Fintech Ideas for Mobile Apps to Get Your Fair Share of Business

It's no secret that the COVID-19 virus has led to the adoption of several of the most promising Fintech developments. For certain players in the finance industry, moving to a digital-only format was essential to survive. Established financial institutions, which were previously unwilling to adopt new technologies, now compete with new companies and develop fintech applications.

According to the ResearchAndMarkets report, the market for fintech apps size is projected to grow to $305 billion by 2025. This will increase at a rate of 20. Fintech is currently one of the fastest-growing industries globally since the COVID-19 crisis has opened up the doors to many business opportunities.

According to the latest report on the industry of fintech apps published by Finch Capital; loans, mortgages, lending platforms, and life insurance are undisputed winners in fintech start-up companies and established players in the financial market.

What is Fintech?

Fintech is the integration of technology and financial services. In simple terms, fintech makes financial services accessible through tech's power. It's all about using new and cutting-edge technologies like AI, ML, and Blockchain to improve and automate the provision of financial services.

The fintech market has become attractive to customers due to the ease of use, security, and flexibility in trading, banking, lending, and other financial services accessible via mobile devices.

As new companies enter the world of digital payments, the pressure to introduce innovation has grown and led to new fintech concepts.

Top Ideas for Fintech Projects to Make Your Business Grow

Making a profitable fintech project isn't easy. You must consider the variety of available tools, your personal experience, and your resources and competition. This article will assist you in choosing the most effective digital banking solutions based on the most recent and popular technology.

Making a Fintech App takes extensive research since it cannot be developed randomly. Therefore, studying the market and selecting the most suitable financial app is necessary. We're here to help you by providing Fintech App Ideas that could be a game-changer in the marketplace:

Lending Apps

The economic downturn caused by the COVID-19 lockdown led many companies and individuals to seek short-term loans that could meet their requirements. Based on AI and big data analysis, loan applications simplify the loan process by studying customer information and behavior patterns, including credit history shopping habits, to determine whether a person is eligible for a loan. The money borrowed through lending apps can originate from banks or peer-to-peer lending (i.e., borrowing money from another individual).

Online Mortgage

The industry is pushing the boundaries to create super-mobile applications. Banks, fintech firms, and banks are leaping forward in the mobile space to ensure their customers are satisfied and meet the ever-growing demands from both outsides and within the business. For example, digital banking innovation and a new type of super-applications for online use allow customers to manage everything from allocating their funds to checking their balances to taking out loans. In addition, the fintech industry expects more contactless mortgage applications to become the new norm following the COVID-19 epidemic.

The advent of electronic mortgage applications is altering how the financial services industry conducts business. For credit cards and mortgages, these apps provide businesses with the opportunity to eliminate the traditional paper-based system that is commonplace when it comes to financial transactions. The only thing left is for banks today to use these applications.

Digital Banking Apps

Because of the huge number of customers, customers are turning to mobile devices for banking, as banks no longer must take responsibility for physical space. Thus, most banks are offering mobile apps to enable customers to handle all banking functions with just the click of a button. At the current time, customers are enjoying numerous benefits from digital banking, such as making transactions, opening accounts and deposits and investing, registering beneficiaries, and using a few clicks on their mobile devices.

Digital Insurance

The purpose of insurance companies using digital technology will be to speed up policies administration and processing of claims and reduce the chance of fraudulent insurance claims.

In this way, these applications provide a better customer experience and improve the accuracy of claims.

It is possible to draw your inspiration from Insurify, an auto insurance application that uses artificial intelligence to provide customers with precise and accurate insurance quotes for autos.

Robo Advising Software

Robo-advice is one of the ways financial technology attracts young people and is a fantastic opportunity to invest in the Fintech mobile application development services.

The machine-learning-driven software offers users the highest quality of future-focused and personalized financial advice for less. They are also studying the investments and expenses of their clients to help them increase their after-tax income. Additionally, they add more convenience to the process using the least amount of human involvement.

Crypto currency Exchange Platform

It offers the opportunity to participate in the market decentralized by trading cryptocurrency for other assets, such as fiat or digital currency. It allows users to trade one cryptocurrency for another, obtain crypto tokens as a return for fiat currency and buy or sell cryptocurrency. As a result, customers benefit from benefits like lower costs and transparency, speedier processing, and better security. An example of an app could be Coin base.

Finance Management App

The idea of creating a personal financial management app is an excellent mobile app start-up idea. The app could allow users to keep track of their expenses and their savings, investments, and income. You can also add special tools to help users classify their expenses and schedule reminders for spending over the specified amount.

Personal finance management apps can help users effectively manage their finances and reach the savings targets they have set. If you're thinking of creating an application, ensure that the interface is user-friendly, simple, and easy to navigate.

Crowdfunding Apps

If you're mulling over fintech ideas, you might consider forming your startup to support other start-ups. Crowdfunding platforms help entrepreneurs to raise funds to fund their projects. They also give them an invaluable proof of concept tool: By putting their start-up idea on the crowdfunding platform, they can quickly determine whether potential investors would be interested. It is evident that Kickstarter is the most popular audience in this sector and could be an excellent model for the best crowdfunding application.

There are a few niches, but they do have specific apps specifically designed for crowdfunding: Patreon, for example, allows creative professionals to fund their content through crowdsourcing and causes, meanwhile Causes is a non-profit platform that focuses on fundraising and projects.

Regtech Apps

You can also create an application that assists companies in following the laws and regulations while reducing the risks that come with regulatory issues. Monitoring the new regulations, identifying risk conducting compliance checks, and translating the requirements into actions that businesses need to follow to avoid fines are the things Regtech applications are designed for.

Blockchain-Based Apps

Blockchain technology is most widely recognized as the core of cryptocurrency. It is a distributed database for recording transactions, which are constantly linked in chains. Fintech apps are specifically benefitting from blockchain technology. Blockchain technology is a revolutionary method of preserving and managing the real-world assets of a fintech venture.

This is why the fintech sector has embraced blockchain application development techniques and funded its growth. The following graph illustrates the use of blockchain in financial services and banking.

The blockchain community believes that in the coming years, we will see the development of blockchain applications that can transform the world of finance and the world's economic systems.

Cost to Build a Fintech App

For you to get an idea, the majority of Fintech applications cost from $20,000 and $100,000. The figures I have provided are just rough estimates. The cost of Fintech app development will depend on a variety of factors, including the features you'd like to integrate and the platforms you'd like to build for, your development team's location, as well as the third-party services you wish to incorporate.

The key Takeaway

It's not a doubt that the present times offer an opportunity to create fantastic fintech solutions.

Do you wish to take advantage of the opportunity to create an effective fintech solution specifically for your business?

If so do you, contact us. The CIS team can assist you in creating a fintech application that will address your company's issues and provide an amazing experience for your clients.