Last Updated on June 13, 2022
To explain fintech in simple words, it is when financial services shake hands with modern technology. Companies and businesses use fintech app ideas to help them manage financial operations, ease the processes, and simplify their lives by using special software programs. These software programs were initially used just in computers but now, with an increase in demand and to make it faster, fintech will be in your hands. Yes, you are thinking right. Financial services will be available on your smartphones now. You can convert your finance app ideas into reality.
Fintech can be anything relating to finance with technology. From big companies using digital money and algorithms for their financial solutions to bookkeeping entries, everything comes under the term fintech. Most of the manual processes done in the traditional ways are now being done in just one click. The finance sector is a fast-growing industry, and every company and business is turning its wheels towards fintech. In 2018, the Finance industry market size was around $127.66 billion, and it is estimated to reach an astonishing number of $309.98 billion. As this industry is so overgrowing, the companies are getting massive investments in finance app Ideas.
When Fintech Met Smartphones
Mobiles have continued to be an esteemed piece of technology that has helped in every field, including fintech. The introduction of smartphones in the world of financial services will change the whole course of it. Financial firms are Developing mobile applications ideas for transactions, investments, sharing ideas, and so many things. Companies like PayPal, Google Pay, Venmo, etc., have revolutionized the way things have been working till now. It is not a surprise now that almost every human being on earth has a smartphone. Mobiles make it easy for users to handle their finances anywhere and anytime in the world. The banking sector has been in a safe and progressing space after including Finance mobile apps specifically designed for the banks. People can transact money sitting anywhere in the world, ask for loans, invest in stocks just by sitting in a chair. A whole new set of companies are now focusing on this ever-growing business, reimagining how mobile apps work for the fintech app ideas. and how to launch a mobile app?
Reason To Invest In Fintech / Finance App
There isn’t a better reason for Finance companies than the ease of doing everything at our fingertips. This is a fast-moving world, and people want things to move quickly. People will always prefer sitting in their home comfortably and checking their bank status from their phones, rather than going to a bank physically and standing in a queue for hours! Every wise company is turning towards having fintech mobile app ideas. People find it much more convenient than the other traditional methods. It is not far that this becomes the next multi-trillion-dollar industry. In 2019, it was the fastest-growing mobile app category and rose to 53% compared to 2017. This remunerative system will be reaching a CAGR of 6% in 2022 and will be the most money-making mobile app business. According to Forbes, this bankable business got over $100 billion in investments. By the looks of it, it is pretty clear that the unique mobile app business idea
Ideas For Mobile Apps For Finance Companies
It is made clear now that the fintech companies that will include Finance mobile apps will excel in their ideas by comparing the stats right now and what will come in the future. But how can these firms include the use of mobile applications in their process? What ideas can they work on? To answer this question, here is a list of ways in which a fintech company can make their client’s life easier using mobile applications:
1. Digital Banking Finance App
No one would prefer standing in long queues in banks and outside ATMs. Digital banking is the future of monetary transactions. People can do almost everything on their smartphones with just a few touches, for which they had to go counter to counter in a bank. Digital banking has seen a significant change in the past six years. Almost 69% of people use mobile banking & finance apps for carrying out day-to-day tasks like checking account balances, money transfers, adding beneficiaries, and the list goes on. During Covid-19, the government made some changes, which we’re leaning towards the digitization of things. Digital banking was one sector that made significant profits during these times. Transferring digital money from e-wallets apps is worldwide now, but the safety and risk of doing this are a topic of concern. With a foolproof idea for security, one can invest in this mobile app idea.
Few Popular Digital Banking Apps
- Discover Mobile
- Citi Mobile
- Ally Mobile
- Chase Mobile
2. E-Wallets / M-Wallets Finance App
When we used to have the trouble of carrying cash, ‘plastic money was introduced. Now, it’s time to say goodbye to plastic money, as we are now dealing with an even better way of transaction, digital money. E-wallets are globally used and are growing like wildfire. In 2013, its value was around $16.65 billion, but it is predicted that the digital wallet market will rise to an incredible number of $7581.91 billion! People benefit from using these applications as they get offers, cash backs, and gift coupons when they make a payment using these digital wallets. Apps like Apple Pay, Alipay, and PayPal are examples of e-wallets. When more people know about this, there is no denying that its graph will be touching the skies, and one should invest in it.
Few Popular E-Wallets Apps
- Cash App
- Google Wallet
3. P2P Payments Finance App
The concept might sound similar to digital banking, but it focuses on money transfer from the only person to person. These are growing majorly because many economies in the world prefer to go cashless and promote digital money. You can link your bank account to your phone and directly send money within seconds. This method is safe as it uses some new safety technologies like biometrics, using OTPs, and face and voice recognition. You can check the account balance of the linked bank account. Apps like Google Pay, Venmo, and Zelle are the most used and relevant examples of P2P payments. Revolut brought a different twist to the idea of digital wallets. Using the Revolut app, we can transfer money to other countries with the option of 150 foreign currencies, including crypto.
Few Popular P2P Payments Apps
- Google Pay
- Samsung Pay
- Apple Pay
4. Personal Finance Management Apps
There was a time when we used to sit with a pen and a paper to write our monthly expenses, our savings, and how we can save for the future or invest in a good place. Just imagine having these things ready, in a better representation, and without wasting your precious time. New personal finance managing apps are the way to go for an investment. These apps help people ease up their finance process and give them suggestions and ideas for planning a budget. You can link your bank account with these apps and have your stats ready in eye-catching representations. The collected bank data by the app is used to give you reminders about payments and update your data. It is a secure way to do so. There are robotic automated chatbots in these apps that can help you with suggestions for your investments and retirements.
Few Popular Personal Finance Management Apps
- Personal Capital
- Clarity Money
5. Loan Lending Mobile App
Loan lending apps are one of the most exciting fintech startups to invest in. This is a place where the loan seekers and loan lenders have a commonplace. People can ask for loans, negotiate with the lender and manage the process quickly and with ease. These apps will look into the customer’s data, check their credit status, behavioral history, and only then will they qualify them to ask for a loan. This process is very quick, so it helps the lenders get more customers, and the customers can also look out for various investors. As the whole process takes place on your smartphones, the money transactions also follow the same. Money is sent by either digital banking or P2P payments. During this dreadful pandemic, many people are looking for a loan, which is why this app is a good startup idea.
Few Popular Loan Lending Apps
6. Investing & Trading Finance App
Understanding the stock market and trading has always been challenging, and managing your bought stocks is an even bigger mess. That is why apps that help in investment and trading are money-making businesses in the future. These apps help people have knowledge about the stock exchange and how to manage them. They show real-time rates and changes in the stock rates, whether it is going up or down. They graphically show these variations and, it helps the investors understand it better. Apps like these remove the emotional barrier and do not let it affect your decision to buy a stock. It will give you smart suggestions based on some complex algorithms that look into the history of the stock’s rise and fall and suggest you invest in it accordingly. The market value of these trading apps is around $7.5 billion and will be increasing even more in the coming years. So investing in these fintech apps is a good option right now.
Few Popular Investing & trading apps
- SoFi Active Investing
- TD Ameritrade
7. Buying Insurance App
It has always been a risk to get an insurance policy, and over that, if your broker is someone who will work for the benefit of the company and give an opinion with that in mind, the risk doubles without you even knowing. Many companies have now come up with their mobile apps to remove third-party brokers. You will have all the information about any policy or scheme at your fingertips. This will help you compare different policies from various companies. They will give you real-time data and help you manage the apparent risks in the field. The field was valued at around 1.5 billion in 2018 and is estimated to have a CAGR of 43% in 2025. The best example of an ‘insurtech’ company is Wefox who had raised around $110 million in the Series B funding round. It is surely an upcoming major business and investing in this would give you a lot of profits.
Few Popular Insurance Mobile App
- Allstate Mobile
- The General® Auto Insurance
- Farmers Mobile
- Globe Life
8. Bill Reminder Mobile Apps
Many people in this world are entangled in their busy schedules and usually forget to pay their bills on time, which results in them paying a penalty fee. Using these applications, one can pay for their water, electricity, phone, credit cards, and all sorts of bills. These types of apps are coming up nowadays with e-wallets, so it will turn out profitable to invest in them. Apps like Google Pay, PayPal, Paytm, etc., help the users by a reminder to pay bills right when the bill arrives. These apps also give an option to pay those bills through digital money.
Few Popular Bill Reminder App
- Prism Bills
- Money Lover
- Bills Monitor
9. Crowdfunding App For Finance Startups
Crowdfunding is a startup to help other new startups. It helps new startups to get some investors for their initiative. Investors get a list of startups they would want to invest in depending on the cause and of the startup and predicting its future. These apps are famous in the US and UK only and are thought to reach $28.8 billion in 2025 in the US itself. This idea will be spreading to the whole world soon, increasing its market value rapidly. There are very few apps available right now. For instance, Patreon lends a hand to creative professionals to get some help from investors, while Causes provides support to nonprofit startups. Other apps which are only used in the UK and US are Indiegogo and Kickstarter. Investing in this budding app idea should be given a thought.
Few Popular Crowdfunding Apps
10. E-Mortgage Fintech App
Finding a mortgage for houses and other stuff is challenging in the everyday world, and the worldwide pandemic has made it even more challenging. The mortgage rates since the pandemic have hit a low. This has led to the rise of e-mortgage apps, where you can quickly get loans in electronic ways. An example of such an app is Better, which helps customers buy houses and renew their existing mortgages. Some other apps like Fairway Now help people to get loans and deals from the government. These apps will see an incline during these challenging times and help people get loans and mortgages in a contactless and hassle-free way.
Few Popular E-Mortgage Apps
- NBKC Bank
- Reali Loans
- Bank Of America
11. Crypto Trading Mobile App
Cryptocurrency is one of the most rising forms of fintech. Since the rise of Bitcoin, many other cryptocurrencies like Ethereum and Dogecoin are seen rising. There are apps for crypto trading where one can compare the real-time prices of the currencies and give suggestions to buy one concerning the market. The concept is to use fiat money to exchange it with cryptocurrency. One can buy and sell cryptocurrency by just sitting at home using these apps. These apps show pure transparency between the user and the information and use very low fees and provide high security for safe transactions. The world’s most used app for trading cryptocurrency is Coinbase. The crypto market value is rated at a whopping $2 trillion, and it will be blooming even more. So this is one of the best investments one can make for a fintech mobile app right now.
Few Popular Crypto Trading Apps
- Bitcoin IRA
As an investor in fintech companies, these picks for investment can prove to be beneficial for you. Before developing a fintech app, Ideas, you should have the right knowledge about the market, trending things right now, and other factors that can affect the rise and downfall of any business. Although these above-mentioned ideas don’t seem to go down anytime soon, so now is the time for you to put your money into a finance app, Hire a mobile app development company that can convert your app ideas into reality.