The digital revolution has altered how we do business and access various services. In the last several years, demand for new and game-changing fintech app concepts has developed, and everything from insurance to finance to banking has been updated in accordance with shifting customer priorities.
Do you intend to start your own business in the field of financial app development? Without a doubt, the financial and banking industries have seen a significant number of changes as a result of the development of fintech.
The advent of digital technology has altered the way we obtain different services. One of the most difficult mobile app concepts for businesses to consider in 2022 is a Fintech application with a ton of features.
A fintech app links business owners and startups with investors in a variety of sectors, including healthcare, software, infrastructure development, logistics, and many more.
According to Statista.com,
- 7 percent of bank executives think fintech would have an international impact on wallets and mobile payments.
- Fintech provided personal loans to Americans in the amount of 38%.
- In America, the number of financial technology (Fintech) startups in February 2020 was 8,775; in Europe, the Middle East, and Africa, it was 7,385; and in the Asia Pacific, it was 4,765.
Undoubtedly, fintech has become a popular topic among investors and entrepreneurs since it offers customers a wide range of benefits.
Let’s look at the best concepts for financial apps keeping these criteria in mind.
1. Payment Apps for Peer-to-Peer (P2P)
A good idea is to consider how to create a P2P payment application as the peer-to-peer payment business continues to grow.
The instantaneous money transfers between bank holders are made possible by P2P payment apps such as PayPal, Google Pay, Venmo, and Zelle, even when users are signed up with different banks and payment systems. They are reducing the requirement for any intermediaries or commission fees associated with doing any transaction.
As per the Allied Market Research Report, with a compound annual growth rate (CAGR) of 17.3% from 2021 to 2030, the global P2P payment sector is expected to generate $9,097.06 billion in sales by 2030 from $1,889.16 billion in revenue in 2020.
Additionally, to speed up POS processing, improve risk management, and provide the best possible customer experience, these fintech mobility solutions include cutting-edge technologies like NFC and voice and facial biometrics.
The following are some functions that money transfer apps provide:
- OTP/unique ID transactions
- History of transactions
- Money is sent and received
- Pay/split Invoices and bills
- Account information and balance check
- Alerts and notifications in real-time
- Chat service
2. Digital Banking
People can now make payments online, thanks to the online payment systems that have streamlined transactions. Banks and other financial institutions aim to provide a service to their clients so they won’t have to go to a branch or even an ATM to transfer money or do other things. Digital banking enters the picture at that point.
Digital banking is the first and most crucial fintech app concept that you should invest in. People’s interactions with their banks and appreciation of banking services have seen a significant change in the last few years.
According to the report, an estimated 97 percent of millennials currently use mobile banking apps, while 89 percent of all customers claim to utilize these apps for various financial management tasks.
Customers can use specific apps to invest, open accounts, block or unblock cards, add beneficiaries, and do other tasks with the help of digital banking solutions with just a few taps. Digital banking apps have been incredibly successful at reaching a big online audience in this pandemic era.
3. App for Trading and Investing
Another choice that might propel you to the top of the market is to invest time and effort in the process of developing an investment and trading app. The systems that enable users to easily invest in shares, stocks, currencies, and funds and gain a thorough understanding of these assets are receiving a lot of affection from users these days.
They are focusing more on tools that enable them to evaluate asset valuations and take wise decisions by collecting investment data from various sources.
It is advised that you first have a clear understanding of the budget needs if you are keen to invest in the creation of a stock trading app. This is the case due to the fact that a lack of funds may force you to postpone your app launch date, halt your project, and do a number of other things.
Data from the Securities and Exchange Board of India (SEBI) shows that between April 2020 and January, there were 10.7 million new dematerialized or demat account additions, which is a record high. The number of new accounts opened in FY20 increased by 4.7 million, or more than twice as much. In both FY19 and FY18, there were about 4 million additional accounts added.
4. App for Managing Personal Finances
An excellent financial app idea to take into consideration for entering this industry with ease is a personal finance management application. People are becoming more conscious of their earnings and savings, which is causing these applications to be burgeoning in the market. This is prompting companies and investors to start establishing personal finance app ideas.
These apps allow users to categorize their spending and income and track it in real-time for a better understanding of how to manage their money wisely and effectively.
The personal finance apps can make it simple for users to connect all of their bank and credit card accounts and receive automatic data updates as well as payment reminders because they are based on the guidelines for creating successful personal finance applications. The data is presented in a way that is visually pleasing, which is the best part and contributes to their ease.
5. App for Credit and Loan
Startups can gain an advantage in the fintech business by developing a loan-giving app. It serves as a platform for lenders and borrowers and is also referred to as a P2P lending app. Without involving a bank or other financial institution, they can communicate and meet one another’s needs.
Loan and credit line applications allow lenders and borrowers to negotiate to offer loans at the lowest interest rates while also allowing borrowers to determine the maximum loan rates based on their capabilities. In a way, borrowers and lenders can increase the number of users on the app.
It is anticipated that between 2019 and 2025, the digital lending sector would expand more quickly. India’s digital lending sector is anticipated to increase from $110 billion in 2019 to $350 billion in 2023. By 2023, this will increase the market share of digital lending from 23% in 2018.
6. eWallet App
You might also try to break into the market for digital payments. Despite the fact that this market is a little over saturated, speedy and risk-free transfer funds are still in high demand. In the market, some apps have already made progress. Users of the eWallet app are able to conduct online transactions without the usage of real wallets, credit cards, or debit cards, thanks to the app development business. Users receive discounts or vouchers in exchange for quickly making payments.
The market size for digital wallets was estimated to be USD 1,043.1 billion globally in 2019 and is anticipated to increase to USD 7,580 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 28.2 percent from 2020 to 2027.
This indicates that the market still has a lot of momentum. Enhancing security and providing a top-notch user experience are two ways a firm might gain traction with a digital wallet app.
7. RegTech App
Applications for Regtech are also included in the greatest mobile app ideas for leading finance businesses. You may create an app that aids in reducing risks related to regulatory concerns and assisting businesses in adhering to rules and regulations.
Financial institutions benefit from these mobility solutions as they work to meet all regional and international criteria. They allow businesses to automate a large portion of their procedures, such as the collection, compilation, and submission of reports, the monitoring and reporting of transactions, and the identification and authentication of customers.
The size of the global RegTech market was estimated to be $5.46 billion in 2019, and it is anticipated to increase to $ 28.33 billion by 2027, increasing at a CAGR of 22.3 percent from 2020 to 2027.
8. Insurance Apps
The insurance industry is currently dealing with emerging issues, such as those brought on by digitization. To give their customers a streamlined experience, many insurance companies are making investments in applications. In turn, this has increased user awareness of the financial markets.
Every business is keen to embrace the newest technical platforms now that the appeal of digitalization is apparent. Insurance businesses can offer their customers individualized services with the aid of a specialized app.
For instance, users would be able to receive notifications regarding their premium payment due date. Insurance companies will be able to gather and evaluate data with the help of these apps. With the use of an application, insurance companies would afterwards be able to manage risks effectively.
Fintech apps also gather data, which is important to note here. In other words, using the information gathered by the app, insurance companies can create effective promotional plans.
9. Apps for Blockchain
With blockchain’s expanding influence in fintech, adopting this technology to launch a business is also an unquestionably successful option.
The platform is currently being used by a number of fintech startups in 2021 and businesses such as PayStand We.trade, LAToken, Circle, and Veem to provide a wide range of options to their target user base. It consists of:
- Using cryptocurrencies to do transactions.
- Transport costs are only paid once when they are informed that the cargo has arrived at the port.
- Assuming the role of a decentralized autonomous organization (DAO), whose members act in accordance with the rules that are programmatically established and specify who is eligible to join, what kinds of transactions are permitted, and how tokens or money may be transferred.
According to a Globenewswire report, the market for blockchain technology is expected to grow from USD 315.9 million in 2015 to USD 20 billion by 2024. If these numbers are accurate, the industry will grow at an astonishing CAGR of 58.9 percent from 2016 to 2024.
10. Crowdfunding Options
One of the best options for finance startup ideas is developing crowdfunding.
These online financial app options are proving to be one of the greatest supplemental funding alternatives for business owners. Through a combination of individual contributions from various people and the support of venture capitalists, they are assisting them in obtaining money for their new or current businesses.
Crowdfunding websites like Indiegogo and Kickstarter are now few in number, and the US and UK are the only countries where the concept is widely used. However, research has shown that these digital solutions are becoming more popular.
As per Technavio Report, with a CAGR of 16.81 percent between 2021 and 2026, the market share of crowdfunding is anticipated to rise by USD 239.78 billion.
How Much Does Developing a Financial App Cost?
A number of variables affect how much it costs to design a financial app. To name a few of them:
- The app’s features and level of difficulty
- The app’s technological foundation
- The platform used to release your software
- Geographical area
Fintech’s future appears more promising than ever, but developing a fintech software is by no means simple. The ideation stage of the app development process is where you typically begin, working with your development partner to write particular specifications for your future app.