FinTech App Development Ideas to FinTech Startups and Enterprises to Find Easy Investment
Here’s the discussion which you might have learned somewhere in any office:
“Yes, I have left my B.P medication at home.”
“Don’t worry, my fellow! Order the medicine online of the medical-ordering app.”
“Although I wonder whether I will receive the good quality pill from the reputed medical brand.”
“No need to worry. You will take the same quality pill as you get from the medical store. Just try it.”
“Okay! Let’s order it.”
After a few minutes!
Recognition, man! My blood pressure is now standard. You saved my day.”
“Thanks, not me, just technology! It is a real saver.”
From the above-given conversation, you have made an idea about the power of technology. Not only health, food, shopping, or even financial services have been advantageous with implementing it into their business. Only thanks to it people can access services and order products from online apps anywhere and anytime.
In collaboration with IT, the finance industry has scaled new heights by creating new and innovative FinTech software solutions and creating a new best way for the people to continue with banking, payments, and fund transfer with great ease.
It can be well told that FinTech is one of the enterprises which uses technologies for the creation of more effective financial services for the consumers. It allows various startups and also helps them to compete with leading financial institutes successfully.
What’s more, the new FinTech app development has allowed many startups to opt for many FinTech app monetizing strategies to deliver better customer services and give larger audiences financial assistance.
Therefore, now admit that! Adopting technology in this amalgamation of finance and technology has created an also secure, effective, and convenient ecosystem for the financial services’ functioning.
With mobile apps and FinTech startups, outstanding on-demand financial services such as money management, peer-to-peer payments, financial advice, and lending can be given to the customers just in a quick step.
Many financial experts have provided foresight about changing the world of finance, wherever digital technologies will play a famous role in shaping the future of finance startups and businesses.
If a person needs to invest money in FinTech application development, it is high to enter the market. There is no reason to worry for any financial startup because as they proceed in the given blog, they will receive access to finance-based ideas on which they could invest and make a substantial profit.
Let’s get started…
Best Financial App Ideas for FinTech Startups and Enterprises
1. Peer-to-Peer (P2P) Payment App
The digital payment method is on the increase, so the best idea to bet for getting a fair amount of profit is for peer-to-peer application, which is a somewhat new technology in financial services. It has recently gained enormous respect as the world is going cashless and is opting for online payment apps.
The given electronic-based technology negates 3rd party-based financial organizations’ participation and provides a direct transaction from one person to another. P2P technology has become universally popular among:
Ø People who need a direct transfer of money in their close associates
Ø Small business representatives who require payment for their goods and services by card to card or checking account
Ø Non-profit fundraising companies varying from local charity groups to international crowdfunding
P2P payment apps are divided into 3 categories:
§ One that offers standalone services such as PayPal was dealing with money without linking with any financial organization. They come with wallet-like features that allow users to store cash and then send it to peers.
§ One who is bank-centric where there is the involvement of the bank for conducting transactions. Some banks provide P2P payment apps to facilitate fund transfer through their partner banks.
§ One is social media-centric, wherever social media platforms are used for mobile payment. Its notable example involves SnapCash, Android Pay, and Samsung Pay
2. Insurtech Apps
One such area which lives aloof from innovation until recent times is insurance. But, FinTech app development companies have taken advantage of the new development in the financial sector. They are now seeking to successfully come out of the traditional insurance method and adopt a new innovative way.
These startups have been ready to meet the customers’ requirements by adopting the given modern technologies so as IoT and AI to deliver personalized financial proposals to their beloved clients. Any of their particular services include; digital brokers, on-demand insurance, IoT solutions for managing data from smart devices, big data analysis services, and various.
One of Insurtech solutions’ leading providers is Metromile, which comes with their insert each app, eliminating the agent to visit them and inquire want them about their financial requirements. Instead, they will allow a channel where the customers could contact them everywhere and anytime. They are also available to the customers at any place and at any time, which is not feasible for agents to serve them properly.
3. Personal Finance Management App
It is more of the interesting mobile apps in which financial startups can invest to achieve good business results. It will help them correctly handle the personal finances such as income and expenditure of the users in the best possible method. Besides, it will also help the users list their expenses in different categories to become comfortable with only a single click.
Furthermore, they allow users to connect all bank and credit card accounts and check their financial earnings and expenditure at one convenient place. They will receive real-time updates and notifications, which will remind users of further payment.
One famous example of a personal finance management app is Mint, which holds all the toe’s financial expenses. Do you know whereby crucial it is for promoting your financial product? It is necessary as it will help you:
Ø To receive access to your financial products and services anytime and anyplace so that your customers might not face many problems obtaining information about their financial needs.
Ø Wisely uses responsive design to cater to your audience’s needs from various age-group, which will help you make your financial services popular among teenagers to older people.
Ø To ta the key to access new marketplaces wherever you can excellently distribute your product, which will improve your growth and income simultaneously.
Ø To double the opportunities to obtain boost conversion and get a picture of clients’ requirements and preferences, create a brand image of your financial product in a common innovative technique.
4. Investment App
Investment application is a different revolutionary app idea where users can efficiently monitor their bank accounts and invest spare cash by saving from their daily purchases. These days, users show their love on those platforms, which allows them to have ample knowledge about stocks, shares, and funds to invest in them effectively.
Investment platforms assist the users in managing their financial assets at a single place with great ease. Moreover, increase presence on mobile platforms has made the whole method nearly far more relaxed. When other FinTech software development fields are held, investment in finance has shown considerable high growth. It begins with notable features like:
Ø Users are allowing them to withdraw for free to save their funds.
Ø Saving of spare money and changes which they can use for other tasks
Ø Automatically deduction of round cash for the benefits of the users
Ø Successful investment in bonds and different portfolios with a single click
One of the essential investment platforms used by FinTech startups is Addepar. It is a scalable, secure, and reliable investment application that informs the users and helps them make the right decisions on investing. It also enables you to successfully capture and aggregate data to better analyze AI and business analytics.
5. Regtech App
They are regulatory apps that are known for solving regulatory problems concerning FinTech startups’ working. They utilize advanced technologies such as cloud computing, big data, and machine learning to allow customers the best services.
If FinTech startups begin incorporating Regtech mobile applications, they can bring meaningful improvement in their various operational areas, which are mentioned as regards:
Ø Proper monitoring of various payment transactions to help users to keep their expenditure in check and bring stoppage to their further and additional expenses
Ø Identification from legal and client personas so as to give help hands to the startups to file various legal issues without getting involved in controversies.
Ø Prudently trading in the financial market will help the users invest in these stocks on an upward trend.
Ø Notable reduction in the risks connected with data collection, predictions, and modeling to secure the personal data of the users to a large extent
Ø Propel startups in getting out new financial regulations to help them to prepare their financial strategies as per their criteria
With the Regtech app’s help, FinTech startups can offer better security to detect and prevent fraud and better scalability and interoperability for their low customers.
So, these are some of the finest FinTech app plans which are running the current FinTech industry. Among these ideas, you can develop creative technological solutions in investment, money transfer, P2P payment, banking, and many.
As any reputed FinTech app Development Company, implementing the given ideas and incorporating them in their business solution will enhance their revenue and bring laurels among their financial brethren.