The adoption of technology in the BFSI sector has transformed its landscape by 180 degrees. FinTech, or in other words, the amalgamation of finance and technology, has not only added convenience and scalability to the ecosystem but has also made it more quick, secure, and profitable. It has provided a new set of opportunities, catering to the requirements of FinTech startups, and even bringing a prominent effect on their businesses. With all such merits and possibilities, the global FinTech market is poised for growth and is estimated to be worth $309.98 billion by 2022. The advancement in this industry is continuous and swift, and the COVID-19 crisis has further pushed the enhancement.
With a myriad of scope and applications, FinTech has become a hot topic among entrepreneurs, investors, and startup enthusiasts. In this article, we will take a brief look into Fintech app development ideas that can open new doors for success. Let’s stay hooked until the end of this write-up.
Best FinTech App Ideas in 2021
Investment & Trading Apps
Investment & trading app development and launch on a broad scale can make you relish the limelight of the market space. Currently, users are showing immense longing to use platforms that allow them to acquire extensive insights into Forex, funds, stocks, shares, and other available investment options. They are also welcoming apps that let them invest and trade efficiently. Nevertheless, users are more inclined towards applications that collect investment data from various sources and allow them to calculate the asset valuation and make the right investment decisions.
Also Read: Decentralized Video Streaming App Development Using Blockchain
P2P Payment Apps
In the last few years, there has been a huge influx in P2P (peer-to-peer) money transfer practices. The growth statistics and graph of this market are rising at a remarkable pace, therefore, developing P2P money transfer applications can turn out to be big hits.
While offering users feature-rich facilities between bank holders instantly, such apps are chopping the needs for transaction fees or third-party interventions. You can make the process more seamless, secure, and advanced by integrating features such as voice-enabled transfer, biometric technology, and blockchain implementation.
All in all, P2P money transfer application development is one of the best finance app ideas that can provide users with commission-free money transfer capabilities. To get detailed insights into BFSI app development using neoteric technologies, consult a finance mobile application development company.
Loan & Credit Apps
Getting your loans approved with just a few simple clicks and steps on your mobile screen is always bliss. The loan & credit finance app idea brings that idea into real life. An application that allows users to get a loan and credit is an incredible startup concept in the BFSI and Fintech market.
It also functions as a medium for P2P lending apps between borrowers and lenders. On this platform, both the parties can cater to each other’s needs without any third-party intervention or authority over the loan. Besides, the credit loan app allows borrowers to set the loan rate limit and can take personal loans, car loans, business loans, home loans, and many others at a low interest rate from reliable lenders.
RegTech Apps
RegTech applications also fall under the category of best mobile app development ideas for FinTech startups. These mobility services assist financial institutions to comply with all the global and local regulations. They enable organizations to automate a major segment of their processes, including transaction reporting and monitoring, customer identity verification, reports compilation and submission, and increasing customer retention rates.
Digital Wallets
Since digital wallets are offering an escape route to users from carrying physical credit/debit cards or wallets, their market is snowballing steadily. These apps are providing users with the ability to make payments using biometrics or in a few taps while getting lucrative coupons or offers in return. It has been predicted that the digital wallet market will generate revenues worth $7581.91 billion by 2024.
Blockchain Apps
Blockchain has a significant impact on the BFSI and FinTech industry, and it is considered a million-dollar technology due to the anonymity and security offerings in the transactions. Therefore, embracing blockchain for Fintech startup businesses is one of the most promising finance blockchain mobile app development ideas in 2021.
Moreover, blockchain offers a myriad of benefits to the targeted user base including:
- Acting as a DAO (Decentralized Autonomous Organization), where there are programmatically defined rules for what business activities are allowed or how funds and tokens can be exchanged
- Performing transactions with cryptos
- Transfer independency and no third-party control over transactions
- Safe funds exchange and secure transfer traces
Summing Up
As the Fintech sector is booming at an unprecedented rate, several fintech startup ideas are taking real shapes. For entrepreneurs, fintech app development solutions are turning into a success magnet.
With a wide range of opportunities and benefits, Fintech applications are deepening their roots in the market. Furthermore, they enable organizations to boost trust and offer greater customer satisfaction and care. If you want to leverage the growth vibrations in the BFSI and Fintech industry, connect with our experts for robust finance app development services.
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