Fintech Apps that Could Inspire Your Startup Ideation?
Fintech applications also called financial technology applications are gaining popularity today because they have revolutionized how businesses operate. Electronic transactions are now simpler for consumers due to the industry. Fintech startups were created in response to the necessity of having more efficient financial systems.
Entrepreneurs came together with finance and banking and launched Fintech companies around 12 years ago. According to Brisk Logic Research, by 2027 the number of users will reach 2 billion people using applications for mobile banking. In the year 2019, Fintech companies reached up to the sum of 55.3 billion in investment. The total contribution from China totalled $25.5 billion, and of that over half ( $ 14 billion) comes coming from Ant Financial of Alibaba group. It is expected to continue growing as more and more mobile users save their financial data on their phones for future transactions. In this article, we’ll discuss the top 13 Fintech apps that are currently on the market.
Fintech Market Overview
It’s not a secret that the COVID-19 virus has led to the spread among the most promising Fintech developments. For certain players in the finance industry switching to a digital-only format has become essential to their survival. Established financial institutions, which were previously unwilling to embrace new ideas have now been battling startups and building fintech applications.
According to a Research report, the fintech apps size will grow to $305 billion by 2025. This will increase by 20% at a rate of. Fintech is currently one of the fastest-growing sectors in the world because the COVID-19 outbreak has opened up the doors to many commercial opportunities.
The Latest Trends in Fintech technology
In short, AI, IoT, and blockchain will continue to lead the way in transformation in fintech. But, the tools that are used in the development of fintech apps merit attention.
1. Artificial Intelligence
Of all the technologies that disrupt the fintech industry, AI is deemed the most important. In actual fact, Research and Markets anticipate that the marketplace of AI for fintech is expected to grow to 22.6 billion dollars in 2025. Fintech applications use AI for the automation of routine tasks and provide customized financial advice, identify fraud, and analyse large volumes and a variety of data to gain information. In many ways, AI in fintech is still a relatively new technology which means its true potential remains to be explored.
2. Big Data
The big data industry and AI are inextricably linked. Electronic devices leave digital footprints as miscellaneous information that fintech applications collect and send to be analyzed. AI algorithms analyze this data and convert it into useful information about business opportunities that are new as well as customer behavior and market trends.
Blockchain is the digital distributed ledger. The blocks in the chain are made up of groups of data that, when compiled form an entire entity. The information contained in a blockchain isn’t stored on a single server. It is distributed across the entire blockchain. This is to ensure the security and authenticity of financial transactions as there isn’t a central node where hackers could strike.
4. Data Security
Security is a crucial aspect when developing an app for fintech. When it comes to safeguarding sensitive financial information, traditional methods don’t work: fintech startups must leverage advanced technology such as Source Code Analytics, penetration testing and the DevSecOps method to safeguard customers’ data.
Microservice technology can be used to build an app by creating an interconnected set of services. The main benefit of microservices is the ability to easily include service and not disrupt the app’s structure. Microservice technology is a complement to AI and blockchain and can help to lower the costs of developing an app that is fintech-related.
Suggestions for Fintech Apps for Fintech Startups
If you’re thinking of establishing your own fintech business it’s a perfect time. As the rate of digital transformation after the crisis accelerates, those who are early adopters of fintech options will stand in a much better position than those who are lagging. No matter if you’re an established financial institution contemplating a digital transformation or an aspiring entrepreneur.
Here are some Fintech startup apps to think about in 2022
1. Apps for lending
The downturn in the economy caused due to the COVID-19 lockdown caused numerous organizations and people to search for fast loans to meet their requirements. Based on AI as well as big data analysis, loan applications simplify the process of loan assignment by analyzing customer data such as behavior patterns, history of credit and shopping habits to determine the likelihood of a client being eligible for the loan. The money lent through lending apps can be from banks or peer-to-peer lending (i.e. borrowing money from another individual).
Money Lion is an excellent example of lending as well as savings fintech application. The app can also help users to manage their financial situation and has excellent testimonials and an ever-growing number of users.
2. Electronic Mortgage Applications
In the beginning, the COVID-19 crisis affected the market for mortgages, making it more difficult for individuals to secure a mortgage. As the world has begun recovering from recession and the rates for mortgages slowed down, and recently launched e-mortgage programs simplify the mortgage application procedure. The e-mortgage applications now provide mortgages that are not requiring contact, which is likely to become the norm following the COVID-19 outbreak.
The top mortgage apps of 2020 are Better.com, an app that allows you to purchase new homes and refinance mortgages. Another great application in this area includes Fairway Now which is aimed at obtaining home loans from the Federal Government.
3. Applications for Insurance
In light of the global pandemic, we’re seeing an explosion in new fintech applications focusing on the affordability of insurance plans. These apps employ AI or data-driven science in order to gather data, analyze, and process the information of the customers, identify the risk involved, and aid in the process of insurance underwriting. With fintech apps insurers can improve their processes and enhance satisfaction with their service to customers.
The apps that are part of this category focus on various insurance areas. myCigna is one example. It is an application developed by Cigna which is a leading global health insurance provider, which helps customers to claim health insurance and track their medical expenses. Allstate Mobile is an insurance application for cars that allows users to swiftly submit insurance claims. It comes with other helpful tools for those who own cars.
4. Mobile Apps
Today, customers are turning towards digital banking in order to gain rapid and effortless accessibility to bank services. High market demand has paved the way for the development of digital-only banks like Ally Bank, and the need to preserve social distancing is what has made them the most effective alternative during the current recession. Traditional banks like Wells Fargo, Bank of America as well as Huntington Bank have also built their own mobile banking apps with names and are competing with the newcomers.
A typical fintech bank app gives users digital access to various operations, including opening and closing accounts, making deposits, online transactions, placing orders for credit cards, and so on. Additionally, it integrates AI chat bots that provide fast consultation and financial guidance.
5. Personal Finance Apps
For the majority of people managing their personal finances including investment and savings, is an issue. There is no way to be financially educated and financial advisory is among the most popular fintech startup application concepts. Today, Brisk Logic that offer help with investments saving, retirement, and investments are slowly becoming more commonplace.
Apps such as Mint provide users with a holographic overview of their financials which includes credit card and loan accounts as well as investment accounts.
6. Peer-2-Peer Payment Apps
It’s worth considering peer-to-peer payments to find fresh Fintech solutions. These apps are intended to transfer funds between individuals for instance, between family members and friends. The money that is withdrawn from the user’s account is transferred directly to the recipient’s digital wallet. These days, peer-to-peer payment applications are integrated with banks or digital wallet services or standalone payment options such as PayPal.
If you’re considering how you can create fintech applications to pay for payments over the internet, you should take the time to look into Venmo as well as Zelle. While Zelle transfer money to relatives and friends, Venmo also works with certain online merchants.
Here are a few features that applications for money transfer offer:
- Transactions requiring a one-time password (OTP) or a unique ID
- History of transactions
- It is possible to send and receive money.
- Pay/Split Bills and Invoices
- Checking your account balances and details
- Real-time alerts and notifications
- Feature for chatting
7. Apps for Trading and Investing
Apps for assets and stocks trading are among the most sought-after fintech apps in the financial world of today. Investment and trading apps make use of blockchain technology, AI as well as Machine Learning to dramatically enhance trading results. Algorithmic trading removes the human element and emotions and makes intelligent decisions that are based on data, immediately adapts to the market conditions and allows traders to trade across multiple accounts simultaneously.
Data analytics and AI aid users gain quick insight into investment options and making educated choices. Numerous investment and trading apps, Brisk Logic help users, understand the basics of trading and investing.
One of the trading applications that are rapidly gaining popularity in the US markets is Robinhood. The app that is used is designed for stock and investment trading. It will cost upwards of $7.5 billion.
Here are the most important characteristics you should have in your Fintech application should have:
- An up-to-date overview of the stock market
- Stock and mutual fund purchases and sales, as well as forex and cryptocurrency trading
- Real-time alerts and notifications
8. Crowdfunding Applications
If you’re mulling over fintech ideas you might consider forming your own startup to support other startups. Crowdfunding applications help entrepreneurs get funding to fund their projects. They also give them the ability to demonstrate their ideas By putting their idea on an online crowdfunding site, they can quickly find out whether potential investors would be interested. It is evident that Kickstarter is the most popular audience in this sector, and could be an excellent model for an outstanding crowdfunding application.
There are certain niches, however, which have designated crowdfunding applications: Patreon, for instance, lets creative professionals to crowdfund their content and causes, meanwhile Causes is a non-profit platform that focuses on fundraising and projects.
9. Regtech Apps
You can also create an application that assists companies to comply with laws and regulations, and remove risks associated with regulatory concerns. Monitoring the new regulations, identifying risks conducting compliance checks, and translating the requirements into actions that businesses need to follow to avoid penalties is the goals regtech apps are made for.
Cappitech is an Israeli fintech startup that streamlines the process of creating and submitting regulatory reports. Regtech software also helps businesses maintain a close eye on their data’s security. Dana Fintech, a startup with its headquarters in Singapore offers businesses an array of tools to automate the execution of security policies and protect their data.
10. Apps for Digital Payment
Additionally, you can explore the lucrative market of digital payment. The market is a little overcrowded, but fast and secure money transfers are popular. Digital wallets, electronic wallets apps, and applications to transfer funds from vendors to buyers and international money transfers are all part of this group.
11. Applications for Cryptocurrency
Also, think about making use of the benefits of blockchain to create an application for trading in cryptocurrency. Cryptocurrencies are digital currencies that are stored in an open ledger. An example of this app can be Coinbase the top application for trading currencies such as Bitcoin, Ethereum, and Litecoin that comes with a wallet built-in for digital currency. Alongside trading in cryptocurrency, other instances of blockchain technology being utilized in fintech are
- Transfer of funds,
- lending money
- Insurance claim processing
The security and data integrity of blockchain apps could be a significant benefit.
12. Digital Banking Apps
Due to the huge amount of customers, customers are turning to smartphones to conduct their banking, as banks no longer must take on the physical space.
The majority of banks are offering mobile apps to enable customers to handle all banking processes with only the click of a button.
The current generation of users enjoys numerous benefits from digital banking such as performing transactions opening accounts and deposits and investing, transferring beneficiaries, and much more, all with a few clicks on their smartphones.
13. Crypto Exchange Platform
The fintech app concept allows the exchange of cryptocurrencies with other assets, such as authorization and digital currencies. The idea is that cryptocurrency exchanges function as mediators between a consumer and a retailer. They earn money through commissions and transaction fees.
If you’re in search of the development of cryptocurrency exchange services then pick the right firm to develop an efficient platform. Crypto exchange platforms offer the perfect opportunity to get into the market that is decentralized for customers.
If users wish to exchange their current cryptocurrency with one other, it is possible to do so using this platform. This means that you can select a variety of digital currencies. Then you can exchange these currencies with foreign currencies.
Are you looking for an experienced Fintech application development firm to partner with on your future Fintech project?
As a FinTech software development firm, Brisk Logic seeks to make use of its expertise in the development of features-rich FinTech apps, including digital wallets, payment gateways and insurance apps, banking portals etc.