On Demand Finance App Development Ideas Poll of the Day

The BFSI sector is flourishing at a rapid pace while witnessing a paradigm shift from traditional payment into online payment. Fintech, the term coined after integrating technology within the finance sector, has added convenience for patrons and security for the financial institutes. Today, as people tend to form payments online using robust digital payment solutions, the fintech sector offers a replacement set of opportunities to startups.

Various entrepreneurs, investors, and financial companies have either moved toward fintech or are getting to make the foremost of it. As per the prediction the global fintech market will grow tremendously to reach $309.98 billion by 2022. If you own a startup or are in search of a thought which will enable you to leverage the advantages of the fintech sector, here we give the highest ten ideas that are getting to rule out the approaching years.

What’s Financial App?

Financial app is referred to as a program of software which manages and tackles all activities for companies and individuals. The traditional in-person transaction is quite time consuming and is discouraged in the current scenario or fast paced world. Financial apps, which are growing at a rapid rate, are offering feasible solutions for accelerating processes. Consulting, investing, splitting bills and lending between friends could become faster and easier with the support of cloud services or IoT. Fintech is an umbrella term for technology which has something to deal with finances.

Top Ten Finance App Ideas for Startups

Digital Banking

This is one among the foremost important fintech app ideas startups should consider. The digital payment solutions have facilitated transactions and enabled people to form payments online. Banks and financial institutes want to supply a facility to their customers in order that they have not visited the branch or maybe ATMs for money transfer and other reasons. There, digital banking comes into the picture.

The digital banking solutions are designed to help customers in investing, opening accounts, block or unblocking cards, adding beneficiaries, and therefore the like by using just a couple of taps on dedicated apps. In this pandemic age, digital banking apps have worked wonders for serving an enormous audience online.

Peer to Peer (P2P) Payment Apps

The peer-to-peer payment market witnesses exponential growth during a few years. Google Pay, Venmo, and PayPal are a number of the noteworthy samples of P2P payment apps. You can also consider this app to supply your consumers a superb facility to transfer money instantly across bank accounts and payment systems.

These apps are designed to eliminate the necessity for any intermediaries, and as a result, the app users can economize within the sort of commission fees while making any online transaction.

NFC, face recognition, and voice recognition are the foremost popular technologies to think about if you would like to create a peer-to-peer payment app.

Digital Wallet App/eWallet

These apps have already gained ground within the market. The eWallet app development company facilitates app users to form online transactions without using physical wallets and credit or debit cards. Users can make payments in only a couple of taps and obtain discounts or coupons reciprocally .

The eWallet market is booming and it is concluded that it will reach $7581 billion by the year 2024. It means there’s still tons of steam left during this market. If a startup wants to return up with a ewallet app, it can get traction by enhancing security and offering excellent user experience.

Financial Advising App

This is one among the foremost effective ways to draw in more people, especially millennials. It is referred to as Robo-advising software and supports the Machine Learning (ML) concept. These apps are known for giving future-centric financial advice consistent with the user’s spending habits and income during a personalized way. These apps are intelligent enough to analyze the user’s expenses and investments to calculate after-tax returns. This app will remain highly popular among people .

Loan and Credit App

An app for giving loans can give startups a foothold within the fintech market. It is also referred to as P2P lending app and acts as a dias for lenders and borrowers. They can connect and cater to every others’ requirements without using any bank or financial organization .

On one hand, loan and credit line apps enable borrowers to line the utmost loan rates as per their capability, and on the opposite hand, they allow lenders to bargain with one another in allowing loans at the lowest interest rate. In a way, the app can get new users in the form of borrowers and lenders.

Finance Management App

This app is distinct from a Robo advising or financial advising app. It is also a superb app idea for startups to think about . These days, people are becoming more conscious about their earnings and savings. Such apps not only attract more people but also attract investors for taking the thought to subsequent levels.

Personal finance management apps act as a tool to aid app users to segregate their expenses and incomes while getting the real-time report of their financial health. Users also can get a far better insight into managing their finances more efficiently. Once the app users integrate all bank and mastercard accounts with the app, the info automatically gets updated.

Trading and Investment App

People just love trading in stocks and investing in several funds. How about giving them a strong platform that takes care of both trading and investment? Such an app can immediately bring your company in limelight. You can also consider providing comprehensive insights on shares, forex, and funds within the app to draw in traders and investors alike.

The mobile app development company can integrate necessary features to support your budget. You can come up with advanced versions gradually. Here, you would like to require budgetary limitations under consideration , and thus , you ought to consult a reputed fintech app development company to form an efficient strategy.

Blockchain Apps

Be it a fintech startup or a longtime nondepository financial institution , blockchain technology is beneficial for all companies within the BFSI sector. These apps can offer plenty of options to users while giving enhanced security while making online transactions. These apps also enable users to transact using cryptocurrencies. We. Trade, Circle, etc. some of the highly popular blockchain-based applications.

RegTech App

This is another app idea for fintech startups. The RegTech App helps financial startups and established institutions to suit all prevalent standards while automating the processes. Be it a KYC verification or report collection, the Regtech apps are always useful within the fintech sector. These apps are expected to form a market of over $53 billion.

Crypto exchange Platform

This is an unique app idea for finance startups. The platform can give users a chance to enter into the decentralized market of cryptocurrencies. But here, cryptocurrencies are traded rather than other digital currencies. Transparency, lower fees, faster processing, and therefore the highest level of security are a number of the simplest features of the crypto exchange platform.

Common features for fintech apps

Most fintech apps share tons of common features. Your app doesn’t have to be 100% unique: sometimes all it takes is better user experience and some additional features to successfully compete with other app market players.

• Sign-in
• Quick scan feature
• Custom notifications
• Cashback
• AI bots and assistants
• Third-party services

Regardless of which app you select to create , confirm it includes the essential feature set typical of your fintech app niche. This will enable you to scale back user churn and your customers won’t need to address the other company for essential services.

Things To Consider While Launching Your Fintech Startup

• Define your niche market
• Data analysis and financial decision making.
• Learn about compliances
• Find your startup USP
• Raise funding
• Hire the right fintech developers
• Get familiar with business and technical challenges
• Launch an MVP

Challenges and risk of Fintech Apps

Utmost priority for Fintech App is Security. No matter how advanced and convenient this app is, if it’s not secure, it might not be ready to bring revenue or users. Moreover, one breach of security could kill trust in your overall business. So security has been the top priority for Fintech products of Fintech. Few threats for Fintech Apps are as under :

• Breaches of Data
• Identity theft
• Attacks of Malware
• Vulnerabilities of security

How to develop a Finance app?

No matter if you already have a finance idea or have shortlisted one from the above-mentioned list, we can help you to turn it into reality. All you’ve got to do is to supply us your specific app requirements or share your business goals, and that we will provide you a feature-rich and scalable application within your budget. Here is why you should choose Amar Infotech, a trusted finance app development company:

• 100% transparency
• Round the clock support
• Experienced and skilled developers
• Affordable prices

Concluding Lines

The fintech sector is booming and finance apps are here to remain . Various startups and finance companies enter this market with innovative app ideas. In such a competitive scenario, only apps with user-friendly features, seamless performance, and a touch of creativity with robust security will stay before the curve.

Hope these ideas will assist you to obviate hassles related to a replacement app. However, it’s better to consult a reputed and reliable mobile app development company to urge a successful app.

Solution Analysts may be a leading eWallet app development company. Our in-house team of expert professionals can assist you come up with a user-friendly finance app with desired features during a cost-effective way. If you are contemplating how to create an app for Fintech, then do contact us and our experts will cater to your requirements.