Leading-Edge FinTech App Ideas to Revolutionise Finance Sector

fintech app ideas
September 20, 2022

Mobiles remain an essential aspect of technology that has helped each industry niche, and FinTech is not an exception here. The introduction of smartphones in the financial sector has transformed the way of working.

These days, almost every person has a smartphone. Mobile makes it easy for users to manage their finances anytime, anywhere.

The banking industry is advancing after introducing Finance Mobile Apps developed for banks. Individuals can transact money from any location, invest in the stock market, ask for loans, and much more.

Many companies now focus on this ever-growing business and transforming how mobile apps work for the FinTech niche.

The Global FinTech Market was worth 7301.78 billion USD in 2020. It is anticipated to rise at a 26.87% CAGR during the estimated period.

Global Fintech Market

 

The growing popularity of online payments, favourable government regulations, more investments in tech-based solutions, wide acceptance of IoT devices, etc., are expected to affect the universal FinTech Market in the future.

Emerging innovations such as e-wallets, digital money, paperless lending, etc., and acceptance of eCommerce platforms, integrated with increasing smartphone functionalities have paved the way for rising FinTech transactions.

Whether you are a large-scale financial firm planning a digital shift or a newbie, here we have mentioned some FinTech app ideas to look out for.

FinTech App Ideas for Your Business

1. P2P Money Transfer App

If we look at the existing market condition, investing in Peer-to-Peer (P2P) money transfer apps will deliver better outcomes.

Users can quickly transfer funds among bank holders using P2P Payment Apps such as Venmo, PayPal, GPay, Zelle, Paytm, etc., no matter which bank and payment system they are registered with.

Many economic systems globally are shifting from physical cash and encouraging the use of online money transfer apps for effortlessness.

Moreover, these apps use modern technology such as NFC and face & voice biometric technology to simplify POS operations, boost risk management, and offer a superior user experience.

Must have features of P2P Money Transfer App

  • E-wallet
  • Real-time payment
  • Send bills and invoices
  • Bank account transfer
  • Unique user ID or OTP
  • Transaction history
  • Currency conversion
  • Admin panel
  • Customer support and chatbots
  • Crypto payments

Examples: Zelle, PayPal, Venmo, Cash App by Square, Apple Pay, Samsung Pay, WorldRemit, etc. 

2. Investment and Trading App

Having an investment and trading app helps build a suitable product for micro-investors.

Nowadays, users are more likely to use systems that let them gain an in-depth knowledge of stocks, shares, currencies, mutual funds, etc., and invest sensibly in them.

They focus on the apps that gather investment data from multiple sources and let the users identify asset value and make the best and quick decision.

A trusted investment and trading FinTech app aid with daily financial activities like fund transfer to investment accounts and monitoring the spending.

Must have features of Investment and Trading App

  • User profiles
  • Real-time portfolios
  • Analytics
  • Check-in process
  • Push notifications
  • Search
  • Deposits
  • Putting trades on stocks

Examples: Betterment, Invstr, Acorns, Wealthbase, Wealthfront, Fidelity, etc.

3. RegTech App

These are the solutions that aid organisations follow the laws and regulations. It also mitigates risks that arise with regulatory issues.

Using RegTech apps, users can keep track of emerging regulations, determine risks, convert requirements into definite steps organisations can follow to prevent penalties, and execute compliance checks.

Businesses can effortlessly address all the necessary regulatory standards while saving time and energy.

As a startup, note that RegTech applications are one of the most undervalued yet remunerative FinTech solutions to opt for.

Must have features of RegTech App

  • Real-time information
  • Verification of “Capacity to pay”
  • Recurring transactions identifications
  • MI and Reporting
  • Monitoring
  • Fraud prevention
  • Compliance and conduct analysis

RegTech Companies: Regnosys, Cappitech, Mind Bridge, Proofpoint, Ceptinel etc.

4. Insurtech App

Insuretech apps streamline the process of applying for insurance and enable users to pay their premiums online. The app solutions integrate advanced technologies like Artificial Intelligence (AI), Blockchain, IoT, ML(Machine Learning), and Open API.

It enables insurance organisations to deliver excellent service by assessing a vast pool of user data, researching market trends and understanding user needs.

As an outcome, this financial solution provides tailored yet quick policy comparison options, risk management and much more.

Users of Insurtech apps do not need any help from a third-party insurance broker.

Must have features of Insurtech App

  • Admin panel
  • History
  • Policy details
  • File a claim
  • Geolocation
  • Push notifications
  • Document upload and storage
  • Quote and filters
  • Quick registration
  • Integrated chat
  • In-app payment

Examples: Singlife, Coverfox, Mintpro, Toffee Insurance, etc.

5. Blockchain App

The mobile app solutions developed with blockchain technology drive a revolution in the FinTech sector.

With Blockchain-based e-wallet apps, you can buy and trade cryptocurrencies efficiently. So, most companies start engaging in blockchain app development integrating cutting-edge features and functionalities.

Moreover, blockchain apps are intelligent and Smart FinTech software that delivers wide-ranging opportunities for the future.

Digital currencies are about to rise soon in the market. So using Blockchain technology to develop a platform that enables crypto transactions is a hot opportunity.

Must have features of Blockchain App

  • Individual profiles
  • Authorisation
  • Push notifications
  • Paper wallet import
  • Conversion rate
  • QR code scanner
  • Most used address
  • Security

Examples: Ledger, Coinbase, Trust Wallet, Exodus, Electrum, etc.

6. Crowdfunding App

While brainstorming FinTech app ideas, think of building a solution that helps startups. The crowdfunding app is a digital platform where individuals raise money for any campaign or cause.

From enterprise to non-profit businesses, every entity requires a trust-worthy and robust solution that aids them in fundraising through crowdfunding. So, if you are a FinTech startup, you can leverage this evolving opportunity.

Many crowdfunding platforms target web users, so you can opt for creating a mobile platform. Crowdfunding apps let users transfer their funds effortlessly and safely.

This FinTech app idea is advantageous and can be successful as today’s users are most likely to use mobile apps for smooth functioning.

Must have features of Crowdfunding App

  • Social network sharing
  • Progress metre
  • Low to no platform fee
  • Faster fundraiser approval and fund withdrawal
  • Different donation methods
  • Email and chat support
  • Campaign manager
  • Tax benefits

Examples: AppStori, Indiegogo, AppBackr, Kickstarter, AppsFunder, etc.

7. Personal Finance Management App

Personal finance management is one of the most rewarding app ideas to look out for in the financial business and to get into the FinTech app development market.

Individuals who want to organise and handle their income and expenses efficiently are using these apps as prime solutions. This platform enables auto-linking to credit/debit cards along with payment reminders.

Users can also plan their budgets and secure their data using these apps. The integration of automated chatbots offers day-to-day recommendations for better investment planning and secure retirement.

In the market, such personal finance management apps are in demand as more and more businesses are keen to profit from them.

Must have features of the Personal Finance Management App

  • Accounts aggregation
  • Setting financial goals
  • Saving Tips
  • Refinancing
  • Categorisation and budgeting
  • Bills and expenses monitoring
  • Reports
  • Investment analysis

Examples: Quicken, Personal Capital, TurboTax, FutureAdvisor, YNAB, etc.

8. Crypto Exchange App

The crypto exchange app is an innovative and unique app idea if you are about to enter the FinTech industry. It gives users ample opportunities to get into the decentralised crypto exchange.

Here cryptocurrencies get traded with lower fees, high security, complete transparency, and quick processing.

Crypto trading platforms enable an exchange of cryptos such as Bitcoin, Litecoin, Ethereum, etc. and fiat currencies. In some cases, they also aid in trading other assets’ crypto.

However, keep in mind that cryptocurrencies can be complicated. So before diving in, make sure you perform thorough research on it.

Must have features of Crypto Exchange App

  • User authorisation and verification
  • Analytics
  • Trading engine
  • Wallet
  • API
  • Push notifications and alerts
  • Admin Panel

Examples: Robinhood, eToro, Gemini, Coinbase, Cash app, etc.

9. E-mortgage App

Getting a mortgage was challenging for people. These electronic loan apps transform the whole home loan application process flawlessly. Users can get loans rapidly without much hassle.

It is a vast industry with many subcategories you would love to specialise in. The mixture of high demand, unprivileged sectors, and a profitable market make E-mortgage an appealing Fintech niche to business owners or startups.

Must have features of E-mortgage App

  • Personal profiles
  • Mortgage calculator
  • Payment gateways integration
  • KYC identity verification
  • Loan application form
  • Payment tracking
  • Registration
  • Open banking operations integration

Examples: Rocket Mortgage, Guaranteed Rate, PNC Bank, Ally, LoanDepot, etc. 

10. Robo Advising App

Robo Advising is one of the reliable ways for FinTech business owners to appeal to customers along with being a high potential concept for investment.

The fundamental factor in these applications is that Robo-advising apps built using AI and ML offer users personalised and future-centred financial guidance/suggestions at a minimal cost.

These apps also assess users’ spending and investment to help them get higher after-tax returns and organise their funds adequately.

Moreover, they add extra convenience to the entire financial management process without using human resources.

Must have features of Robo Advising App

  • Portfolio management
  • Tax-loss harvesting
  • Retirement planning
  • All-in-one dashboard
  • Rewards
  • Goal tracking
  • Charitable giving
  • Refer-a-friend program

Examples: Betterment, Vanguard Digital Advisor, SoFi Automated Investing, Wealthfront, E*trade Core, etc.

In a Nutshell

The FinTech sector is evolving at a rapid pace. With the number of FinTech business ideas, we are sure you have come to know about more FinTech app ideas that you would love to work with.

The finance industry journey is becoming more complex than imagined because of the demand to offer the best mixture of experience, reliability, creativity, and technology.

It is challenging to have the perfect business strategy in place. But a top-notch FinTech app development company that knows all the nitty-gritty of the FinTech sector will help you during the entire app development path.

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