The emergence of the internet and mobile applications has completely transformed the way people accessed different products and services. The last couple of years have witnessed a massive transformation in the mobile app segment which has seen more and more applications now having integrated mobile wallets for digital payments.
Technology giants have partnered with some of the prominent names in the finance industry to develop advanced Fintech applications. These applications have given a new dimension to the way monetary transactions are made.
Startups are now focusing upon creating their Fintech payment applications that would allow them to receive and transfer money with ease. If you’re thinking of making a finance-based application for your business, then this is the perfect time for it. This article will provide you with the best app ideas that are surely going to take your business to new heights, read the article until the very end to get the highest returns on your investment.
Top 4 Fintech App Ideas for FinTech Startup
Peer-to-Peer Money Transfer App
Digital payment applications and p2p payment apps are some of the best Fintech app ideas to put your money in. More and more economies around the world are now becoming cashless and promoting the use of payment apps online transactions.
Investing in peer to peer money transfer apps is going to be an excellent investment given the present market situation. These applications allow users to send or receive money using their smartphones through a bank account that is linked with the app. It also gives them the convenience to split bills with their friends and family.
Following are some of the must-have features offer fund transfer application
- Send and receive money
- Pay/split Bills and invoices
- Transactions using OTP/unique ID
- Account details and balance check
- Transaction history
- Real-time notifications and alerts
- Chat facility
Apps for Personal Finance
Personal finance applications allow the user to take care of all their investments, expenditures and money transfer in a hassle-free way using a unified mobile platform.
The app keeps track of the user’s spending habits, categorization of different financial activities, and data visualization. You also get access to the bank account and other details using the corresponding bank API.
Personal finance management applications are a great investment option taking into account their growing popularity. As a startup, you can consider developing a finance app that takes care of user’s financial habits. It will also help the user to categorize their expenditures and incomes to understand them better.
Finance management apps make it easy to visualize the financial curve within a period. Individuals can link a bank account, debit card/credit card and monthly bills for added convenience. The best part is real-time notifications are sent to keep them updated on every spend they make through the app.
Here are some of the conveniences of a personal finance app
- Explore different financial products and services.
- Cross-platform applications enhance the rate of sales conversion.
- Real-time tracking of expenditure
- Updates and notifications
- Free credit score monitoring
- Creation of a customized budget
Investment applications were another revolution in the world of digital payments. It gives the users convenience of monitoring the bank accounts and automatically invests the spare cash in different resources or changes the way they have been investing their money.
Some of the applications deduct a small amount of money from every purchase you make and invest it. You can compare different financial portfolios and then invest the money accordingly. These applications also help to keep a tab on their long term investments.
Using investment apps, users get to manage all their assets and investment using a unified mobile platform. Fintech apps development for investment and trading, to hold sell and buy stocks, forex, cryptocurrencies, funds shares and more. Evaluation of the assets can also be checked from the app in real-time.
One of the major aspects is that the app has to be secure and scalable that will keep the user informed of every change that occurs in their investment.
Some of the key features that should be included in an investment app
- Real-time alerts and notifications
- Purchase and sale of stocks, funds, forex, cryptocurrencies
- A complete update of the stock market
- Algorithm-based trading
These are some of the preferable finance app ideas if you are to venture into the Fintech industry. You can create unique technological solutions in sectors like peer-to-peer payment, money transfer, banking, trading p2p lending, and investment.
P2P Lending Applications
Several financial apps allow person to person lending. Individuals can lend and receive loans from their peers directly without reaching out to any commercial organization. These platforms connect both the borrower and landed via a unified system which makes the process of lending money easier and cost-effective.
The interest rates are fixed or dependent upon the reverse auction. Users can mention the minimum interest rate that they will be comfortable while taking a loan. Users can also bargain with potential lenders for lower rates. Creditors try to attract as many customers as possible via these applications.
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Elimination of Intermediate Expenses
The process of loan application and approval is done free of cost. Users do not have to pay any charge for convincing creditors for financial organizations for their loan approval. It also relieves borrowers from the hassle of visiting different branches for issuing their loans.
- Both creditors and borrowers have the flexibility to define their conditions.
- Lenders and borrowers can clearly mention their deadline interest and sum for their future requirements. After successful registration, you can get approval after the solvency check.
Best Interest Rates
Loan application offers relatively lower rates, then microfinance companies for financial organizations. P2P business charges a very nominal interest rate and also does not require critical paperwork as most of the procedure is completed through the app itself.
If you have an outstanding fintech app ideas which you think will bring great success after its realization, then get in touch with the Android app development company and start building your dream project.