Some Cool Fintech App Ideas For Your Business

App Development

01
Jun 2021

1614 Views 5 Minute Read

some cool fintech app ideas for your business in 2021

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Technology impacts every industry differently, and it is pretty evident how technology has influenced several industries such as food, transport, retail, health, or entertainment. The financial sector is thriving rapidly, experiencing a shift from conventional to modern digital ways to offer people convenience and ease.

Technological advancements in the financial sector have completely transformed its face. Fintech is the word, a blend of finance and technology. Fintech has offered comfort and security to financial institutions and users. According to sources, the global Fintech market will reach $308.98 billion by 2022.

If you are a business or a startup and want to create a fintech app, this blog is your perfect landing spot. Here is a list of top fintech mobile app development ideas for your startup.

Introduction To A Finance App

A finance app is a great way to manage funds. It's an incredible tool to control your expenses and see where you spend your money. The conventional way to transfer funds is time-taking and not really liked in this fast-paced era. Hence, these apps offer practical solutions for fast-tracking processes, splitting bills, investing in stocks, consulting, and several other financial services that could become easier & quicker with advanced IT solutions.

How Do FinTech Apps Help In Your Business?

1. Increasing Demand

There has been a rise in demand for personal finance management. People these days do not have much time to manage the ins and outs of their finances. They have many other areas to focus on, especially in business where the owner has to focus more on innovation and ideas for their product; they cannot afford to spend their time managing their finances. Hence, this kind of app would be a blessing to such entrepreneurs.

2. Rising Smartphone Use

The increase in mobile devices enables online transactions between businesses, individuals, and banks worldwide. People staying in their homes during the lockdown period can also easily pay bills via smartphone apps.

3. Financial Data Security

Conventional ways to store and arrange financial data can be prone to physical attacks. Hence, digitalization is an excellent way to mitigate such incidents. But, cybercrime is a big challenge as well that financial institutions and banking might experience. Therefore, building a robust and secure financial app is the best way to safeguard confidential information.

5 Cool Finance App Ideas For FinTech Sector

Are you looking for some cool app ideas for your business? These fintech app ideas will blow your mind; let's have a look!

1. Mobile Banking App

These days everyone is turning to online banking for quick and hassle-free banking services. No one wants to visit banks, especially during these covid days when the government promotes social distancing; online banking is like a blessing in disguise. Several banks are using mobile banking apps to compete with their nemesis. A banking app usually permits users online access to operations like making digital transactions, opening and closing accounts, ordering debit/credit cards, much more.

Key features:

- Virtual assistants with voice activation

- No login required to check balances

- No card needed for ATM withdrawal

- Ultra-modern account insights

2. Mobile Wallet App

mobile wallet app

This is one of the most prevalent methods of payment these days. They are perfect for transferring funds between individuals. You can transfer money straight into the people's eWallets from your accounts. Moreover, these apps offer cool reward programs and cashback offers such as Paytm.

Key Features:

- No hidden fees

- Robust and secure sensitive banking details

- Notifications about future payments

- Loan a limited amount with a few taps

One of the best examples of eWallet apps is Zelle; let's look at its benefits and drawbacks.

Benefits:

- Prompt transactions

- Transfer funds straight to a bank account

- No charges

Drawbacks:

- No credit card payment allowed

- Only words with nationwide banks and not foreign.

- Requires a smart device

3. Cryptocurrency Apps

A cryptocurrency app has recently boomed and can genuinely be game-changing. These apps target users who are looking for decentralized markets by trading in cryptocurrencies. They can help users choose several digital currencies and exchange them against the international currency. The significant advantage here is blockchain's security and integrity.

Key Features:

- Invest money in live buying-selling

- Security with deferred withdrawals

- Portfolio management

Benefits And Downsides Of Coinbase

Benefits:

- It guarantees bitcoin deposits.

- It renders users with digital wallet services.

- It enables prompt transfers between Coinbase users.

Drawbacks:

- The app doesn't support cryptocurrencies.

- Withdrawals & deposits are timed out for 3 days.

4. Insurance Tech App

insurance tech app

Insurance is the top finance service for every financial & banking institution. Fintech apps use IoT, blockchain, machine learning, and AI to deliver top-notch financial services to their users. They can promptly evaluate big data of user behavior, user knowledge, and market trends. Insurance, when combined with technology, offers extremely specialized & personalized options with risk analysis.

Key Features:

- Personalized experience

- Straightforward

- Easy navigation

- Smooth integration with all gadgets

- Sophisticated experience with valuable information

5. Lending Apps

The pandemic has caused massive havoc to the world's economy, which is why individuals and businesses are seeking to accomplish their requirements. This is where lending apps come into the picture. They are perfect for lenders and borrowers. These apps allow people to borrow money straight from banks. Moreover, they monitor user data, behavior patterns, and credit history with AI-powered tools for easing the loan process.

Key Features:

- Cashback rewards

- Live alerts for spendings

- Prompt transfer and no-fee checking

- Credit score tracking

The Endnote

Financial apps with simple, easy-to-use UI, secure, robust, and seamless performance will always be prioritized in the fiercely competitive world. These are some cool apps by app development company for you to build a fantastic fintech app in this modern era where people are constantly demanding advanced and modern apps to fulfill their needs quickly and securely.

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