Finance App Ideas For Startups to Consider in 2021
The BFSI sector is thriving at a rapid pace while witnessing a paradigm shift from traditional payment into online payment. Fintech, the term coined after integrating technology in the finance sector, has added convenience for customers and security for the financial institutes.
Today, as people tend to make payments online using robust digital payment solutions, the fintech sector can offer a new set of opportunities to startups.
Various entrepreneurs, investors, and financial companies have either moved toward fintech or are planning to make the most of it. As per the prediction of a reputed agency, the global fintech market will grow tremendously to reach $309.98 billion by 2022.
If you own a startup or are in search of an idea that can enable you to leverage the benefits of the fintech sector, here we give the top ten ideas that are going to rule in the coming years.
- Top Ten Finance App Ideas for Startups
1. Peer to Peer (P2P) Payment Apps
The distributed installment market observers outstanding development in a few years. Google Pay, Venmo, and PayPal are a portion of the critical instances of P2P installment applications. You can likewise consider this application to offer your purchasers a superb office to move cash immediately across ledgers and installment frameworks.
These apps are designed to eliminate the need for any intermediaries, and as a result, the app users can save money in the form of commission fees while making any online transaction.
NFC, face recognition, and voice recognition are the most popular technologies to consider if you want to build a peer-to-peer payment app.
2. Digital Banking
This is one of the most significant fintech application thoughts new companies ought to consider. The computerized installment arrangements have encouraged exchanges and empowered individuals to make installments on the web. Banks and monetary foundations need to offer an office to their clients so they need not visit the branch or even ATMs for cash move and different reasons. There, computerized banking comes into the image.
The computerized banking arrangements are intended to help clients in contributing, opening records, block or unblocking cards, adding recipients, and so forth by utilizing only a couple taps on devoted applications. In this pandemic age, advanced banking applications have done some amazing things for serving a colossal crowd on the web.
3. Financial Advising App
This is one of the best approaches to pull in more individuals, particularly twenty to thirty year olds. It is known as Robo-exhorting programming and dependent on the Machine Learning (ML) idea. These applications are known for offering future-driven monetary guidance as indicated by the client’s ways of managing money and pay in a customized way. These applications are sufficiently canny to examine the client’s costs and ventures to ascertain after-assessment forms.
The financial advising app will remain highly popular among people in the year 2020 and beyond. It will be certainly a beneficial idea for financial startups.
4. Loan and Credit App
An app for giving loans can give startups an edge in the fintech market. It is also known as P2P lending app and acts as a platform for lenders and borrowers. They can connect and cater to each others’ requirements without using any bank or financial institution.
On one hand, advance and credit line applications empower borrowers to set the most extreme advance rates according to their capacity, and then again, they empower banks to deal with each other in contribution advances at the least loan fee. As it were, the application can get more clients as borrowers and loan specialists.
5. Finance Management App
This app is different from a Robo advising or financial advising app. It is also an excellent app idea for startups to consider. These days, people are getting more conscious about their earnings and savings. Such apps not only attract more people but also attract investors for taking the idea to the next level.
Individual budget the board applications go about as a device to encourage application clients to isolate their costs and wages while getting the ongoing report of their monetary wellbeing. Clients can likewise improve knowledge into dealing with their funds all the more proficiently. Once the application clients coordinate all bank and charge card accounts with the application, the information consequently gets refreshed.
6. Trading and Investment App
Individuals simply love exchanging stocks and putting resources into various assets. What about giving them a powerful stage that deals with both exchanging and venture? Such an application can promptly get your organization spotlight. You can likewise think about giving exhaustive bits of knowledge on offers, forex, and assets in the application to pull in merchants and speculators the same.
The mobile app development company can integrate necessary features based on your budget. You can come up with advanced versions gradually. Here, you need to take budgetary limitations into account, and therefore, you should consult a reputed fintech app development company to make an effective strategy.
7. Digital Wallet App
These applications have just made strides on the lookout. The eWallet application advancement organization encourages application clients to make online exchanges without utilizing actual wallets and credit or charge cards. Clients can make installments in only a couple taps and receive limits or coupons consequently.
The digital wallet market is booming and it is predicted that it will reach $7581 billion by the year 2024. It means that there is still a lot of steam left in this market. If a startup wants to come up with a digital wallet app, it can get traction by enhancing security and offering excellent user experience.
8. Blockchain Apps
Be it a fintech startup or a set up money organization, the blockchain innovation is valuable for all organizations in the BFSI area. These applications can offer a lot of choices to clients while giving upgraded security while making on the web exchanges. These applications likewise empower clients to execute utilizing digital currencies.
We.trade, Circle, etc. some of the highly popular blockchain-based applications.
9. RegTech App
This is another splendid application thought for fintech new companies. The RegTech App helps monetary new businesses and set up organizations to conform to every single pervasive norm while computerizing the cycles. Be it a KYC confirmation or report accumulation, the Regtech applications are consistently valuable in the fintech area. These applications are required to make a market of over $53 billion before the year’s over 2020.
10. Crypto exchange Platform
This is a creative and one of a kind application thought for money new businesses. The stage can offer clients a chance to go into the decentralized market of digital forms of money. In any case, here, cryptographic forms of money are exchanged rather than other advanced monetary standards. Straightforwardness, lower charges, quicker handling, and the most significant level of security are the absolute best highlights of the crypto trade stage.
While choosing any of these ideas, fintech startups have to consider many important factors like compliance requirements, fundraising, identifying niche markets, and getting information about challenges and competitor apps. After doing enough research, the startup should consult a mobile app development company to hire experienced developers.
The fintech area is blasting and account applications are staying put. Different new businesses and money organizations enter this market with creative application thoughts. In quite a serious situation, just applications with easy to understand highlights, consistent execution, and a touch of imagination with hearty security will remain on the ball.
Hope these ideas will help you get rid of hassles associated with a new app. However, it is better to consult a reputed and reliable mobile app development company to get a successful app.
AppMomos is a leading eWallet app development company. Our in-house team of expert professionals can help you come up with a user-friendly finance app with desired features in a cost-effective way. Just drop us a line at email@example.com and our expert consultants will get back to you soon.