Top Finance App Ideas for Startups to Consider in 2024
In today’s digital era, everything we use is on a digital platform. We can observe that every necessity is available on websites and apps. So when discussing finance apps, indeed fintech companies are rapidly expanding to offer users more technology and flexibility. The continuous adoption of fintech apps is increasing rapidly worldwide. Therefore, executing ideas for fintech can be beneficial for all of us to achieve better results. Below are the ideas that can be used to build a fintech app in 2024.
Digital Banking
This is the most universal idea in the fintech industry, and it’s compatible with successful business models. Computers, smartphones, the internet, Artificial Intelligence (AI), and IoT are the major areas that help boost the digital banking area.
People used to do everything online instead of choosing to go to a bank or ATM for their work. People can easily transact, invest, block their cards, and open their accounts to all the beneficiaries can be done from one app.
P2P Payment Solutions
Peer-to-peer payment apps are a fantastic concept in fintech. Google Pay, Zelle, and PayPal are examples of apps used to transfer money between bank accounts, regardless of whether if they are accounts at different banks. This eliminates the need for a middleman or mediator in transactions. NFC, face, and voice recognition are also utilized as advanced features to enhance convenience, improve safety, and provide users with a better experience.
Personal Finance Management App
This idea makes it easy for people to handle their money. They can easily manage their earnings, spending, and savings with this app. The main benefit is being able to track everything in real time. These apps are also handy for keeping track of bank accounts and credit cards in one place.
Robo Advising Software
The robo-advisor market is projected to reach $2.76 trillion by 2023, catering specifically to millennials. These apps utilize machine learning to provide personalized financial advice at significantly low costs. They assist users in analyzing their spending and investments to optimize after-tax returns, which can then be reviewed using tax preparation apps like TurboTax.
RegTech App
RegTech apps are the best startups in town right now. It includes the technology to handle all the rules and regulations which is financially acceptable worldwide. These apps help companies automate a lot of their tasks, like checking customer identities, making reports, and monitoring transactions.
Stock Trading App
The stock trading app is the most trending and famous app functionality right now in the market. People are obsessed with the requirement of stocks, shares, forex, and funds, and helps them invest wisely.
Digital Wallets
Digital wallets help us manage and store physical cards, enabling easy transactions with digital debit or credit cards. According to research, the digital wallet market was approximately $6.2 billion in 2021 and is expected to grow at a CAGR of 27.4% from 2022 to 2030. This significant growth makes investing in digital wallets a worthwhile decision.
Blockchain Applications
Blockchain technology is proving to be highly effective in fintech app solutions. Numerous apps are already implementing this concept to offer people the best platform for blockchain technology. Below are the services they are receiving through these apps:
- Cryptocurrency transactions
- Operating as decentralized autonomous organizations
- Payment for transportation services
Crowdfunding Solutions
Crowdfunding has become incredibly popular for entrepreneurial endeavors. It involves collecting money from numerous individuals and investors to back new or existing startups. Predictions indicate that the crowdfunding market will reach $28.8 billion by 2025.
Crypto Exchange Platform
This type of crypto exchange platform is the best idea for a startup in the finance industry. These platforms enable individuals to enter the decentralized market by trading cryptocurrencies. You can swap, trade, and buy or sell crypto coins using these apps.
Bill Reminder App
Electricity, mobile, water, credit cards, etc., bills must be remembered to be paid on time; otherwise, extra penalty charges or fees must be paid for late submission of bills. This can serve as the starting point for a new business, where we can assist people by providing them with a bill and a reminder app.
How to Start a Fintech Startup?
Define Your Niche
Defining niche is what brings clarity to the business we choose to do. In the fintech ideas below is the list that anyone can work on for their fintech business.
- Payment and sending money internationally
- Mobile banking
- Managing personal finances
- Insuretech
- Trading and lending
- Crowdfunding
- Analyzing data and making financial decisions
After deciding on the niche, do the proper research to figure out the market and the consumer needs as well.
Learn About Compliances
The fintech industry is well equipped with the all rules, regulations, limits, and laws to navigate the complicated world.
Find Your Startup USP
The unique selling point is what the exact definition of the USP stands for. Fintech businesses have to find the uniqueness and gaps in the market in finance to set their best USP to the public, which helps to make a successful business model.
Raise Funding
Start your fundraising rounds to get better funds using bootstrapping, crowdfunding, venture capital, and angel investment.
Know the Business and Technical Challenges
- Cybersecurity
- Integration of AI and Blockchain
- Big data usage
Above are the challenges that any fintech company might face, and they have to tackle these challenges to develop the IT solution for this using technology to bring a whole new revolution.
Build Your Fintech Product with Bitrix Infotech
To find a better companion for your fintech app, Bitrix Infotech is your perfect partner for Fintech app development.
We will bring the experience and the skills to make a successful fintech solution for you. As a better IT firm, we work so accurately to understand your goals and make apps that fulfill your needs.
We make sure to bring you the latest technology and also an understanding of this fintech industry very well. Let’s Get in touch and We’ll start working on your fintech startup idea!
