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Globalization is bringing about a cashless economy.
5,480.33m users are expected to be using digital payments as a primary method of payment by 2027. (Statista)
The best fintech apps are playing a crucial role in the growth of a cashless economy around the world.
Fintech apps are raising the bar of what is possible by combining finance and technology. With them, financial transactions are more convenient, secure, and transparent than ever before.
In view of all these benefits, finance apps are becoming more popular and entrepreneurs are flocking to this growing market.
Here in this blog, we will introduce the best fintech apps that have the potential to streamline your finances and pave people on the way to achieving financial freedom.
So, let’s get started.
| Sr. No. | Top Fintech Apps | Founding Year | Country of Origin | Rating | Total Customers (2023) | Monthly Pricing |
|---|---|---|---|---|---|---|
| 1 | Revolut: Spend, Save, Trade | 2015 | UK | 4.5 | 28 million | £12.99 |
| 2 | Chime – Mobile Banking | 2012 | USA | 4.6 | 14 million | Free |
| 3 | MoneyLion | 2013 | USA | 4.5 | 6.5 million | $19.99 |
| 4 | N26: The Mobile Bank | 2013 | Germany | 3.5 | 8 million | € 16.90 |
| 5 | Mint: Budget & Expense Manager | 2006 | USA | 4.3 | 24 million | $4.99 |
| 6 | Acorns: Save & Invest | 2012 | USA | 4.6 | 10 million | $5 |
| 7 | Robinhood: Stocks & Crypto | 2013 | USA | 4 | 15.9 million | Free |
| 8 | Current: The Future of Banking | 2015 | USA | 4.6 | 4 million | $4.99 |
Let’s have a detailed look at the 8 best fintech apps:
Founded in 2015 in the UK, Revolut is an all-inclusive finance application for all aspects of financial management of all types, starting from spending on an everyday basis to planning a better future with savings and investments.
The application works across 200+ countries, enabling individuals and businesses to make cross-border payments. International trade processes are made easier with more than 30 currencies in the app.
With the application, you can take investments to the next level. It enables the users to invest in crypto, 1500+ global companies’ shares, or gold or silver directly from the app.
Using Revolut, you will be able to open a bank account for your money that will earn 2.5% interest each year. In the same way that regular bank accounts give you the option of having a card linked to your account, Revolut also offers a card to facilitate transactions.
Chime is a banking app that enables you to access a variety of financial services from your smartphone. The application is free from monthly payment and requires no overdraft fee. It offers a fee-free overdraft facility of up to $200.
Established in 2012, the Chime banking app has grown into a community of more than 12 million individuals. Chime also offers the facility of opening a savings account which is different from traditional days of banking apps. It offers all the benefits of a savings bank account but doesn’t charge any fee such as a monthly fee, maintenance balance fee, or transaction fee.
Chime offers a convenient way of sending and receiving money without any transaction fee. You can even complete international transactions with no hefty transaction fee.
MoneyLion provides personal finance services like lending, financial advisory, and investment advice. Established in 2013, MoneyLion has grown into a community of more than 12.3 million users worldwide. Mobile banking, credit building, financial tracking, and so on, are some of the many functions the application serves.
Apps like MoneyLion offers up to $500 interest-free cash in advance, apart from this it also offers the best personal loan offers, insurance, and more.
MoneyLion also offers to help people who are looking for the best ways to invest their money. It provides you with personalized, fully managed portfolios to make sure your money gives you the best return.
N26 is Europe’s first 100% mobile banking app that allows users to conveniently bank using their smartphones. The app offers all the traditional banking services such as account opening, debit cards for online & offline purchases, no hidden fee, and so on over the fingertips.
N26 has over 8 million customers in over 24 countries who are taking advantage of the app to save, spend and manage all their finances.
It lets the users manage and save money in different sub-accounts to make sure all their financial goals are met.
A comprehensive money management app, Mint can be integrated with all your bank and credit accounts, as well as loans and investments. Tracking transactions happening on all your accounts, Mint builds the complete picture of the individual’s financial habits.
Analyzing your spending activities, Mint creates personalized insights to enable you to save more and pay down debt. You can create your budget in Mint and it will keep you on the way to saving money to achieve your goals.
Acorns is a highly intuitive money management app that enables you to save and invest to build financial security for the future.
It comes with round-up investment features which attempt to find investment opportunities from every transaction you make. For instance, if you make a purchase of $3.60, then the app will automatically save $.40 in investment to round up your purchase.
The app also suggests the experts-built portfolio to generate the best results on your investment.
Robinhood is an investing application that facilitates investing in stocks and crypto for the highest returns. The best feature of the application is that it charges no commission fee on investment.
The app suggests the best investment strategies to make sure the best return is generated for your business.
Current is an all-in-one app that enables users to spend, save and manage money. Aside from being a mobile banking app, Current also offers Visa debit cards to make your banking experience more convenient.
The app also offers an overdraft facility of up to $200 free from any overdraft fee. The Current app makes all the card-related services accessible to anyone easily. It generates 4% interest on every money deposited in the account.
The technology space is rapidly evolving and influencing the financial sector to be safer and more transparent. Here we’re going to talk about the latest fintech trends that are expected to streamline financial services:
Blockchain is an immutable ledger that is revolutionizing the finance industry. The fintech blockchain market was valued at US$1.1 Bn in 2021. With a projected CAGR of 43.8%, the market is expected to reach US$8.7 billion by 2030. (Spherical Insights)
Blockchain technology offers transparency, which means anyone can track all transactions from the beginning of the network to its end. Furthermore, blockchain opens the way for peer-to-peer money transfer app development that eliminates the need for third parties.
Artificial intelligence (AI) is another technology that is bringing security to the financial system.
The global AI fintech market size was valued at $8.23 billion in 2021. Forecasted to grow by 22.5% between 2022 and 2031, the market is expected to reach $61,30 billion by that time. (Allied Market Research)
The significant advantage of AI in finance is improving the customer experience. AI will evaluate the customer’s journey with the fintech application and will create an experience tailoring the customer’s needs.
Another application of AI in fintech is the evolution of chatbots. Chatbots are inheriting human intelligence and offering customer-centric support services.
The fintech app developers of today are going to great lengths to ensure that their users get the best level of security possible. A biometric authentication system removes security threats like stolen passwords from people’s lives.
Best finance apps are being developed at an alarming rate. This market is being penetrated by a number of entrepreneurs by leveraging the top fintech app ideas. While the ride is exciting, the line isn’t smooth due to increased competition, a lack of trust, and a lack of properly utilizing new technologies.
Konstant Infosolutions is a fintech app development company that is renowned for its expertise in the field of banking and finance app development. Let us know what you have in mind, and we will bring it to life utilizing the latest technologies.
The cost of fintech app development is subject to myriad factors such as development company region, developers’ location, complexity, features, security integrations, and so on. Since each project has its own set of factors, estimating your cost without knowing what you need becomes impossible. Let’s talk to a app development company in India, discuss your requirements, and get the proper estimation.
The most prominent method of generating revenue is displaying ads. In addition to ads, the app also makes money from interchange fees, subscription fees, trading fees, third-party referral fees, and so on. Furthermore, baking apps make money from the interest charges on deposits, interest earned on ATM fees, and account openings.
Vipin Jain is the Co-Founder and CEO at Konstant Infosolutions and is in charge of marketing, project management, administration and R&D at the company. With his marketing background, Vipin Jain has developed and honed the company’s vision, corporate structure & initiatives and its goals, and brought the company into the current era of success.
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