Profitable Fintech Development Fields The worldwide market for financial technology is expected to develop at an exponential rate and reach a value of $ 309.98 billion by the year 2022 as a result of the many advantages and possibilities it offers.
This has not only served as a signal that the financial sector of the global economy is moving in the direction of fintech, but it has also enticed a variety of entrepreneurs and conventional investors to get involved in this sector.
According to AliPay, its mobile payment app has 650 million users all over the globe, making it the most popular mobile payment option available.
[Since we have made a statement here that the global financial industry is headed towards fintech and not TechFin, you may check out our blog post on the comparison between fintech and tech finance to discover the reason for the same.]
Assuming that you are also an entrepreneur who also wants to be a part of this expanding industry, but are confused about what fintech company ideas will control the area, here we will be examining 17 distinct options that are available to you. A second method for ensuring the success of your company is to ensure the viability of your fintech startup.
Make yourself comfy on the sofa, and then begin scrolling down the page.
17 Profitable Areas of New Business Development in the Financial Technology Sector
Digital Banking. Profitable Fintech Development Fields
The concept of digital banking is the first and most significant one for a fintech app that you may invest in.
People’s relationships with their banks and their enjoyment of financial services have undergone a profound transformation over the course of the last few years. Users no longer realise the need of going to their local banks or ATMs for money transfers and other reasons. [Case in point:] [Case in point:] They are rather taking advantage of the many benefits that come with using digital banking, such as the simplicity with which they are able to make transactions, investments, establish accounts and make deposits, block cards, add beneficiaries, and much more with just a few clicks on their smartphones.
Due to the availability of these features, the notion of investing in digital banking app concepts has gained a significant amount of traction in the market. In 2011, the industry served just 9 percent of the audience that was online. However, in just six years, it has grown to constitute 69% of the audience on the internet. And the fact that this is just the beginning makes it all the more exciting! The expansion of the market is being fueled by a number of different causes, including Coronavirus, among others.
[Since we brought up COVID-19 here, we’d like to direct your attention to this section where you can read more about the effect that Coronavirus has had on banking fintech systems and other businesses.]
P2P Payment solutions
In light of the expansion of the peer-to-peer payment business, considering how to create an application that facilitates P2P financial transactions is another good idea.
P2P payment applications such as Venmo, Google Pay, Zelle, and PayPal are offering users a feature that cannot be matched: the ability to move money immediately between bank holders, even when registered with different banks and payment systems. They are eliminating the requirement that each transaction must also include the participation of a third party as an intermediary or involve the payment of a commission charge.
In addition, these fintech mobile solutions make use of the most recent technologies, such as near field communication (NFC) and face and voice biometric technology, in order to improve risk management, speed POS processing, and provide the best possible experience for customers.
discover here p2p payment app development cost estimate
Personal money management app
An application that manages personal finances is, once again, one of the greatest ideas for a financial app, and one that should be considered for entering this market without difficulty.
These apps are gaining popularity in the market as a result of customers being more mindful about their earnings and savings. This is prompting investors and businesses look forward to creating personal finance app concepts.
These apps are serving as a tool that enables app users to classify their expenditures and revenues, as well as monitor them in real-time, so that they can have a better grasp of how to intelligently and successfully manage their money.
These ideas for personal finance apps are built on the playbook for how to develop efficient personal finance apps. In addition to offering users the convenience of easily connecting all of their bank and credit card accounts, users will also receive payment reminders and their data will be automatically updated. The fact that the information is presented in a way that is both easy to read and understand, as well as convenient for the user, is the cherry on top.
Software that provides automated advice
Robo-advising, which is one of the established ways that fintech is attracting millennials, is also a wonderful sector for making an investment in the financial application development market. This is because robo-advising is an automated version of traditional financial advisory services.
Users are receiving the highest possible level of tailored and future-focused financial guidance at much reduced prices thanks to these machine-learning powered software programmes. They are also doing an analysis of their expenditures and assets in the hopes that doing so may assist them in enhancing their returns after taxes. In addition to this, they are providing a level of ease to the process that requires very little to no involvement from humans.
More intriguing is the fact that, according to a research by Business Insider Intelligence, they will be managing around one trillion dollars’ worth of money this year and over four and a half trillion dollars’ worth of funds by 2022. Something that serves as an unmistakable signal that one need to choose this among the many concepts for fintech startups in order to dominate the industry in 2020 and beyond.
consult for the creation of automated advisory systems
Loan Lending app
One of the app ideas that are becoming more popular in the fintech sector is the creation of a financial application that facilitates peer-to-peer lending.
A loan lending app, also known as a peer-to-peer lending app, performs the function of a marketplace by connecting borrowers and lenders so that they may meet each other’s requirements without resorting to the product discovery services of any existing financial institution. On the one hand, these programmes provide borrowers the ability to choose the highest interest rate that they are able to pay back. On the other hand, they enable competing lenders to negotiate with one another in order to provide funding at the most competitive interest rate. And in this manner, get more debtors or clients.
[Also read: How Will the Future of Consumer Lending Be Affected by Technology?] [Note:
RegTech App
Applications that are used in RegTech are also included in the area of the finest ideas for mobile apps for leading finance businesses.
These mobility solutions assist financial institutions in meeting all of the regional as well as international regulations. They make it possible for businesses to automate a significant portion of their processes, such as the verification of a customer’s identity, the compilation and submission of reports, the monitoring and reporting of transactions, etc., and they boost the percentage of customers who remain loyal to the company.
One of the knock-on effects of this is that regulation technology applications have taken their place among the leading fintech trends for 2020, and their market is projected to reach $53 billion by the end of this year.
regtech market size
An application for making investments and trades
Investing time and energy into the procedure of app creation for investing and trading is yet another choice that has the potential to put you in the public eye within the industry. Profitable Fintech Development Fields Profitable Fintech Development Fields
Users are showing a lot of affection for platforms that provide them the ability to easily invest in shares, stocks, currency, and funds while also gaining a full understanding of these financial instruments. They are paying a greater amount of attention to programmes that compile investment data from a variety of sources and provide them the ability to assess the asset value and make the best choice possible. Profitable Fintech Development Fields Profitable Fintech Development Fields Profitable Fintech Development Fields
In light of this, if you are interested in investing in the creation of a stock trading app, it is recommended that you first have a clear knowledge of the financial criteria that will need to be met. This is because not having enough money might lead your project to come to a standstill, force you to eliminate features that are essential for your fintech app development services, cause your app launch plan to be delayed, and many other problems.
estimation of the costs involved in the creation of a stock trading app Profitable Fintech Development Fields Profitable Fintech Development Fields
Digital wallets
The market for digital wallets is growing considerably as a result of the fact that they free users from the need of carrying physical wallets and credit or debit cards. The users of these programmes are given the option of making a payment with only a few taps or by utilising their biometric information, and in exchange, they get valuable discounts and offers.
It is anticipated that the market for digital wallets will be valued $7,581.91 billion by the year 2024. [Citation needed] [Citation needed] Something that is sufficient to let you know why to choose this amid different inventive app concepts for businesspeople entering the financial sector. Profitable Fintech Development Fields Profitable Fintech Development Fields
digital wallets market size
Applications of Blockchain technology
Taking into consideration the ever-increasing influence that blockchain is having in the finance industry, using this technology to create a company is an unquestionably lucrative line of thought.
This technology is now being used by a variety of fintech startups 2021 and businesses such as We.trade, Circle, LAToken, Veem, and PayStand, amongst others, in order to provide a plethora of possibilities to the users that they want to attract. These are the following: Profitable Fintech Development Fields Profitable Fintech Development Fields Profitable Fintech Development Fields
Using digital currency to conduct financial transactions,
They won’t pay for the transportation until they have confirmation that the goods has arrived at the port; until then, they won’t pay anything.
Performing the functions of a decentralised autonomous organisation (DAO), in which members carry out their responsibilities in accordance with the rules that have been predefined by a computer programme. These rules specify who can become members of the DAO, what kinds of organisations or activities are permitted, and how tokens or money can be traded.
join fintech startups list
Methods of financing via crowdsourcing. Profitable Fintech Development Fields
Crowdfunding is quickly becoming one of the most successful concepts for financial technology startup companies to pursue.
These app-based digital finance solutions are proven to be among the most successful alternative financing methods for entrepreneurs. They are assisting them in the process of obtaining finance for their new or already established businesses by coordinating the efforts of a variety of individual donors as well as venture capitalists.
There is just a small selection of crowdfunding platforms available at the moment, such as Indiegogo and Kickstarter, and the practise of crowdsourcing is most common in the United States and the United Kingdom. On the other hand, it has been discovered that these digital solutions are gaining momentum in the industry, and by the year 2025, it is anticipated that they will have a market that is worth USD 28.8 Bn.
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