Gone are the days when finance was an industry running over paper and pen, now it is tech-driven and changed the landscape by 180 degrees. Fintech, the conjuncture of finance and technology, is bringing in enormous ease and automation in finance activities.
From secure & faster transactions to banking on fingertips, technology has changed the face of finance. The global fintech market is expected to surpass $26.5 trillion in 2022. The advancement in this space is continuous, and the COVID-19 crisis has pushed the enhancement.
With a wide range of opportunities to users, fintech has grown a hot topic among investors, entrepreneurs, and startup enthusiasts. If you are thinking out loud about making a fortune with a fintech app idea, then you must be wondering what types of solutions you can develop.
In this article, we will take a look at fintech app ideas that can open the gates of opportunities and success. So, stay hooked until the end of this write-up.
Finance App Ideas To Invest & Begin A Startup In 2023
Finance apps are becoming a handy tool among people, as they are finding ease in making payments, sending/receiving money, contactless payment, expense management, and more. Thus, having a fintech development & startup with a mind-blowing app idea can enable you to capture the market and allow you to achieve success in the meantime.
Wondering what different types of finance apps you can launch to kickstart your startup business? Let’s take a glance at them.
#1. P2P Payment Apps
There has been a huge influx in peer-to-peer money transfer practice in the recent couple of years. The growth graph of this market is booming at a constant pace and looking forward to developing a P2P money transfer application that can turn out the biggest hit.
Indeed, the well-known applications of this space are Venmo, Zelle, PayPal, and Google Play. However, there is still room for faster and secure applications. Actually, these applications have their own regional restrictions when it comes to money transfers.
While providing consumers with incredible facilities between bank holders instantly, they are chopping the need for third-party intervention or paying the commission fee for the transactions. You can make the process more advanced and secure by infusing features like biometric technology, and voice-enabled transfer, and blockchain integration.
Leaving everything aside, the P2P money digital payment app is one of the best finance app ideas that enable people to make seamless and commission-free money transfers. For more clarity on the concept, you can connect with a finance software development company to guide your course.
#2. Loan and Credit App
Won’t you like to get your loan approved with just some simple clicks on your mobile screen? The loan and credit finance app idea brings it into the picture. An app that enables users to get a loan is an incredible startup concept in the Fintech market.
It also works as a medium for P2P lending apps between the lender and borrowers. On this platform, both lenders and borrowers can connect and cater to the needs of each other without any third-party interaction or authority over the loan.
Moreover, it also averts the need to use any bank or financial institution to carry out credits. Besides, the credit and loan app enables borrowers to set the limit of loan rate, and also, they can bargain with the lender on the interest rate. Isn’t it a revolutionary idea to avert the need for intermediaries and authority of banks in the loan and credit system?
Moreover, borrowers can take personal loans, home loans, car loans, business loans, and many from the reliable lender on the low-interest rate.
Also Read: How Has Blockchain Evolved FinTech For 2024?
#3. Trading & Investment App
Seeking app development for investment and trading and launching it on a broad spectrum can make you enjoy the limelight in the marketplace.
Presently, users are showering huge longing to use the platforms that enable them to acquire a comprehensive knowledge of shares, funds, stocks, Forex, and other investment options available. Moreover, they are also cherishing the apps that let them invest in them efficiently.
Moreover, they are inclined toward the applications that collect investment data from different sources and enable them to calculate the asset valuation and right investment decisions. Don’t you like stock trading and apps like Forex? Take food for thought.
Considering all of these, you would have made up your mind to invest in stock trading and investment app development. Though, you need to have a clear picture of the required budget, as a shortfall in the budget can halt your project. Moreover, you must have complete knowledge of finance and stock before investing.
#4. Blockchain App
Blockchain has a spectacular impact on fintech, and it is considering a million-dollar technology in the fintech market due to the security and anonymity in transactions. Thus, embracing blockchain for a fintech startup is one of the most admiring finance app ideas. You may also hire blockchain developer who can build fintech apps as per your ideas.
Undoubtedly, the blockchain app idea is fruitful and success gaining. Wondering how a blockchain app can enable you to target users? Let’s understand.
Blockchain-based applications enable users to transfer cryptocurrencies. As a decentralized autonomous system, each user can achieve transparency and abide by programmatically defined rules.
Funds can be exchanged securely, and transfer traces would be secure. The DeFi Development Services within blockchain apps also provide enhanced security protocols to maintain user privacy during transactions.
Moreover, the blockchain-based app would bring independence in the transaction, and there will be no third-party control to authorize the transaction.
#5. RegTech Apps
RegTech app is another most admired fintech app idea that is gaining speed fast popularity.
These applications enable financial companies & institutions to comply with both global and local standards and follow the rules for the right practice in finance. These applications automate major processes of organizations such as customer identity verification, transaction monitoring, report compilation & submission, and more.
The goal of infusing these apps is to improve customer retention and seek customer satisfaction. Investing in such an app allows you to lead a new foundation of a fintech startup that helps finance organizations in their everyday chores.
To gain more insight into the concept, you can take help from providers of fintech app development services.
#6. Financial Advising App
Who doesn’t need a helping hand when it comes to making precise decisions related to finance & investment? People with little understanding of finance, stock, and trading always seek advisory help to make important decisions.
That’s why targeting these people by providing them easy access to advisory help over a mobile device is the best finance app idea that you can leverage to kickstart your startup. It is an effective fintech app concept to attract people, especially gen-z and millennials.
Being known as a Robo-advising solution, these apps include machine learning. The app analyzes the spending habits of users and income, gives a futuristic view and advice on managing your finances and spending. The infusion of AI/ML technologies makes these apps analyze expenses with regards to the investment of users, calculate tax returns, and cater insights.
In upcoming years financial advising apps will be greatly popular as finance will completely be automated, and users would need a hold on their expenses and a clear picture of their finance-related activities.
#7. Banking Apps
Digital banking is the most primitive and highly invested fintech app idea. Almost every financial institution is striving to have a baking app today to serve their customers better.
The last few years have been crucial for banking institutions as people are now interacting with banks through mobile phones. They no longer appreciate the idea of visiting banks or ATMs to procure money or transfer money to other people.
Now people enjoy sending money, opening accounts, deposit, adding beneficiaries, and much more on digital banking platforms, as these platforms allow them to do everything with simple clicks, and they don’t have to wait in line for hours.
With the ease of banking, the idea of a banking app has gained momentum in the market as an organization is driven to invest in them. Having an independent banking solution that enables users to do finance activities at ease can help you win this market. Connect with banking software development companies to know more, and give a thought to this financial app idea in 2021.
#8. Crowdfunding Solution
It can sound weird to you. However, the fact is crowdfunding is also being digitized and thriving as a crucial fintech startup idea.
For entrepreneurs, these digital solutions are turning out to be the best alternative for funding and allowing them to raise funds for their business from different individuals, investors, and venture capitals. There are only a few crowdfunding solutions available right now, including Kickstarter and Indiegogo.
However, it is predicted that the digital crowdfunding market would surpass $28.8 Billion by 2025, which indicated potential growth & traction. So, you can hire dedicated development team to grab such solutions for your business too.
#9. Crypto Exchange Platform
This is the most fruitful and successful app idea for financial startups. The platform helps users to enter the decentralized market of cryptocurrencies and make fund transfers secure & untraceable. But here, cryptocurrency is traded instead of other digital currencies. Transparency, low fees, fast processing, and the highest level of security are the best features of the crypto exchange platform.
In selecting any of these ideas, startups need to consider a number of important factors such as compliance requirements, fundraising platforms, identifying niche markets, hire cryptocurrency developers from a recognized company, and getting information on competitive challenges and apps. After doing enough research, the startup should consult with a mobile app development company to hire experienced developers.
#10. Digital wallet
As digital wallets prevent users from carrying physical wallets or credit/debit cards, their market is also growing significantly. These applications give users the ability to pay in certain taps or use biometrics while getting back coupons and attractive offers.
The digital wallet market is estimated to reach $ 7,581.91 bn by 2024. Suffice it to tell you why entrepreneurs choose it among the various innovative ideas of apps to enter the financial market.
Final Text
The Fintech market is blooming at a constant rate. Several fintech startup ideas are emerging and astonishing users. At the same time, these ideas are creating a frenzy among users. But for entrepreneurs, these apps are turning into a success magnet.
With a wide range of opportunities and benefits to humankind, fintech apps are deepening their roots in the market. Moreover, they are allowing organizations to provide great customer care, satisfaction, and boost trust. If you want to leverage the vibration of growth in the Fintech market, connect with a financial software development company. The right partner can unlock the potential of technology for your startup endeavor, so pick wisely.
