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.
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.
Creating a Fintech App requires lots of research as it could not be created randomly. As one has to analyse the market and choose the financial app. We are here to help you out with Fintech App Ideas which could do wonders in market :
It’s one of the essential and crucial Fintech apps one could invest in digital banking. There has been a dramatic shift with the way people are interacting with their banks and are relishing services of banks. Users nowadays don’t prefer to visit either banks or ATMs for cash but are comfortable with digital transfers. As they are enjoying numerous advantages of digital banking such as investing, deposit and opening accounts, adding beneficiaries, blocking cards, making transactions etc. Digital Banking app has gained momentum in the market. Previously the sector was catering to 9% of online audiences till 2011. But now it has changed to 69%. The fact is that it’s just the beginning and miles to go ahead with Fintech App.
P2P Applications such as Google Pay, Venmo, Paypal, Paytm are providing consumers with an unmatched facility for transferring money between bank holders instantly – even though they are registered with systems of payment and other banks. It’s cutting down the requirement of third-party intermediaries or paying any commission fee for performing transactions. They are using the latest and trendy technologies such as face and voice biometric, NFC, enhanced management of risk and delivery of optimal customer experience.
Consumers are getting conscious with respect to their savings and earnings, such applications are gaining tractions with the market. It’s making both start-up and investor look ahead for developing a financial Personal app. Such applications are working as a weapon through which app users could categorize their incomes and expenses, and track them in the real-time for getting a better understanding of smartly handling their finances. The apps are built on the rule book which specifies effective personal apps for finances. They are also offering to connect with ease with all credit and bank accounts for automatically updating along with reminders of payment. The data is presented and displayed in visually appealing format, which is adding to their convenience. Apps such as Mint- is bringing customers with a holographic view of the finances, credit card accounts, investments and loans.
The software driven with machine-learning is assisting users with finest personalized and future-centric advice on finances at lowest cost. Further analysing investments and expenditures to aid them in Increasing the after-tax returns. In addition to it, they are adding convenience to the whole process with minimal human intervention.
You must be aware that insurance has been a co-running business with banking in the sector of finance. They have been operating in synchronization with each other for numerous cases. Now once finance has turned into Fintech, the insurance sector has also come up with insurtech. The subdomain, which is incorporated with latest technologies such as IoT, AI, Open API, Machine learning and Block chain, is enabling insurance companies for delivering impeccable support to customers via analysis of heap of data, working on the market trends, understanding emotions and requirement, sharing customized yet quick policy comparison options and many more.
It is providing an opportunity to step into the decentralized market by trading crypto currency for other assets such as digital currencies or fiat money. They allow users exchange one crypto currency for other, get crypto tokens in return of the fiat money, and also buy or sell the crypto coins. Users are experiencing perks such as lower fees, transparency, faster processing and higher security. Example of such an app is Coin base.
It’s an innovative technique focused on transmitting and storing the information which is presented in sequential chains of transaction blocks. Such blocks are included in a single database which is getting automatically updated with transactions. It focuses on decentralization, which means absence of “Main Server”. It offers the following options such as :
They are apps related to regulations solving issues affecting the finances of start-ups. They utilize services of technologies which are advanced such as big data, cloud computing and machine learning for offering best services for customers. They focus on compliances catering to locally and globally. They are expected to make a market of around $53 Bn by the end of this year. Cappitech is an Israeli start-up in fintech which automates the creation of regulatory reports.
It helps budding business teams or entrepreneurs in raising money for their working or initiatives. They further provide them with invaluable proof-of concept capabilities by posting their idea of start-up on the funding platform. Kick-starters are having larger base of users in the segment of app, and could be an excellent e.g. for top notch crowd-funding app.
Covid-19 has impacted the mortgage market quite hard and people were unable to get any mortgage during it. As the whole world started to recover from the crisis, the rates of mortgage has dropped and newly emerged e-mortgage got the things simplified. E-mortgage apps are now offering contactless mortgages which are likely to become a new standard after out-break of Covid-19.
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 :
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 :
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 :
With the advent of technologies such as machine learning, block chain, artificial intelligence and more, the industry of finance is flourishing at the unprecedented rate. People are now focusing on mobile applications for investing, transferring and other finance purposes. The above fact is one of the reasons why the demand for Fintech Apps has come into force.
Technology + Finance comes to be Fintech. Costing with respect to development of mobile apps depends on lots of factors. Some of the factors are as under :
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.