Earlier, for any financial transactions, you had to visit the bank, insurance office or other financial institutions. However, this has changed as we adopted the digital economy that includes net banking, online transactions, virtual wallets and many more.
The role of mobile apps Fintech startups
Any start-up that wants to make it big in the cutthroat competitive market they need few things.
- Tight control over its expenditure.
- Offer its customers high-end services.
- Real-time analyses of financial transactions.
To do all these, mobile apps can play a vital role. A mobile app allows the user to access various financial factors such as insurance, equity, shares, stock, online transaction, risk compliance and so on through their smartphone.
This high usability of mobile apps has become a critical factor for the success of any Fintech start-up.
In this article, we will share with you the top app creation ideas from which you can choose one for a profitable Fintech start-up. See more Trending App Ideas for a startup in 2020.
Profitable ideas for Fintech mobile apps
1). Crowdfunding apps:
For a Fintech start-up (it is true for any start-up), the most important thing that the entrepreneur will need to focus on besides having a good business plan is the capital to fund the project.
While many financial institutions offer loans on easy terms for any start-up with a viable business plan, many companies are finding it easy to get the required capital through crowdfunding.
You can create a crowdfunding app through which you can raise money for your existing business or start-up by taking money from many individual contributors as well as businesses.
Also Read: Benefits Of Utilizing Trade Data in Business
2). Digital banking:
One of the most popular Fintech app creation ideas relates to digital banking.
If we look at the last four or five years, we will find that there is a revolutionary change in the way people use their banks.
Earlier, people used to go to the banks and ATMs regularly for withdrawal of money or any other business transaction.
However, thanks to digital banking, a wide range of commercial transactions like investing, opening a bank account, adding beneficiaries and others can be done through the smartphone itself.
With the onslaught of COVID 19, more and more people are using digital banking as it gives them greater flexibility, no restriction of time and a wide range of features.
3). Equity apps:
Equity apps is another great idea for a Fintech startups company. Through this app, financing has become very easy and it allows traders to make money faster.
Those investors who need easy financing to build their business primarily use this type of app.
The equity app allows the investor to raise a large amount of money without doing tons of paperwork.
This makes it very easy for investors also to invest their funds in profitable enterprises.
4). P2P payment solutions:
Peer to Peer or P2P apps like Google pay, PayPal is providing a yeoman service by helping the customers to transfer money anywhere around the world in the blink of an eye.
You can build such an app with active collaboration with registered banks that would allow your customers to send money without going through any third party intermediaries and pay any commission.
To make such an app success, you can provide the latest technology and features like NFC, POS, along with extra security through face and voice biometric for a secure transaction.
5). Investment and trading apps:
When we look at a range of popular app ideas for Fintech companies, then building investment and the trading app looks very appealing.
You can build an investment and trading app, wherein the user can manage all his or her assets and investment from one place.
Make sure that such an app comes with a range of features that allows the user to invest, trade, hold, buy stocks, trading forex, shares, funds and cryptocurrencies amongst others.
The app must offer the investor the right information so that the user can make an informed decision.
It would be important that such an app also include business analytics and AI that would allow the investor to make a detailed analysis of his or her business decisions. Some of the other important features that this app must have include:
- Stock market games for the beginners to learn the basic concepts of trading stop
- Algorithm trading.
- Virtual stock exchange so that the users can test their strategies.
- Stock alert messages.
6). Loan lending app:
This is another great idea for creating a mobile app for a Fintech company.
In such an app, the lenders and borrowers can connect and support each other’s needs without going through a financial institution.
Such an app will allow the borrower to advertise the amount of loan he or she requires and it offers the lender an opportunity to bargain with the borrowers to offer funds at the highest rate.
Financial companies have to comply with a range of local as well as global standards.
To help them in this endeavor, a regtech app comes in handy.
Such apps allow the businesses to automate a major chunk of their processes that includes a report compiled patent, transaction monitoring and reporting, customer identification, submission of forms and so on.
Such an app has a huge market and it is believed that by the end of 2020 this market will expand to nearly $ 53 billion.
8). Insuretech app:
Another great Fintech app idea that you can invest in is an Insurertech app.
To make this effective you need to marry it with data science, business intelligence, IoT and mobility solutions.
The main function of such an app is to scrounge through a huge amount of data, analyse them and provide the customers with highly personalised offers, pricing and suggestions.
Such apps are very helpful in minimising risks and increasing ROI.
9). Digital wallets:
As the name suggests, this application allows the user to pay any sum of money from their account by using biometric safely and securely.
In the process many times, they also get lucrative offers and coupons that they can encash to buy any product or services.
10). Personal finance and management app:
You can invest in such an app that would allow the user to keep track of their income and expenses at real-time so that they know how to save and invest money smartly and effectively.
Such an app should also come with a feature that connects it to all the accounts of the user so that the user can get updated data regarding any payment reminders issued from any one of the banks.
A Fintech app is a great investment opportunity however to make it successful you should design it in such a way that it is visually appealing and adds to the convenience of the user.