FinTech App Development: Ideas for FinTech Startups and Enterprises to Find Easy Investment
Introduction
Here’s the conversation which you might have heard somewhere in any office:
“Oh, I have left my B.P medication at home.”
“Don’t worry my friend! Order the medicine online from the medical-ordering app.”
“But I doubt whether I will receive the good quality pill from the reputed medical brand.”
“No need to fear, you will get the same quality pill as you get from the medical store. Just try it.”
“Okay! Let’s order it.”
After a few minutes!
Thanks, man! My blood pressure is now normal. You saved my day.”
“Thanks not me, but technology! It is a real saver.”
From the above-given conversation, you have got an idea about the power of technology. Not only health, food, or shopping, even financial services have been at advantage by implementing it into their business. All thanks to it, people can access services and order products from online apps anywhere and anytime.
The finance industry in collaboration with IT has scaled new heights through the creation of new and innovative FinTech software solutions and creating a new way for the people to proceed for banking, payments, and fund transfer with great ease.
It can be well said that FinTech is one of the enterprises which uses technologies for the creation of better financial services for the consumers. It empowers various startups and also encourages them to successfully compete with leading financial institutes.
What’s more, the recent FinTech app development has allowed many startups to opt for numerous FinTech app monetizing strategies to not only deliver better customer services, but also offer financial services to the larger audiences.
So, now admit it! Adopting technology in the amalgamation of finance and technology has created a more secure, profitable, and convenient ecosystem for the functioning of the financial services.
With mobile apps and FinTech startups notable on-demand financial services such as money management, peer-to-peer payments, financial advice, and lending can be offered to the customers just in a quick step.
Many financial experts have given foresight about changing the world of finance where digital technologies will play a prominent role in shaping the future of the finance startups and businesses.
If a person wants to invest money in FinTech application development; then it is high time to enter the market. For any financial startup, there is no reason to worry because as they proceed in the given blog, they will get access to finance-based ideas on which they could invest and make a huge profit.
Let’s get started…
Best Financial App Ideas for FinTech Startups & Enterprises
I. Peer-to-Peer (P2P) Payment App
The usage of digital payment is on the rise and so the best idea to bet for getting a good amount of profit is for peer-to-peer application which is fairly a new technology in financial services. Recently, it has gained enormous respect as the world is going cashless and are opting for online payment apps.
The given electronic-based technology negates the impact of participation of 3rd party-based financial organizations and allows a direct transaction from one person to another. P2P technology has become widely popular among:
Ø People who want a direct transfer of money between their close associates
Ø Small business representatives who want payment for their goods and services via card to card or checking account
Ø Non-profit fundraising companies ranging from local charity groups to international crowdfunding
In reality, P2P payment apps are divided into three categories:
§ One which offers standalone services such as PayPal was dealing with money is done without linking with any financial organization. They come with wallet-like features which allow users to store money and then send it to peers
§ One which is bank-centric where there is involvement of bank for conducting transactions. Some banks allow P2P payment apps to facilitate fund transfer through their partner banks
§ One is social media-centric where social media platforms are used for mobile payment. Its notable example includes SnapCash, Android Pay and Samsung Pay
II. Insurtech Apps
One such area which remains aloof from innovation until recent times is insurance. Nevertheless, FinTech app development companies have taken advantage of the recent development in the financial sector and are now trying successfully to come out of the traditional insurance process and adopt a new innovative way.
These startups have been able to meet the needs of the customers by adopting the given modern technologies such as IoT and AI to deliver personalized financial offers to their beloved clients. Some of their notable services include; digital brokers, on-demand insurance, IoT solutions for collecting data from smart devices, big data analysis services, and many more.
One of the leading providers of Insurtech solutions is Metromile which comes with their insertech app and thus eliminates the need for an agent to visit them and ask them about their financial requirements. Instead, they will offer a channel, where the customers could contact them anywhere and anytime. What’s more, they are available to the customers at any place and at any time which is not possible for agents to serve them well.
III. Personal Finance Management App
It is also one of the interesting mobile app in which financial startups can invest to achieve good results in their business. It will help them to perfectly handle the personal finances such as income and expenditure of the users in the best possible way. Besides, it will also help the users to list their expenses in different categories so that tracking them becomes easy with just a single click.
Moreover, they allow users to connect all bank and credit card accounts and check their financial earning and expenditure at one convenient place. They will receive real-time updates and notification which will remind users for further payment.
One notable example of a personal finance management app is Mint which keeps all the financial expenses at the toe. Do you know how it is important for promoting your financial product? It is essential as it will help you:
Ø To get access to your financial products and services anytime and anywhere so that your customers might not face many issues in getting information about their financial needs
Ø Wisely use responsive design to cater to the needs of your audience from varied age-group which will help you to make your financial services popular among teenagers to elder people
Ø To get the key to access new marketplaces where you can distribute your product in a great manner which will enhance your growth and revenue simultaneously
Ø To double the chances to obtain boost conversion and get a picture of clients’ need and preferences so to create a brand image of your financial product in a most innovative way
IV. Investment App
Investment application is another revolutionary app idea where users can effectively monitor their bank accounts and can invest the spare cash by saving from their daily purchases. These days, users are showering their love on those platforms which allows them to have ample knowledge about stocks, shares, and funds so that they could invest in them effectively.
Investment platforms assist the users to manage their financial assets at a single place with great ease. Furthermore, increase presence on mobile platforms has made the whole process relatively far more relaxed. When other FinTech software development fields are taken into consideration, investment in finance has shown considerable high growth. It comes with notable features like:
Ø Allowing users to withdraw for free to save their funds
Ø Saving of spare cash and changes which they can utilize for other tasks
Ø Automatically deduction of round amount for the benefits of the users
Ø Successful investment in bonds and other portfolios with a single click
One of the notable investment platforms used by FinTech startups is Addepar. It is a scalable, fast, and secure investment application that informs the users and helps them to make good decisions on investing. Besides, it also helps you to capture and aggregate data to offer better analysis using AI and business analytics successfully.
V. Regtech App
Basically, they are regulatory apps which are known for solving regulatory problems affecting the working of FinTech startups. They utilize the services of advanced technologies such as cloud computing, big data and machine learning to offer the best services to the customers.
If FinTech startups start incorporating Regtech mobile applications, they can bring significant improvement in their various operational areas which are mentioned as follows:
Ø Proper monitoring of numerous payment transactions to help users to keep their expenditure in check and bring stoppage to their further and unnecessary expenses
Ø Identification of legal and client personas so to offer helping hands to the startups to sort various legal issues without getting involved in controversies
Ø Wisely trading in the financial market which will help the users to invest in those stocks which are on an upward trend
Ø Significant reduction in the risks associated with data collection, predictions and modeling so to secure the personal data of the users to a great extent
Ø Propel startups in finding out new financial regulations to help them to prepare their financial strategies as per their norms
So with the help of the Regtech app, FinTech startups can not only offer better security to detect and prevent fraud, but will also offer better scalability and interoperability for their needy customers.
Wrapping Up
Hence, these are some of the finest FinTech app ideas which are running the current FinTech industry. With the help of these ideas, you can develop creative technological solutions in areas such as investment, P2P payment, money transfer, banking, and many more.
For any reputed FinTech app Development Company, implementing the given ideas and incorporating in their business solution will not only enhance their revenue; but will also bring laurels among their financial brethren.
