Aren’t you tired of going to the bank for money deposits and transfers? Feeling exhausted while standing in long queues for insurance and loans? Does budgeting and finance management seem to be a very tough and time-consuming process? All your finance-related problems have one solution: “FinTech Applications.” The finance and technologies combination has surged in the marketplace with its great transitions.
Now whether it is to do banking, taking loans, or anything finance-related, everything is easier and quicker with FinTech Apps. There are numerous applications available in the industry. Still, new FinTech App Ideas are continuously approaching for more innovations and efficiency acknowledgment. This blog is also made to share some unique app ideas for the finance industry. Let’s have a discussion and find out the newness we can bring to the industry.
Latest FinTech App Tech-Trends
It has been anticipated that the FinTech industry is continuously upgrading itself with new apps and tech-trends launches. Here we have some FinTech App Tech-Trends mentioned below: such as:
● Artificial Intelligence Integration
Artificial Intelligence (AI) technologies in the FinTech Industry are significantly leveling up the functioning and engagement of users with finance. Integration of AI brought immense revolutionization, such as AI Chatbots, fraud detection, risk management, budgeting, finance management, automating routine tasks, personalized finance advice, and more. There is much more yet to come. So AI plays an important role in fintech because of its vast usability and immense changes.
● Blockchain
If entrepreneurs integrate blockchain technology into their FinTech Apps, it brings security, decentralized solutions, and error-free digital finance processing. Blockchain and other decentralized solutions will ensure more security, and safety of your app with complete finance management, also lower the risk factors, seamlessly process with payment, and navigate users accurately for financial processing. If you think of integrating blockchain, then ensure you hire a top mobile app development company in India because it is a bit complex technology that requires more detailing while executing.
● Biometric Authentication
Biometric authentication is already in FinTech App Development, but it is showing more significant roles nowadays, such as ensuring high-level security and privacy measures. The financial data is more secure and privately kept with the help of Biometric technology integration. We understand that it is not possible to rely on voice recognition, facial recognition, and fingerprint recognition; still, including Biometric authentication is one of the best things to be done in FinTech Applications.
● Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is just like integrating AI somewhere because the RPA enables the management of risks, automates tasks, and brings accuracy to financial reporting and auditing by verifying current and historical data. RPA is responsible for automating the processes, which allows it to be involved in various processes. This implements more accuracy and more efficiency in the financial processes.
● NeoBanking Applications
Nowadays, people tend to attract Neobanking applications, where users can seamlessly access banking service solutions in real-time through these apps. It is an instant digital finance application that supports budgeting, huge money transfers, loans, lending money, and more. There are a few examples of such Neobanking apps, such as MoneyLion, Dave, Chime, Albert, etc.
Many more latest technologies can be integrated in FinTech Apps, which you can discuss with top-notch FinTech App Development Companies for more suggestions and flows.
FinTech App Ideas 2024
No second thoughts when it comes to thinking about FinTech Industry growth. It is revolutionizing at a fast pace constantly. So here we will share a few more FinTech app ideas for 2024 to make the industry work more streamlined and make the tasks easier.
● Budgeting FinTech Apps
Well, the term budgeting might explain a bit about these applications. Still, for a clear picture, the budgeting apps in the FinTech industry help in saving money and making expenses according to the requirement within the budgeted limited amount. Through the applications, one can set their estimated budget, track their spending, know when they are exceeding an amount beyond their budget, and more. These are user-friendly applications which make the entire budgeting process much easier. These applications can provide multiple advantages, such as personalized budgeting, finance management resources, financial guidance, and basic application security.
● Investment and Trading App
Investment and trading have revolutionized in recent times, and people are going crazy about these market investments and trades. Therefore, it is widely important to launch investment and trading apps; and some fantastic apps still exist in the marketplace. These applications help to target those who are interested in trading and investing in their apps. It helps in gathering real-time market data, portfolio tracking, and investment trading advice. It offers multiple services, such as investment performance, educational resources, and simplifying the investment process to make the trading experience much more convenient and smoother. To know more about such applications, you better connect with an iPhone app development company to suggest the right solution to execute.
● Lending FinTech Apps
The economy is going down day by day, and therefore companies need finances. With the help of lending apps; users can now lend money instantly. There is no need to follow a longer process to make money on a loan. Thanks to the lending applications, users have to fill in their required details, and later they can process money lending in real-time. These applications are incorporated with various private banks and other individuals. So the users can make money on lend through these applications instantly when in need.
● Crypto Exchange Platforms
This is the most lucrative and profitable app concept for financial entrepreneurs. The platform enables users to engage in the decentralized cryptocurrency market and perform secure and untraceable fund transfers. However, cryptocurrency is traded here rather than other digital currencies. The best benefits of the crypto exchange platform are transparency, minimal costs, quick processing, and the highest level of security.
Startups must examine many crucial criteria before choosing any of these ideas, including regulatory needs, financing platforms, discovering specialized markets, hiring cryptocurrency developers from reputable organizations, and gathering information on rival challenges and apps. After conducting sufficient research, the startup should engage with a mobile app development business to acquire professional developers.
● Electronic Mortgage Apps
Due to the pandemic crisis, we have struggled a lot, and the mortgage industry has been severely impacted. It becomes more complicated to receive a mortgage. The mortgage rates have reduced much because the world has to stabilize its economy. The launch of new e-mortgage apps has streamlined the entire mortgage system process, and these applications are providing advantages to the users following new guidelines of the COVID-19 pandemic. You can consider here an example of Better.com, which is for acquiring homes and calculating things for existing mortgages. Better.com is known for being one of the best 2020 mortgage apps.
● P2P Payment Apps
You might want to examine peer-to-peer payment apps if you’re looking for fresh fintech ideas. These apps are designed to transfer money between individuals, such as friends and family. The funds from the customer’s account are sent immediately into the electronic wallet of the beneficiary. Peer-to-peer payment apps are now integrated with banks, digital wallet services, and standalone payment providers such as PayPal.
Consider Venmo and Zelle as examples of how to build finance apps for peer-to-peer payments. Venmo, like Zelle, transfers money to friends and family, but it also works with certain online businesses.
● Crowdfunding Solution
Startups and small enterprises are constantly on the lookout for crowdfunding solutions. A crowdsourcing financing software will provide funders with a list of contributors and venture capitalists. There currently needs to be more possibilities for crowdfunding money, and if you have a finance software idea in this market, it will thrive like nothing else. There are various features included in such FinTech Applications; such as profile setup, in-app chats and calls, user verification, safety check and security, list of contributors, venture capitalists, cross-verified and secured transactions, profile set-up, and more.
● RegTech Apps
RegTech Solutions, as a Fintech startup app development idea, assists businesses in meeting regulatory standards promptly. While most people regard it as an underappreciated startup app, it is one of the most profitable FinTech apps to develop.
It can help institutions automate procedures including customer identification, report compilation, transaction reporting, and more. A RegTech platform can assist startups in managing enormous amounts of complex data and processing it through Big Data analysis. This allows you to concentrate more on areas for improvement.
● Money-Saving Apps
own financial management approaches should be used by every firm to track spending, establish budgets, manage users’ funds, and track savings. All of these variables combine to make this concept noteworthy for a FinTech business.
Two types of Money Saving Apps can be developed for a FinTech firm. One is the Habit Tracker, which does an in-depth analysis of your spending habits. The Budget Planner, on the other hand, allows users to set spending restrictions and predict future expenses.
Conclusion
The FinTech Industry is evolving with fast-paced technology revolutions. Here we have contributed by sharing a few more FinTech App Ideas and the Latest tech trends to know how the industry can evolve more. If you have any idea to start a new venture, then consider a conversation with a top development company and give your business a boom.
