Are you familiar with it yet? The banking and payment industries have fundamentally changed how we do business. People no longer have to wait in line for significant periods to do banking transactions.
The cause? Everything can now be done digitally. Indeed, it’s feasible now that finance applications have evolved. Furthermore, the banking sector has seen tremendous growth due to the advent of cutting-edge technologies like Blockchain, AI, and Big Data.
The fintech sector seems to be full of ideas and prospects for new businesses. Untapped fintech ideas may be chosen by aspiring business owners to help them realize their goal of founding a billion-dollar fintech company.
A fantastic app concept also addresses changing customers' demands and solves their difficulties. Understanding the fintech industry in great detail is crucial to the success of fintech app concepts.
FinTech Applications: Market Cap, Projected Data, and More!
Let’s talk about the key numbers that are crucial to understanding any financial startup’s understanding process. Here is a detailed analysis of the financial sector statistics for the foreseeable future.
In 2023, the global fintech industry was estimated to be worth US$294.74 billion.
According to estimates, Digital Assets will dominate the fintech industry in 2024 with an astounding AUM of USD 80.08 billion.
By 2032, the financial technology market is expected to reach US$792.50 billion.
According to the statistics above, there is a high likelihood of success for entrepreneurs operating in the fintech sector. But to stand out in this crowded field, you need a creative application concept.
The Top 7 FinTech App Concepts That Should Be Investigated
The fintech sector is seeing a notable upswing in the supply of cutting-edge solutions. As a result, the most excellent fintech business ideas are identified by examining the needs and behaviors of the target market.
Thus, fintech companies need to look for unique and useful app concepts. Nevertheless, all the ideas listed here need a solid plan, a development approach, and well-managed execution.
Digital Banking App
One of the most popular fintech app concepts for a lucrative business route is digital banking. Internet use on mobile devices is increasing in tandem with the development of new technologies (IoT and AI). As a result, there is now more demand for digital banking. It is thus the best option for businesses to invest in.
The way individuals conduct financial operations has radically altered in the modern day due to mobile banking applications. The days of having to wait for extended periods of time at ATMs and banks to transfer money or carry out other financial tasks are long gone.
All of it is now achievable from a mobile device. Mobile banking applications enable everything from money transfers to investments, account opening, deposits, banning missing cards, and more.
Features of the Digital Banking App:
Bill Payments
Bank Account Management
Inter-Peer Transfers
Advanced Protection & Alerts for Fraud
Digital Wallets Client Support
Examples of ATM locators include Finacle, Chase Bank, Capital One, Discover, and Bank of America.
Peer-to-Peer Payment App
Global peer-to-peer payment revenue was valued at US$2.21 trillion in 2022; by 2032, it is projected to grow to US$11.62 trillion. Thus, P2P payment applications are an excellent choice for a fintech company to achieve maximum success.
Apps for peer-to-peer payments are a fantastic method for sending and receiving money. These payment applications’ impulsive fintech security contributes to their growing acceptance as well. Additionally, they enable contactless payments devoid of third-party middlemen or transaction costs.
Features of the P2P Payments App
Quick and Simple
Money Transfer with Mobile Compatibility
Social Aspects
Examples: Splitting bills for two-factor authentication and encryption include Zelle, PayPal, Venmo, and the Square Cash App.
Managing Personal Finances App
Next on our list of fintech business ideas are applications for personal finance. Customers’ intense attention to detail while managing their finances is fueling the growth of these applications. As a result, this trend is drawing in investors and companies looking for lucrative fintech prospects.
Additionally, users of personal financial applications may track their income and expenses in real time. You may also securely link your credit card or bank accounts to receive automated payment reminders.
The features of the personal finance management app
Tracking Financial Transactions
Smart budgeting
Bill management.
Reaching Financial Objectives
YNAB, Goodbudget, PocketGuard, Simplifi, Mint, and Rocket Money are examples of apps with encryption, 2FA, and fingerprint/facial recognition.
Micro investments App
Applications for micro-investment help business owners create products that attract micro-investors. Additionally, these applications make it easier to trade, invest, and deposit money whenever and wherever you want.
Fintech companies might also create trading and investing applications for cryptocurrencies. Nevertheless, prioritizing security measures like 2FA and robust encryption is advised.
Micro-investment Applications' Feature Set
Low Minimum Deposits
Tutorials and News on Investments
Crypto Trading
Fractional Investments
Examples of Investment Tracking: SoFi, Acorns, Robinhood, and Stash
Robo-advisor: Automated Investment App
The robo-advisor applications come next, where prospective fintech entrepreneurs may work with AI app developers. Using AI/ML technology, we can enable robo-advisors to assess risk variables, closely monitor market movements, and provide customized investment advice.
Furthermore, the market for robo-advisers is anticipated to grow to around 3.270 million subscribers by 2028. As such, it offers strong potential for financial businesses.
It may also be readily scaled to meet the needs of an expanding client base. Robo-advisors have reduced operating expenses since they use fewer human resources than conventional financial institutions.
The Automatic Investment Application's (Robo-advisor) feature set
Setting Goals for Investment Management
Risk Management
Linking Bank Accounts A
utomated Portfolio Construction
Examples: Betterment, Wealthfront, Fidelity Investments, the Vanguard Group, and Ally Invest
Goal-Driven Savings App
Apps for goal-based saving assist users in setting financial goals and tracking their progress toward achieving them. Because they have features like goal setting, this money app concept keeps consumers actively using it. Moreover, these applications promote financial well-being by helping users reach their savings objectives.
Goal-based Saving App Feature Set:
Goal Setting
Target Amounts & Dates
Monitoring Progress
Automated Preservation
Inspiration and gamification
Examples: Digit, Qapital, and Chime
Freelancer Finance App
One financial app suggestion that may assist freelancers in adequately managing their funds is this one. The freelancing industry is increasing; by 2031, it is expected to reach US$5.63 trillion. These banking applications fill freelancers' needs, and they might be a profitable market for fintech companies.
Furthermore, freelancers often have trouble handling their money because of inconsistent revenue, many customers, and complicated tax laws. Startups thus have a fantastic chance to create financial software that readily addresses the issues faced by independent contractors.
The Freelancer Finance App's feature
Time tracking
Expense tracking
Tax estimation
Savings
Budgeting and Financial Reporting
Project Organizing
Smooth Integration with the Freelance Market
Instances include Wave, Invoicely, QuickBooks, FreshBooks, and Wave. Accounting
Conclusion
The finance industry is expanding exponentially, thanks to creative startup concepts that draw in customers and propel business owners' success. Fintech applications also provide a plethora of benefits to organizations and individuals alike.
They enable businesses to increase satisfaction, foster trust, and provide excellent customer service. Under such circumstances, working with a reliable financial app development firm is essential. Make an informed choice since the proper team can expand your startup's technical frontiers!
