FinTech can be anything related to technology finance. From large companies that use digital money and algorithms for their financial solutions to accounting entries, everything is called FinTech. Most of the traditional manual processes can now happen with a single click. The financial sector is a fast-growing industry; all companies and businesses are turning toward FinTech. In 2018, the financial industry market size was around $127.66 billion, and it is estimated to reach a staggering $309.98 billion. Companies are getting massive investments in Financial App Ideas as this industry grows too big.
Mobile App Ideas for Financial Companies
It is now clear that FinTech companies that will include mobile finance apps will excel in their ideas when comparing the statistics now and what is to come in the future. But how can these companies use mobile applications in their process? What ideas can you bring to reality? Here is a list of ways that a FinTech company can make their customers’ lives easier using mobile apps:
The Digital Banking Finance Application
Digital banking is the future of monetary transactions. No one would rather stand in long lines at banks and outside ATMs. People can do everything on their smartphones with just a few taps, for which they had to go to the counter at a bank. Digital banking has undergone a significant change in the last six years. Nearly 69% of people use mobile finance and banking apps to do day-to-day tasks like checking account balances, making money transfers, adding payees, etc. During Covid-19, the government made some changes that we leaned towards digitizing things. Digital banking was a sector that obtained significant benefits during these times. Transferring digital money from e-wallet applications is now global, but the security and risk of doing so are a matter of concern. With a foolproof idea of security, one can invest in this mobile app idea.
E-Wallets/M- Wallets Finance App
When we used to have the hassle of carrying cash, innovation in the financial industry occurred with credit cards. Now is the time to say goodbye to plastic money, as we are dealing with an even better form of transaction: digital money. Electronic wallets are used globally and are growing like wildfire. In 2013, its value was $16.65 billion, but the digital wallet market is forecast to surge to an incredible $758.91 billion!! Applications such as Apple Pay, Alipay, and PayPal are electronic wallets. People benefit from using these apps as they receive offers, cashback, and gift coupons when they pay with these digital wallets. When more people discover this, there is no denying that your chart will hit the skies.
P2P Payment Financing Application
The concept may seem similar to digital banking, but it focuses on transferring money from one person to another. These are growing mainly because many economies prefer not to use cash and promote digital money. You link your bank account to your phone and send money directly in seconds. This method is secure because it uses new security technologies such as biometrics, OTP, and facial and voice recognition. You can check the balance of the linked bank account. Applications like Google Pay, Venmo, and Zelle are the most used and relevant examples of P2P payments. Revolut put a different spin on the idea of digital wallets. With the Revolut application, we can transfer money to other countries with the option of 150 foreign currencies, including cryptocurrencies.
Personal Finance Management Applications
There was a time when we used to sit down with a pen and paper to write down our monthly expenses, our savings, and how we could save for the future or invest in a good place. Imagine having these things ready, in a better representation, and without wasting your precious time. New personal finance management apps are the way to go for investing. These apps help people ease their financial process and provide tips and ideas for budgeting. You can link your bank account with these apps and have your stats ready in eye-catching renderings. The bank details collected by the application remind you of payments and update your details. It is a safe way to do it. These apps have automated robotic chatbots to help you with investment and retirement tips.
Loan Lending Mobile App
Loan apps are one of the most exciting FinTech startups you can invest in; this is where loan applicants and lenders are commonplace. People can apply for loans, negotiate with the lender, and manage the process quickly and easily. These apps will analyze customer data and check their credit status and behavioral history, and only then will they qualify them to apply for a loan. This process is swift, so it helps lenders get more clients, and clients can also search for multiple investors. As the whole process occurs on their smartphones, money transactions also follow. The money transfers through digital banking or P2P payments. Many people are looking for a loan during this terrible pandemic, so this application is a good idea to start.
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