Innovative Ideas For Fintech App Development

Since smartphones have become part of our lives, we are trying to make our existence as convenient and productive as possible. New technology is introduced every year in the IT sector to fill a void, need, or want, and the technology trends in finance have transferred every step of our financial procedures to fintech applications.

According to PR Newswire research, the fintech application market will reach $305 billion by the year 2025 growing at a 20% CAGR. It is the fastest-growing industry worldwide, as the pandemic crisis has brought numerous business opportunities.

11 Profitable Fintech App Ideas for Startup A New Business

Finance application ideas multiply every day as their demand increase in the development sector. Let’s have a look

1. Digital Banking Apps

Users are not appreciating the need to visit their banks as digital banking came into existence. These applications are driven by digitization policies that encourage people to connect on the online platform.

Users can get rid of long queues at their banks and ATMs as most of the payment activities are managed via net banking and mobile banking apps. They are enjoying digital banking services, as it offers ease in making transactions, investing, opening accounts and deposits, blocking cards, and much more.

2. P2P Payment Apps

The rise of peer-to-peer payment apps like Venmo, Google Pay, Zelle, and PayPal provides consumers with the facility of transferring money between bank holders instantly- even when they have registered with different banks. They save us from any third-party intermediaries or pay any commission fee. 

These apps use the latest technology such as NFC and face and voice biometric technology to streamline the process and deliver an optimal customer experience. Following app development trends will give you more ideas for your application.

3. Investment Apps

The increasing options for investment have helped users to create a diverse trading portfolio at the same time. It is the right product, which is appealing to micro-investors. It offers average users access to platforms where they can deposit funds, place buy and sell orders, and much more.

Many people who are willing to invest in stocks and other commodities, might not have complete knowledge about them. Hence, developing an application for this will make investing more accessible and you will always have a potential market for it.

4. Insurance Apps

The new term “Insurtech” stands for “insurance technology”. It helps maximize savings and gain efficiency from industry-based insurance models. It steadily creates the user experience in several ways by innovating quick processes, claims processing, and frequent activation. 

Insurance application streamlines the insurance process online using AI and data science to collect, process, evaluate customer data, identify risks, and facilitate the insurance underwriting process. The best part of it is without the assistance of a third-party insurance broker, you can quickly submit your insurance claims. 

5. Personal Finance Apps

Personal finance apps are known as money-saving apps. Users can categorize their expenses and income or track them in real-time to have a clear view. They can manage their finances smartly and effectively with this application.

By developing a personal finance management app, you can offer ease to connect all bank and credit card accounts to have updated data, along with payment reminders. And you can offer a visually appealing format that will be convenient for customers.

6. Crypto Exchange Apps

The cryptocurrency exchange platform offers an opportunity to step into the decentralized market by trading crypto tokens for other assets because it gives transparency and quick processing to its users. Through this platform, users can trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more. 

These are highly secured virtual currencies, that enable users to transact freely, buy and sell cryptocurrencies, make trends, send via p2p methods, and much more. They are stored in a decentralized manner under which money transactions are verified using blockchain technology. 

7. Blockchain Wallet Apps 

A Blockchain wallet app enables users to buy and sell cryptocurrencies quickly. And businesses are investing in blockchain development because of its integrated advanced features, including money lending, asset management, and much more.

Blockchain is a widely used financial technology. Using this for development is a great opportunity that you should grab.

8. Digital Wallets

A digital wallet or e-wallet makes customers free from carrying a physical wallet and some essential items such as credit and debit cards everywhere. And it helps users with extra side income through discount coupons and offers.

It simplifies the payment method for customers, therefore, every e-commerce store is integrating its portal with digital wallets and payment systems.

E-wallets such as Google Pay, Paytm, and PayPal are used for transferring money online, directly to the buyer. Another type of wallet is Amazon Pay, which enables users to purchase products without using cash or cards for payment. 

The convenience to use digital wallets is the biggest factor in driving millions of users.

9. Blockchain Applications 

Blockchain is the most exciting and innovative fintech application. Several startups and establishments such as We.trade, Circle, LAToken, Veem, and PayStand are using this technology to offer different services to their users.

It includes transactions through cryptocurrencies, a decentralized autonomous organization (DAO), where members work with programmatically defined rules that describe who their members can be, what business or activity is allowed, and the method of exchanging tokens or funds. 

10. Crowdfunding Apps

It helps entrepreneurs and startups to raise money for their initiatives. On crowdfunding platforms, users can post their innovative ideas to see if investors are interested.

Crowdfunding apps such as Indiegogo and Kickstarter are popular for their services. And these platforms bring investors and entrepreneurs together to increase investors other than usual sources.

11. RegTech Apps

RegTech (Regulatory Technology) is a new technology to enhance regulatory monitoring, reporting, and compliance processes.

It works in several areas of the financial and regulatory space. RegTech operates on different projects that include employee surveillance, compliance data management, fraud prevention, and audit trail capabilities.

For instance, IdentityMind Global, Trunomi, Suade, and Silverfinch are some of the RegTech applications that offer risk management services and help in regulatory reports without disruption to an architecture.

Wrapping Up

Now, you are enlightened with some FinTech app ideas to work on. And developing the finance app will help several businesses, startups, and consumers to manage their financial operations with ease.

However, having the best ideas for development does not guarantee a successful business. It guides you to have the right business model to start your project with the right software development company.