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Evolving technology has covered every activity of the thriving financial sector. Be it bank transfer or the stock market trading, making payments, or managing wealth, a fintech app development domain can address all the aspects while offering a secure and seamless experience to the users. This is a major reason for the growing popularity of customized fintech apps. If you want to make the most of this transformation from traditional transactions to digital transactions, then the right time is now!
You can consult one of the top fintech app development companies to come up with a customized app with desired features and flawless functionality. Fintech apps can be the game-changer in the BFSI and other industry sectors as they make online transactions and banking services more accessible, secure, and convenient. Fintech apps can open the doors of new business opportunities for startups and SMEs by offering services in Personal finance, crowdfunding, P2P (Peer-to-Peer) lending, and several other domains.
Read on this blog as we dig deep into the top fintech app development fields for making your finance-related business successful.
Let’s start with the quick facts that show the growing importance of fintech worldwide-
• Over 65% of US people will use digital banking solutions by the end of 2022
• Over 66% of bank executives believe that fintech will impact mobile payments and wallets
• Over 25,000 fintech startups are existing across the world as of February 2020
• The global fintech market is expected to grow exponentially to reach $310 billion by 2022
Dedicated finance app developers can integrate advanced features based on emerging technologies like AI and AR to give your fintech app an edge over peers. With a seamless and user-friendly fintech app, startups can also attract strategic investors and VCs (Venture Capitalists).
If you want to build a business model around this booming sector, here are the top ten opportunities.
Top Business Opportunities Provided by Fintech App Development in 2021
1. Wealthtech App
Wealthtech apps are among the best fintech applications. The name wealthtech indicates the combination of wealth and technology with an aim to provide efficient online solutions to improve the user’s money management and investment. Robo-advisors, digital brokers, micro-investment resources are some of the wealthtech app ideas that can gain popularity and a high ROI in the short to medium term. Business Insider Intelligence report has revealed that Robo advisors will manage about $1 trillion wealth by 2020, and this number will reach $4.6 trillion by the year 2022.
2. Stock Trading App
More people are taking interest in stock exchanges and want to invest some amount in shares, stocks, funds, and forex. The stock trading app makes it possible efficiently. You can hire top finance app developers for offering your customers and app users personalized experience and actionable insights to make the right decision. If you want to come up with a feature-rich stock trading app, you need to consider budget limitations and other factors. You can consult a fintech app development company with a list of must-have features. Apart from these features, other important features are data streaming, instant notifications, and real-time data exchange.
3. Loan Lending App
P2P or Peer to Peer lending app can make your finance business popular rapidly. The reason is simple- lenders and borrowers can connect and cater to each other’s needs. In other words, a loan lending app (or P2P lending app) acts as a marketplace for loans and keeps lenders and borrowers on a single platform. On one hand, these applications enable borrowers to take loans as per their suitable interest rates and other conditions, and on the other hand, lenders can bargain with borrowers as per the loan’s demands. In a way, they can get more borrowers.
4. Crowdfunding Solutions
Crowdfunding solutions are considered as one of the best alternate funding models for startup owners and entrepreneurs. These solutions are useful for raising funds for new or existing enterprises irrespective of their size. Both individual contributors and VCs can offer funds to enthusiastic entrepreneurs in this way.
Kickstarter, Indiegogo, and a few other crowdfunding solutions are quite popular across the UK and US. It is predicted that the market for crowdfunding will reach USD 28.8 Bn by 2025.
5. Crypto Exchange Platform
Coinbase is a popular crypto exchange platform. In recent years, cryptocurrencies have witnessed huge swings and as a result, people’s interest in bitcoins and other such currencies has increased significantly. Crypto exchange platforms offer their users an opportunity to enter into the decentralized market by trading cryptocurrencies like other assets like money and digital currencies. Users can exchange one cryptocurrency into another and get crypto tokens in lieu of flat money. Transparency, higher security, transparency, and swift processing are some of the top features of the crypto exchange platform.
6. Insurtech Solution
Banking and insurance go hands in hands. They operate in sync with each other, and thanks to advancing technology, innovative features can be integrated into the customized insurance app, which is known as an upgraded version for insurance- Insurtech. This subdomain involves emerging technologies like AI, IoT, Open API, and machine learning. Insurtech solution enables insurance companies in delivering excellent customer experience, checking the market trends, and understanding the end user’s expectations.
7. Personal Finance Management App
Personal finance management app is one of the best financial app ideas for startups. As people are getting more conscious about earning and savings, the personal finance management app becomes useful for investors and startups alike. These apps are acted as a platform on which users can categorize their expenses and incomes.
8. RegTech App
This type of apps is also considered one of the best fintech app ideas for startups. Financial institutions can comply with all the prevalent local and global standards with the help of this type of fintech solutions. Top fintech app development companies enable fintech startups and SMEs to automate major parts of their processes like report compilation, transaction monitoring, customer identity verification, etc.
Regtech app development has remained among the top fintech trends for the year 2020 and could reach $53 billion by the end of the year.
9. Blockchain App
Blockchain is an emerging and innovative technology that focuses primarily on transmitting transaction-related information as a sequential chain of blocks. These blocks are securely included in a single database that keeps on updating with every newer transaction. Recently, this technology has evolved a lot, and a robust finance app development company can develop the following options by integrating this technology with other emerging technologies-
• Blockchain-based applications– These apps can integrate money with the real world’s events.
• Decentralized Autonomous Organizations (DAO)– It is easy to locate members anywhere in the world.
• Money Management App– It facilitates users to conduct secure and quick transactions on the blockchain network with the help of an internal currency.
10. P2P Payment App
P2P stands for peer-to-peer or person-to-person transactions. P2P payment apps enable users to make transactions with other people without involving third-parties or financial organizations. Though it is a relatively new technology in the finance sector, it has started gaining fame quickly. Google Pay and PayPal are just a few epitomes of successful P2P apps. These apps eliminate the need for any intermediaries or third-party agents, thereby saving the customer’s expenses as a commission fee.
The fintech app development company can come up with customized payment solutions that include the latest technologies like NFC and voice-based biometric for streamlining POS processing while delivering an excellent customer experience.
In a nutshell, fintech app development can take your business to a new level by bringing automation and more convenience for your customers. A customized fintech app can open a new source of revenue. All you need to hire dedicated fintech app developers for building a tailored fintech app for your business.
Solution Analysts is a leading finance app development company. Our team of top finance app developers has developed fintech apps from scratch for a few of the big names in the BFSI sector. Do you want to ensure the growth of your startup or build a business model on Fintech? Simply drop us a line at firstname.lastname@example.org. We will get back to you soon with an effective strategy.
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