5 Reasons FinTech Apps will Grow Quickly in 2021

The pandemic has driven all of us towards digital technology. One aspect is making digital payments, which has led to a rise in FinTech app solutions. Today, FinTech is growing rapidly due to a huge number of people trusting online payments. FinTech app development services are in high-demand, all thanks to service providers like CRED, who have proven that it is a successful business model.

FinTech app solutions are disrupting the payment process with innovation. You can make payments from your Smartphone and send money directly to someone’s account by just using their phone number. FinTech mobile app development is also rising as m-commerce becomes the new way of life for people during this global health emergency.

This article will highlight 5 reasons FinTech will grow in 2021 and why you should work with a FinTech development company to build an application. 

Read more: Considering FinTech App Development? Here’s what you need to know

5 reasons for the Growth of FinTech App Development

Today, Fintech app developers create applications for a wide variety of uses - purchasing products, credit card payment apps, and payment apps for food delivery. By identifying a niche, FinTech app solutions are targeting different segments in the market. 

Here are 5 reasons for the growth of Fintech app development services in 2021: 

1. Digitalization of finance

Most banks today have an application where customers can access their accounts. It has eliminated the need for them to visit the branches to send or receive payments. They can open a bank account through the app, check the statement, take a loan, and even open a fixed deposit. FinTech application development is a successful undertaking for personalized services. There are applications where users can manage their investment portfolio, trade shares, and complete the application processing for loans and other financial instruments.

2. Multiple payment options

Another reason for the growth of enterprise web development in the FinTech industry is the availability of multiple payment options. Users can pay with the help of Paypal, ApplePay, Chase, Credit card, Food card, and many more. It requires FinTech solutions for managing point of sale and bringing the payment mechanisms to the cloud-based software. The increasing amount of payment services also multiplied the demand for a stable and secure payment infrastructure.

3. Changing markets

Most of the average income earners are now using FinTech app solutions because they are convenient. People love apps like Google Pay that can directly transfer money to bank accounts. If you hire a FinTech development company and build a specific app for a niche, then you have high chances of success in the coming year. People want scratch cards and coupons with every purchase, which is a significant contributor to the growth of FinTech.

4. Online personal loans

Peer-to-peer lending is also seeing a massive surge in recent times. Loan and mortgage companies are undergoing FinTech mobile app development to provide loans online to their customers. It is less risky and doesn’t require any form of security till a specific limit is reached. The apps assess the risk based on credit score and determine if the person is eligible for a loan or not. 

5. Budgeting 

Personal budgeting and savings apps are also becoming popular and continue to grow as time progresses. FinTech app solutions are helping people save more money by providing a structured approach to personal budgeting. As more and more people stay at home, they are looking for ways to reduce their expenses. FinTech solutions are assisting them to achieve their money goals.

Conclusion: FinTech Application Development will Continue to Rise

Believe it or not, FinTech app developers are heavily demanded because companies want to digitize their transaction mechanisms. In the race to becoming the best, customers are witnessing FinTech solutions that provide amazing cash back for paying your credit card bill.