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Top 10 Fintech App Ideas for Start-up 2021

by Rlogical Techsoft Custom Web Design & App Development Company

Top 10 Fintech App Ideas

Technology pushes the world constantly towards deriving quicker solutions attaining greater convenience for challenges and issues experienced in various parts of the world. The financial sector happens to be one such sector transformed significantly using technological innovation during the past 20 years.

There has been a massive innovation of the financial and banking sector with top-notch technical advancements, digitalization, and Fintech solutions. The majority of the insurance, banking, and investment requirements can be easily satisfied thanks to the advent of smartphone apps.

According to recent information, Fintech startups were able to earn $1.1 billion in the year 2009 from venture capital investments which increased to $44.1 billion within ten years. At present, there is a huge expansion in the Fintech market, with startups popping up now and then in this particular sector as plenty of developmental prospects are feasible out there.

Here, we will be discussing the top 10 Fintech app development ideas for startup 2021

1. Digital Banking

This is considered to be among the most crucial and significant Fintech apps invested in digital banking. This is because how individuals are interacting with their financial institutions has changed dramatically at present. Instead of visiting ATMs or banks, users prefer to make use of digital transfers.

They are taking advantage of digital banking like investing, adding beneficiaries, depositing and opening accounts, making transactions, blocking cards, etc. As a result, digital banking app has become quite popular in the market. Although the sector had been satisfying the requirements of 9% of online audiences in the year 2011, it has been modified to 69% right now. However, it is simply the beginning, and many things are expected to be done regarding Fintech App.

2. Personal finance management app

Consumers are becoming conscious when it comes to savings and earnings, and these types of apps are gaining traction with the present market. It is making investors, as well as startups, look ahead for creating a Personal finance application. These types of applications help the app users to categorize their expenses as well as incomes and also monitor them in real-time for comprehending how to handle their finances smartly.

These apps likewise help to connect all credit and bank accounts easily for updating automatically along with the payment reminders. Moreover, the information is displayed and presented in a visually appealing format adding to their convenience.

3. Payment apps for P2P

Peer-2-Peer applications like PayPal, Google Pay, Paytm, and Venmo provide remarkable facilities to the consumers for transferring cash between bank holders instantaneously, even though they are registered with payment systems and other banks.

It is cutting down the need for 3rd-party mediators or paying commission fees for performing transactions. They are using the most recent technologies like NFC, face and voice biometric, delivery of optimal client experience, and improved management of risk.

4. Solution of Insurtech

You must be aware that insurance has been a business that runs along with banking in the financial sector. They are operating in synchronization with one another for lots of cases. The insurance sector has likewise come up with Insurtech after finance has turned into Fintech.

The subdomain, which includes the most recent technologies like AI, IoT, Machine learning, Open API, and BlockChain is allowing insurance companies to deliver flawless support to clients through evaluation of heap of information, comprehending emotions as well as requirement, working on the present market trends, sharing personalized yet quick policy comparison options, and so on.

5. Advising App – Robot

The application-driven with machine learning is helping users with the most effective customized and future-centric guidance on finances at an inexpensive cost. Apart from this, they are adding convenience to the entire process without much human intervention.

6. BlockChain Apps

This is a groundbreaking technique focused on transferring and storing the info presented in sequential transaction blockchains. These types of blocks are incorporated in a single database that gets updated automatically with transactions. It emphasizes decentralization, implying the absence of a “Main Server.” The subsequent options are provided by it like:

• Blockchain applications

• Management of cash apps

• Decentralized autonomous organizations (DAO)

7. Cryptocurrency exchange platform

It allows us to enter the decentralized market using trading cryptocurrency for digital currencies, fiat money, or other assets. Users can exchange one cryptocurrency for another, receive crypto tokens for fiat money, and purchase or sell crypto coins. Users experience perks like lower fees, faster processing, better security, and transparency. An example of this type of app happens to be Coin base.

8. Mortgage App

The mortgage market has been impacted by Covid- 19 quite hard, and it was quite difficult for individuals to obtain any mortgage during it. However, as the entire world began to recover from this crisis, the mortgage rates have dropped considerably, and things have become simplified because of the freshly emerged e-mortgage. At present, contactless mortgages are being offered by e-mortgage apps, which will become a new standard following the outbreak of Covid 19.

9. RegTech App

These happen to be applications linked with regulations solving problems that affect the finances of the startups. They use services of advanced technologies like cloud computing, big data, and machine learning to provide the most effective services for clients. They emphasize compliances that cater globally as well as locally. It is expected that they will make a market of approximately $53 Bn by completing 2021.

10. Crowdfunding App

It allows budding entrepreneurs or business teams to raise money for their initiatives or to work. Apart from this, they provide them with priceless proof-of-concept capabilities by posting their startup concept on the funding platform. As a result, Kick-starters will be having a larger user base in the app segment and might be a remarkable crowd-funding app.

Things that should be considered while launching Fintech Startup

1. Figure out your niche market

Fintech happens to be a significant sphere to explore. It can be quite difficult and tricky to try to rule the entire finance world at once. Consequently, it will be a sensible idea to select a specific niche among the various subcategories, which are as follows:

• Mobile banking

• Payment and international transfer of money

• Trading and lending

• Insuretech

• Personal finance management

• Financial decision-making and data analysis

• Crowdfunding

After deciding on the niche market, perform some market research for figuring out the specific audience targeted by your service or product based on gender, age, country, and occupation. In this way, you will be able to unveil your top Fintech startup locally, and following this, get into the international market with better success.

2. Locate your startup USP

The Fintech market is becoming competitive every day thanks to the growing set of profits and opportunities. In this situation, it has become more essential for anybody coming up with an innovative finance application development concept to be certain that his concept is better than the present one. The concept formulated by them isn’t something generic, and it provides better functionality than before. It is something that could turn out to be the USP of their brand.

While going through various reports and performing customer surveys might help, it will be sensible to put some effort into the competitive analysis. This particular technique will aid you in coming across the typical success factor among the top players, their revenue and business model, the pain points they cannot see, and in this way, you find your concept.

3. Learn regarding compliances

They are extremely regulated in terms of the Fintech industry and banking. Consequently, it has to be for one to be acquainted with all the characteristics and specifications of this extremely complicated sphere, including legal regulations, laws, limitations, and requirements.

4. Raise fundings

Although there might be some savings with you, you will come across different fundraising methods such as crowdfunding, bootstrapping, venture capital, and angel investment that are prevalent out there. Therefore, make it a point to use these techniques for raising adequate funds for making your Fintech app concepts financially backed.

5. Become acquainted with technical challenges and business

There are different challenges related to establishing a Fintech business similar to any other startup, particularly those linked with the transformative characteristic of digital technologies.

For example:

• Integration of Blockchain and AI

• Cybersecurity

• Big data usage

Consequently, it is suggested to procure thorough information regarding these challenges and connect with the financial mobile application development companies that help mitigate them effectively and efficiently.

6. Employ the appropriate Fintech developers

It is quite difficult for even the best idea to survive the market without a proper team of financial mobile app developers. Therefore, try not to provide your app with a shape on your own. Instead, make sure to hire reputed Fintech app development services.

Experts who are experienced in your niche subdomain will be able to aid you with selecting the appropriate technology stack, coping up with the concealed barriers, revamping your business techniques, as well as scaling up your Fintech app concept. And this will be possible without spending a considerable amount of money after all.

7. Launch an MVP

It will be a bad idea to create a comprehensive Fintech mobile application. Instead, make it a point to test the water with an MVP (Minimal Viable Product) at first. Apart from providing you with the privilege of entering the market faster and inexpensively, an MVP will also aid in raising fundings.

Conclusion

There is no doubt about the fact that the Fintech app is popping up quite rapidly. Lots of Fintech apps are entering the market at present. Nevertheless, all startups are not gaining momentum with identical sets of opportunities and advantages. The pressure of producing the most effective combination of expertise, creativity, trust, and technology is making their quest more difficult than expected. However, it will be possible for you to overcome the obstacles and get to the list of Fintech startups by focusing on the steps mentioned above. Fintech’s future trend appears to be on the brighter side as compared to before.