FinTech has become an essential part of everyone’s daily lives within a short timeframe. Even if you are not aware of the financial trends, you have used a FinTech app at some point.
FinTech apps are everything relevant to your online/cashless transactions, mobile payment, and banking software. In the last couple of years, people used FinTech apps extensively on a global level.
Technology is transforming the old-school financial industry. So if you are planning for a startup in the industry, there is no time like the present. But with a competitive market, it would be complicated to make a move.
In this blog, we dig deep into the FinTech app development fields. It will make your finance-relevant business profitable. So let’s get going.
FinTech App Development Fields
Just having a FinTech app idea will not help to get the ball rolling. You need to assess the whole market thoroughly and decide the type of FinTech app.
#1. Mobile Banking Apps
Today’s consumers do not want to stand in a long queue for any banking transactions. They want everything at ease and with less effort. It encourages mobile banking apps to acquire more business revenue.
Mobile banking apps provide their customers a free hand with multiple actions such as,
- Money transfer
- On-off banking services
- Loan request
- Credit card
- Bills payment
- Insurance services
- Opening Demat Account
- Start investment
Along with advanced security and sensitive data protection, a user can leverage all the features of mobile banking apps.
Successful mobile banking apps: Bank of America Mobile Banking, Chase Mobile, Wells Fargo Mobile Banking, PNC Mobile, etc.
#2. P2P Payment Apps
P2P means peer-to-peer/person-to-person transactions. It means there is no need to include third-party financial organizations.
Customers can get rid of any intermediaries/third-party agents and save the costs of commission. Bank cardholders can exchange funds even if they have enrollment with different banks and payment systems.
The company can develop tailored payment apps with advanced technology. It offers NFC and voice-based biometric to simplify the POS process and provide a superior customer experience.
You can distribute the P2P apps into three categories.
- Standalone Services: Own process to deal with money without integrating with any financial organization.
- Bank-Centric: Involvement of the bank to conduct transactions.
- Social Media Centric: Involvement of Social Media platforms for the transactions.
Developers can simplify POS processing by leveraging webcams, fingerprints, blockchain, etc.
Successful P2P payment apps: Google Play, PayPal, Venmo, Zelle, etc.
#3. Stock Trading Apps
People are more likely to invest in stock exchanges to trade shares, stocks, funds, forex, etc. The stock trading app is an efficient platform to do so. You can offer customized apps with actionable insights to make the right choice for the stocks.
Opt for the company that helps you offer a personalized customer experience with the app while trading.
Trading apps must have these features such as,
- Tracking of Real-time market data
- Instant smart notifications
- Streaming data
- User-friendly UI
- High security adhering to all the security standards
- Accessible on various device
Whether mobile or PWA (Progressive Web Apps), users need understandable features to trade, hold stocks, shares, crypto, funds, forex, and check their value.
Successful stock trading apps: Fidelity, E*TRADE, TD Ameritrade, Merrill Edge, etc.
#4. Insurtech Apps
Banking and insurance are inextricably linked and operate in sync with each other. Traditional insurance has manual paperwork, confusing tariffs, and conditions, obtrusiveness of insurance agents, etc. But modern technology is helping Insurance organizations to avoid all these hassles.
You can incorporate modern features in the Insurtech apps by using the latest technological advancement such as AI, IoT, ML, Open API, Telematics, Big Data.
Now insurance companies can easily acknowledge user needs and market trends. It helps them to enhance their work process and offer a superior customer experience.
There is no need for an agent to visit the customer’s place for any verification. Insurtech apps act as a bridge to contact customers anytime, anywhere.
Successful Insurtech apps: The General® Auto Insurance, Jerry, Allstate Mobile, GEICO Mobile, Globe Life, etc.
#5. Wealthtech Apps
As its name depicts, Wealthtech means a combination of Wealth and Technology. It aids users in managing their money and investment with great ease. Some Wealthtech app ideas are as follows.
- Digital Wallets: Analyze and manage different sources of income and expenditure.
- Robo-advisors: Automated, Machine Learning based tool to offer investment advice.
- Digital brokers: Retail investors can manage trades, come to know about the latest news on stocks, forex, cryptocurrency, etc.
- Robo-Retirement: Asset management tools to aid with money-saving with retirement.
- Micro-Investment resources: Help to invest small amounts of money from time to time.
Wealthtech has not only revolutionized the investment field but completely disrupted the way of acknowledging advanced finance and the functioning of the economy. The Wealthtech identification process performs through video to adhere to regulatory and security standards.
Successful Wealthtech Startups: Acorns, Betterment, Wealthfront, Robinhood, Cadre, etc.
#6. Blockchain/DApps Apps
DApps means decentralized apps. A blockchain does not have any centralized/main server to play the role of an intermediary. It opens the doors for new opportunities to many industries.
When it comes to mobile apps, blockchain helps in securing mobile payments. The big brands are leveraging the networking and identification ability of the blockchain. It helps to authenticate a person’s identity while opening a new bank account or applying for a driving license.
Because of the decentralization, the record’s immutability and system’s fault tolerance keep blockchain technology booming. The blockchain app development company can choose one of the following types to build the app.
- Blockchain-based apps: Incorporate money with outside incidents of the real world. For example, a logistics firm can discover the location of the cargo and check out its delivery at the port. Only then pay for the shipping.
- DAO (Decentralized Autonomous Organizations): It aids in locating members anywhere, in any corner of the world.
- Money management apps: Users can perform secure and fast transactions on the blockchain network with internal currency.
Blockchain apps are omnipotent systems. Many brands are getting more out of these apps to modernize their business.
Successful Blockchain apps: TraceDonate, Burst IQ, KYC-Chain, Chainyard, Voatz, etc.
#7. Regtech Apps
Regtech apps focus on helping financial organizations to adhere to different states’ local and global standards. US banks invest almost $70 Billion per year to ensure their economic activities abide by local regulations.
With the help of Regtech apps, organizations can automate plenty of activities. These apps also process enormous quantities of data and offer valuable insights to make corporate decisions.
The Regtech app must-have features are,
- Data encryption
- Report and data visualization
- Assessment of legislation and regulations
- Use of blockchain technology
- Complex cloud computing
- Protection of cyber attack
- Risk data storage
- Monitoring of activity
- Evaluation of employee behavior and their KPI
Successful Regtech apps: REGnosys, Ceptinel, Cappitech, Mind Bridge, Dathena, etc.
#8. Crowdfunding/Equity Apps
On hearing the Crowdfunding word, people think of fundraising platforms. However, crowdfunding platforms have transformed the investment world. It offers modern approaches to startups, equity firms, and real-estate business owners to raise funds for their venture.
With FinTech apps development, equity financing is setting the stage to make more funds. Some organizations make every effort to associate accredited investors with people who require funding. These organizations streamline the money-raising task easier for investors as everything will take place on the online platform.
Successful crowdfunding/equity apps: Kickstarter, Indiegogo, Fundrise, RealtyMogul, Crowdstreet, Peerstreet, RealCrowd, etc.
If you are thinking about starting a FinTech firm, there is a lot of planning and analysis required at the early stages. You will need to ensure that you have a thorough knowledge of the financial industry, technology regulations, the nature of services you want to provide, and the targeted market.
It is obvious you feel overwhelmed while starting up a new business. But you can not overlook real-world financial scenarios to better prepare for the new journey.