2020 was not like any other ordinary year. By mid-March, almost every country went under lockdown because of the deadly outbreak of coronavirus. This lockdown changed our lives and even affected every country’s economy, mainly due to the shutdowns of prominent industries, such as finance and banking, among others.
The finance industry, known for its traditional way of operating, faced many difficulties in providing services to its customers during this period. But as the famous saying goes, “With bad, comes good”, the finance industry finally realized that it needed to hop on to the digital train and invest in fintech.
COVID-19 accelerated the adoption of Fintech, resulting in the expected growth of the market value of approximately $305 by 2025, growing at a compound annual rate of about 22.17% over the forecast period 2020-2025, according to Market Data Forecast.
What is Fintech?
Fintech was introduced in 1990 but remains fairly a new concept to many. It is a process of combining finance with technology that aims to improve and automate the use and delivery of financial services.
Technology has always been a part of the finance and banking industry. Whether it was the introduction of ATM cards or mobile banking, technology was used but the only thing that was missing was customer satisfaction.
Fintech, using technologies like Artificial Intelligence (AI), Big Data, Cloud Computing, and Robotic Process Automation(RPA), aims to fulfill every consumer demand and provide easy access to their bank accounts or financial reports.
8 Fintech App Ideas for Starting Your Business
With the rise in COVID-19 cases around the world, countries were put under complete lockdown. While some businesses followed their traditional ways of running their company, some financial companies saw the opportunity to hop onto the digital bandwagon and develop their fintech applications.
These applications gained much popularity among users within a short period, encouraging other businesses to invest in them. If you are thinking of developing your fintech apps then here are some ideas for you:
Cryptocurrency Trading Apps:
Bitcoin was the first digital currency to enter the market in 2009 which soon enough took the whole world by storm.
However, we can now find various platforms in the market used for cryptocurrency trading. observing its continuous growth and investing in cryptocurrency apps remains a profitable idea for fintech startups.
Creating a cryptocurrency app creates an opportunity for its users to enter the decentralized market by trading their cryptocurrency in exchange for other digital currencies. Through this app, a user can easily sell or buy crypto coins, exchange one cryptocurrency for another, or even get crypto tokens in return for fiat money.
Fintech companies can use blockchain technology to build their cryptocurrency trading apps, ensuring user’s data security and safe online transactions.
P2P (Peer-to-Peer) Payment Apps:
The capability of transferring money from one bank account to another within seconds has given this technology a higher place in the market.
Today, peer-to-peer payment apps have created a wider market reach by connecting with banks, digital wallet services, and independent payment services like PayPal. Investing in creating P2P payment apps can thereby help fintech startups to become part of this growing market.
Mobile Banking Apps:
With the growing customer expectations, it has become necessary for financial and banking industries to invest in mobile banking apps, thereby providing a great opportunity for fintech startups to collaborate with banks and create mobile banking apps.
Today, everyone wants to access their accounts and make payments using their phones. The demand is so high that we can even find digital banking systems like neo-banks that wholly operate online. These fintech banks offer high customer satisfaction and provide hassle-free account management to their users through their advanced and responsive mobile banking apps.
Because of COVID-19, the fintech industry witnessed high demand for InsurTech apps in the market.
Consumers during this period looked out for apps providing affordable insurance plans, which provided an opportunity for startups to develop InsurTech apps using fintech software solutions. These apps can be developed using AI and Big Data to collect and analyze customer behavior, identify risks, and manage customers’ requests.
P2P Loan Lending Apps:
Fintech startups can focus on creating apps that allow their users to take or give loans without getting the financial institutions involved. The borrower and lender could connect directly with each other using this app, saving financial institutions’ fees.
These apps will enable borrowers to set the maximum loan rates that they can manage while allowing lenders to bargain with each other to offer funds at the lowest rate. This way, the apps will attract more customers.
Finance Management Apps:
Developing a finance management app can be a great hit. Nowadays, people are looking for resources that would help them manage their finances, such as daily records of their expenditures and savings.
This app can provide real-time reports of their users’ financial health while allowing them to efficiently manage their finances.
With the increasing use of technology, people prefer carrying money in their digital wallets rather than actual wallets. These digital wallets allow them to make transactions using their debit and credit cards and in return, act as a cherry on the cake for getting various offers and discounts.
According to Allied Market Research, the global mobile wallet market is expected to reach $7.58 billion by 2027. Therefore, fintech startups can work on developing digital wallet apps, providing high security and higher user satisfaction.
Trading and Investment Apps:
Developing a trading and investment app is another great fintech app idea for startups. The stock market is reaching heights at this time, thereby grabbing the interest of people in the stock market.
Startups can work on developing an app that lets them get comprehensive knowledge of shares, stocks, forex, and funds, while AI and data analytics help them get quick insights about potential investments and make informed decisions.
The future of fintech looks brighter than ever, yet, building a fintech app is, by no means, an easy task. But with the best app development company on your side, it can become easy.
Jellyfish Technologies is a leading fintech app development service provider. Our team of expert professionals can help you come up with a user-friendly finance app with desired features in a cost-effective way.