Uncovering Top 10 Finance App Ideas for Startups to Consider in 2022
Are you on the lookout to launch your own startup in the financial app development sector? There is no denying that the evolution of fintech has introduced a large number of changes in the financial and banking sector. The digital revolution has changed the way we carry out transactions to avail various types of services.
Everything from banking to finance to insurance has been upgraded as per the altering customer priorities. Fintech, also known as the amalgamation of finance and technology, has not only added convenience to the system, but also has made it more secure and profitable.
It is no secret that the COVID-19 pandemic has accelerated the adoption of some of the most promising fintech technology trends. Moreover, for organizations belonging to the finance niche, shifting to a digital only format has become paramount to the survival.
As per many experts, the fintech app market growth rate will be 20% CAGR. So as you can see, fintech is one of the rapidly growing industry domains. From mortgage platforms to loan lending platforms, there is a wide variety of fintech players.
There is no denying that fintech has offered a new range of opportunities to cater to the needs of the unprivileged audience. As a result, a large number of entrepreneurs and financial organizations have either adopted fintech or are planning to leverage its functionalities.
With the help of top app development company in USA, even a startup company will be able to develop feature-rich fintech applications. As a result, the global fintech market is expected to register good growth rates.
With a wide range of opportunities for users, fintech has grown a trending topic among investors and startup enthusiasts. With these things in mind, let’s take a glance at the top fintech app ideas.
#1. Peer to Peer Payment Apps
The peer-to-peer payment market has been witnessing exponential growth in the last few years. For instance, Google Pay, PayPal, etc., are some of the noteworthy examples of P2P payment apps.
You can also consider this app to provide your users an excellent facility to transfer money instantly across various types of bank accounts and payment systems.
These applications are developed to eliminate the requirement for any type of intermediary. In simple words, the app users can save money in the form of commission while sending money to the recipients via online transactions.
From NFC to face recognition, developers are relying on popular technologies to fortify fintech apps.
#2. Digital Banking
This is one of the most vital finance app ideas that every startup should be aware of. The online payment solutions have facilitated transactions and allowed people to make payments online.
Financial institutes like banks usually offer facilities to their users so that there is no need for them to visit bank branches in person.
With digital banking, you can execute various types of banking operations even during the midnight. Internet banking solutions are designed to assist customers in investing and opening accounts.
In these difficult times, internet banking apps have evolved as a savior for people.
#3. Credit and Loan App
A fintech application for providing loans can give entrepreneurs an edge in the fintech market. In most cases, this type of app is also known as a P2P lending app.
This P2P lending app acts as a platform for borrowers and lenders. This type of app can connect and cater to each other’s requirements without using any financial institution or bank.
It is important here that credit line apps allow borrowers to set the maximum loan rates as per their abilities.
But, on the other hand, this type of app allows the lenders to bargain with one another when they offer loans at the lowest interest rates. In simple words, this app can get more users in the form of lenders and borrowers.
#4. Rise of eWallets
One of the most popular on-demand fintech applications in modern times is eWallets. There is no denying the fact that eWallets have increased the convenience of people to pay bills and pay randomly to various types of merchants.
With the help of these wallets, people can even pay at ecommerce stores during checkout. So, in simple words, developing a fintech app is another brilliant idea.
#5. Crowdfunding Apps
Crowdfunding refers to the accumulation of small amounts of capital from various types of individuals to commence with a new business venture.
The primary responsibilities of these platforms are to bring investors and entrepreneurs together to increase the investor pool compared to the usual sources.
That’s why designing crowdfunding apps and websites in the domain of fintech hold a lot of potentials. This is because there would be no shortage of users in the near future relying on these apps.
#6. Blockchain Apps
Are you wondering which fintech app will provide you with the best ROI? There is no denying that a blockchain app is one of the smartest ways to impress your users. Blockchain has a great future in the coming days.
As you know, digital currencies are already playing a crucial role in various types of transactions. That’s why; leveraging blockchain technology to build a fintech app augurs well for your overall business interests. You can consult the top app development company in USA to get the best blockchain app.
#7. Crypto Exchange Platform
With a dedicated fintech app for the crypto exchange platform, you would be able to tap into the cryptocurrency market. This is an innovative and unique app idea for finance startups. This platform provides users an opportunity to enter into the decentralized market of cryptocurrencies.
But note that in this type of fintech app, your users would trade in cryptocurrencies instead of digital currencies.
That’s why the app should be futuristic and boast the latest security standard. Some essential features of the crypto exchange platform are transparency, the highest level of security, and faster processing times.
#8. Finance Management App
Note that this app is entirely different from a financial advising app or a robot app. If you want to embark on your journey in the domain of fintech app development, this is a great app, to begin with! Nowadays, people are more aware and knowledgeable about their earnings. They seek advice on the top ways to save money.
This type of finance app not only attracts people but also attracts the potential investors. It is worth noting here that personal finance management applications are in the form of a tool to provide app users the opportunity to categorize their incomes and expenses while availing the real-time report of their overall finances.
With the help of this app, you would be able to let users get a better insight into their spending and saving patterns. In this app, the user has to provide their bank account details along with credit card information. Once this is done, the data will automatically get updated.
#9. Trading and Investment Application
Nowadays, people love trading in stocks. Moreover, with a greater awareness of investments, you would find many people looking for quality investment advice. Therefore, it is imperative that you provide them with a reliable platform that can take care of both investment and trading.
An app like this can instantly make your startup company popular. You can also provide them with comprehensive insights on shares and funds. With the help of a mobile app development agency, you can integrate the necessary features based on your budget. You can even come with advanced versions gradually.
#10. Insurance Apps
The domain of insurance is facing newer types of challenges in including digitalization. That’s why a large number of insurance companies are investing in apps to provide a streamlined experience to their users. As a result, the modern-day users are more aware of the finance markets.
Since the popularity of digitalization has become noticeable, every company is eager to include the latest technological platforms. With the help of a dedicated app, insurance companies can provide personalized services to their users.
For instance, users will be able to get reminders on when they should pay their premium. With the help of these apps, insurance companies will also be able to collect and analyze data. As a result, the insurance companies would be able to manage risks effectively with the help of an application.
It is worth mentioning here that fintech apps also collect data. So, in simple words, the insurance companies can develop smart marketing strategies based on the data collected by the app.
There is no denying the fact that the fintech sector is booming. That’s why apps related to this sector will become more popular in the future. A large number of large-scale companies, as well as startups, are trying to enter this market domain by developing their own fintech apps.
If you want to develop a fintech app, consult with a reputed mobile app developer. They should be able to provide you with suggestions and strategies to develop and promote the fintech app
About the Author!
Prashant Pujara is the CEO of MultiQoS Technologies Pvt. Ltd., a leading mobile app and website development company specialized in android and iOS app development. He has 10 years of extensive app development expertise, with a strong emphasis on mobile app development for various platforms, including iOS and Android.