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The banking and financial landscape has undergone a complete transformation. These days people no longer need to stand in long bank queues to perform daily banking activities. This all happens because of the evaluation of fintech app ideas that combine finance with technology.
According to PR Newswire, the global fintech market was valued at 6,588.8 USD billion in 2021, expected to grow at a CAGR of 13.9% resulting in a value of 16, 652.7 USD billion by the year 2028.
The continuous growth of financial apps results in the increment in fintech startups in America. According to Statista, there were 10,755 fintech startups in America, followed by 9,323 startups in Europe, the Middle East, and Africa.
Do you also aspire to start your fintech startup? Here we have got 10 fintech startup ideas that will help you establish your profitable business in today’s competitive environment.
Ease of availing banking services at the fingertips is not the sole reason to finance app development.
Here are a few reasons why investing in fintech app development is a lucrative decision for startups:
Have you ever used online payment apps like PayPal, Venmo, Google Pay, Zelle, and so on? All of these are peer-to-peer money transfer apps that allow you to send and receive money directly into your bank account with a few simple steps.
According to the report by Allied Market Research, the global market size of P2P apps is expected to reach $9,097.06 billion by 2030 from $1,889.16 billion in 2020 with a promising compound annual growth rate of 17.3%.
Peer-to-peer money transfer apps are not bound by any geographical restrictions. They can be used to make international payments as well at the fingertips of people. You can also develop your Peer-to-peer money transfer apps like Venmo or PayPal as it has a promising future ahead.
The popularity of cryptocurrencies is not a hidden secret to all of us.
As per the finding of Zippia, there were more than 300 million cryptocurrency users worldwide in 2021. For those users having a crypto exchange mobile app will allow trading (buy/sell) of their cryptocurrencies with other fiat currencies from the convenience of smartphones.
This is one of the best finance app development ideas to establish your finance-related startup that has been in high demand across the globe.
Many of us often struggle to manage our finances. Due to the lack of spending, we often ended up overspending every month.
Personal finance management app development is one of the best fintech app ideas that can be started with minimal budget and infrastructure.
Bill reminder application development is one of the simplest fintech startup ideas you can follow.
People often struggle to remember the due date of various bills such as electricity, water, internet, credit card bill, etc. This app will keep a record of all the bills and will remind the user before the due date of the bill.
This might not be among the million-dollar app ideas but simple enough to develop which makes it an ideal choice for small startups with limited budgets.
Blockchain technology has so far proven to be the most secure technology on the planet. Thus developing a payment gateway on blockchain technology will connect both merchants and customers together to make the transactions safer and secure.
This is one of the unique and innovative fintech startup ideas that will help banking institutes to overcome the security issues of traditional payment gateways.
The traditional day’s loan process is tiresome, complex, and involves a lot of paperwork. The loans lending fintech app idea will connect both lenders and borrowers together. Using such apps borrowers can apply for loans from multiple lenders online at their fingertips.
Loan seekers and lenders alike will benefit from such applications. Loan seekers will be able to satisfy their financial needs without visiting the bank physically while loan providers will profile eligible loan applicants.
Be it a small or large business, they need to manage all their finances effectively in compliance with the government rules and regulations to succeed.
The financial advisory app will connect the financial advisors with the businesses so they can get answers to all their finance-related questions.
This is one of the best finance app ideas that can be developed in a time-efficient manner at the lowest budget possible. All it requires is the assistance of the right mobile app developers to execute the idea with professionalism.
The number of entrepreneurs is increasing with each passing day, therefore there is a need for a platform where they can share their business ideas and raise funds to accomplish them.
A crowdfunding digital solution will connect entrepreneurs and investors. The entrepreneurs can showcase their business idea with future strategies on the platform. Investors can understand the business idea and, if they are confident in it, they can share funds with entrepreneurs to help them accomplish their goals.
These days a lot of people are taking interest in buying and selling stocks online. There are plenty of stock trading apps available for both Android and iOS, but considering the growing demand, there is still plenty of room for such apps.
This is one of the most common yet effective fintech startup ideas that can be turned into a successful startup.
People no longer appreciate the physical visits to the bank to get information about the recent transactions, open a bank account, or change ATM card pins. They depend on digital baking apps to perform all these operations with the convenience of smartphones.
After getting the knowledge of the top finance app ideas, the next question is how these startup ideas can be converted into successful startups?
No matter how powerful your app idea is, it won’t be able to survive in the market without the successful execution of the idea. Therefore, you should hire top app developers in India to ensure your idea is executed successfully according to your expectations.
However, there are hundreds of application development companies choices available, so how will you choose the best company? While making the selection you should pay attention to the portfolio and client testimonials. The best practice is to choose a company that has previous experience in fintech app development.
Konstant Infosolutions is one such application development company that has extensive experience in finance app development. Don’t believe our words, check out our portfolio of a few of the previous finance-related apps. Browse the portfolio carefully and contact us to ensure the best execution of your finance app idea.
Based on the type, complexity, features, and developer’s location, the cost of financial application development varies. The cost is also decided on the basis of the app development platform you choose. If you choose the Android platform, then the cost might be higher in comparison to iOS app development. Cross-platform app development for both Android and iOS will also affect the cost of financial app development. The best way to figure out the cost of a fintech startup application development idea is to connect with an app development company and share your requirements with them. Depending on the requirement, the app development agency will provide you with a cost estimation.
Being indulged in the IT industry for more than 3+ years, I aim to offer up-to-date and latest knowledge on different technologies and trends setting the market. This is what I love to do. When I'm not working, I like to be near the outdoors surrounded by greenery.
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