could rule in the coming years.
What’s Financial App?
Financial app is referred to as a program of software which manages and tackles all activities for companies and individuals. The traditional in-person transaction is quite time consuming and is discouraged in the current scenario or fast paced world. Financial apps, which are growing at a rapid rate, are offering feasible solutions for accelerating processes. Consulting, investing, splitting bills and lending between friends could become faster and easier with the support of cloud services or IoT. Fintech is an umbrella term for technology which has something to deal with finances.
There is a growing demand for fintech (financial technology) applications in the current market. Some of the key needs and trends in the fintech industry include:
Convenience : Consumers expect fintech apps to be easy to use and accessible on multiple devices. This includes the ability to perform financial transactions and access account information quickly and easily.
Security : With increasing concerns about cyber threats and data privacy, fintech apps must prioritize security and protect user data. This includes implementing strong encryption and authentication measures to prevent unauthorized access to accounts.
Personalization : Fintech apps are expected to offer a personalized experience to users, with features and services tailored to their specific needs and financial goals.
Integration with other financial services : Fintech apps are often integrated with other financial services, such as banks and credit card companies, to provide a seamless experience for users.
Regulatory compliance : Fintech companies must comply with a range of regulations, including those related to data privacy and financial transactions. Apps must be designed with these regulations in mind.
Innovation : The fintech industry is constantly evolving, with new technologies and business models emerging all the time. Fintech apps that are able to stay ahead of these trends and offer innovative features and services will be well positioned in the market.
Top 12 fintech app ideas for start-ups
- Account aggregation
- Transaction tracking
- Budgeting tools
- Financial goals
- Reports and charts
A personal finance management app
A personal finance management (PFM) app is a tool that helps users track their spending and create a budget. Here are some key features that a PFM app might include:.
- Borrower profiles
- Investment opportunities
- Risk management
- Repayment
A peer-to-peer lending platform
A peer-to-peer (P2P) lending platform is a financial service that connects borrowers and investors directly, without the need for a traditional financial institution (such as a bank) to act as a intermediary. Here are some key features that a P2P lending platform might include:
Overall, the main goal of a P2P lending platform is to provide an alternative source of financing for borrowers and a new investment opportunity for investors.
- Linking payment methods
- Payment processing
- Security
- Receipts and transaction history
- Integration with other apps and services
A mobile payment app
A mobile payment app is a tool that allows users to make payments using their smartphone or other mobile device. Here are some key features that a mobile payment app might include
Overall, the main goal of a mobile payment app is to provide a convenient and secure way for users to make payments using their mobile device.
- Investment options
- Portfolio management
- Research and analysis
- Alerts and notifications
- Security
An investment app :
An investment app is a tool that helps users manage and track their investments. Here are some key features that an investment app might include
Overall, the main goal of an investment app is to provide users with a convenient and secure way to manage and track their investments.
- Personalization
- Investment recommendations
- Budgeting and financial planning
- Education and resources
- Integration with other financial services
A virtual financial advisor
A virtual financial advisor is a service that provides personalised financial advice to users using artificial intelligence (AI) and other advanced technologies. Here are some key features that a virtual financial advisor might include
Overall, the main goal of a virtual financial advisor is to provide users with personalised financial advice and guidance to help them achieve their financial goals.
- Cryptocurrency options
- Trading tools
- Security
- Integration with other payment methods
- Customer support
A cryptocurrency exchange app
A cryptocurrency exchange app is a tool that allows users to buy, sell, and trade various cryptocurrencies. Here are some key features that a cryptocurrency exchange app might include
Overall, the main goal of a cryptocurrency exchange app is to provide a convenient and secure platform for buying, selling, and trading cryptocurrencies.
- Risk assessment
- Portfolio management
- Performance tracking
- Customer support
- Integration with other financial services
A robo-advisor app
A robo-advisor app is a tool that uses algorithms to create and manage investment portfolios on behalf of users. Here are some key features that a robo-advisor app might include
Overall, the main goal of a robo-advisor app is to provide users with a convenient and automated way to invest and manage their portfolio.
- Loan options
- Loan comparison
- Application process
- Customer support
- Integration with other financial services
A personal loan app
A personal loan app is a tool that helps users find and apply for loans from a range of lenders. Here are some key features that a personal loan app might include
Overall, the main goal of a personal loan app is to provide users with a convenient and transparent way to find and apply for loans.
- Debt management
- Debt consolidation
- Payment scheduling
- Customer support
- Integration with other financial services
A debt consolidation app
A debt consolidation app is a tool that helps users manage and pay off multiple debts. Here are some key features that a debt consolidation app might include
Overall, the main goal of a debt consolidation app is to provide users with a convenient and effective way to manage and pay off their debts.
- Rewards program
- Merchant network
- Rewards tracking
- Redemption options
- Customer support
A rewards app
A rewards app is a tool that gives users cash back or points for making purchases at participating merchants. Here are some key features that a rewards app might include
Overall, the main goal of a rewards app is to provide users with an incentive to shop at participating merchants and earn rewards for their purchases.
- Mortgage calculator
- Mortgage rates
- Loan terms
- Mortgage resources
- Customer support
A mortgage calculator app
A mortgage calculator app is a tool that helps users compare mortgage rates and terms from different lenders. Here are some key features that a mortgage calculator app might include
Overall, the main goal of a mortgage calculator app is to provide users with a convenient and transparent way to compare mortgage rates and terms from different lenders
- Project listings
- Funding options
- Rewards or perks
- Payment processing
- Customer support
A crowdfunding platform
A crowdfunding platform is a tool that allows users to fund creative projects or small businesses by making small contributions online. Here are some key features that a crowdfunding platform might include
Overall, the main goal of a crowdfunding platform is to provide a platform for creators to raise funding for their projects, and for users to support and engage with these projects.
Features to consider in Fintech Apps
Majorly all the Fintech apps share the common features. The app doesn’t seem to have 100% unique features, but a swift user experience with enhanced features for successfully competing. The features are :
- Sign-in
- Scanning Quickly
- Notification for Customer
- Cash back
- Third-party Services
- Assistants and AI bots.
Points to consider while launching Start-up of Fintech
- Check and finalize on the Niche Market
- Details on compliances
- Put the USP (unique selling price) of your Start-up
- Finalize on correct developers of Fintech
- Get familiar with technical and business challenge’s
- Launching of MVP
Challenges and risk of Fintech Apps
Utmost priority for Fintech App is Security. No matter how advanced and convenient this app is, if it’s not secure, it would not be able to bring revenue or users. Moreover, a single breach of security could kill trust in your overall business. So security has been the top priority for Fintech products of Fintech. Few threats for Fintech Apps are as under :
- Breaches of Data
- Identity theft
- Attacks of Malware
- Vulnerabilities of security
Things to consider for developing FinTech App
It doesn’t matter if you already have an idea of a finance app or got it shortlisted from the list mentioned. We at Amar InfoTech, can help you in turning dreams into reality. The requirement from your end is to just pen down specific apps features and business goals and we would be there to provide you with a feature rich and scalable application at a reasonable budget. Reasons why you should check out for Amar InfoTech, a trusted and reliable Financial app development company :
- Transparency 100%
- Round the clock support
- Skilled and experience developers
- Reasonable and affordable prices
Cost for FinTech app development
The cost of developing a fintech app can vary widely depending on a number of factors, including the complexity of the app, the features and functionality it includes, the development platform and tools used, and the location and expertise of the development team.
In general, the cost of developing a fintech app can range from a few thousand dollars for a simple app with basic features, to hundreds of thousands or even millions of dollars for a more complex app with advanced features and functionality.
To get a more accurate estimate of the cost of developing a fintech app, it's important to consider all of the factors mentioned above and to work with a development team that has experience building fintech apps. They will be able to provide you with a detailed quote based on your specific requirements and needs.
Wrapping
The Fintech App is mushrooming at a rapid speed. Numerous Fintech apps for business ideas are entering into the market. However, it’s not that all start-ups are gaining momentum with similar sets of benefits and opportunities. The pressure of delivering the finest combination of creativity, expertise, technology and trust is making their journey more difficult and tough than expected. However, by focusing on the above mentioned steps you could cut short the hassles coming your way and reach the list of Fintech Start-ups. The future trend of Fintech seems to be on the brighter side than ever before. If you are contemplating how to create an app of Fintech, then do contact us and our experts will cater to your requirements.
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