Mon. Jan 24th, 2022

How would you like to develop an app that makes people’s lives easier? Banking technology software and fintech apps can do just that! From lending, money transfers, investment management, and more – here are seven amazing fintech app ideas you can use as inspiration for your next project.

1) Digital Banking

Digital banking is exploding. A rising number of customers are choosing to bank online, using apps and their phones to track their accounts, transfer money, and make payments. Banks can expand their customer base by offering a digital service that brings these customers into the fold. When you hire fintech developers to build you a digital banking app, they’ll help you design software that lets users manage multiple accounts at once (no more logging in and out) and perform tasks like transferring funds quickly with just a few taps.

2) Mortgage Calculator

As any mortgage broker will tell you, there’s no surer way to close a deal than by making your client feel like they are in control. That’s why financial services companies around the world have incorporated their clients into every step of their process, and that’s what inspired us to create Mortgage Calculator, an app that helps consumers understand their financial situation by providing key data points at every step of a new mortgage or refinance application.

3) Peer-to-Peer Lending

Peer-to-peer lending, or P2P lending, is a form of alternative finance that connects borrowers directly with lenders. By cutting out traditional banks and other financial institutions, P2P lending aims to provide faster loan approvals and give borrowers access to better rates. The industry is growing exponentially as more platforms launch and more people seek out alternatives to traditional forms of financing. One industry report estimates that global P2P consumer lending will reach $335 billion by 2020. Building an app for Peer-to-Peer lending can be a good idea.

4) Personal finance management app

A personal finance management application is again one of the best financial app ideas that allow users to manage their expenses and incomes on a daily basis. With such an application, users will be able to keep track of their current account balances, standing payments, upcoming bills, etc. It can also help users analyze where they are spending their money or how much money they are saving every month. It’s not difficult to make such an application when you know some basic programming languages like JavaScript, Python, or Java as well as API integration techniques. You can also outsource its development work at any platform like ThirdEyes.in or Findskill.online which offers hundreds of experienced fintech developers who have worked with big names like PayPal, Intuit, WePay, and other big brands in past projects.

5) Loan Lending app

Lending apps are helping consumers make big decisions about their money. For example, if you’re having trouble deciding whether or not to buy a car, an app like Figure can help you compare financing options from multiple banks to find a loan that works for you. It connects directly with your checking account to provide real-time pricing and lets you apply for a loan—all without having to leave your house.

6) Investment and trading app

Investment and trading apps help users track their investments, trade stocks, and even buy and sell cryptocurrencies. New investors who are still new to the world of investing will find investment apps like Robinhood useful because they offer commission-free trades. Startups are also looking into bitcoin integration, which is a sign that cryptocurrency app development is becoming increasingly popular.

7) Digital wallets

If a customer is using several different payment apps to pay for different things, it’s hard to track how much money they have available. Digital wallets—mobile apps that allow users to store and manage all their payment information in one place—are useful for both banks and customers: Banks can collect more data about their customers and gain a better understanding of spending habits; customers can easily see where they spend their money and change how they use their cards.

Some fintech companies also offer digital wallets for offline payments, such as Square with its Square Wallet app. As technology improves, digital wallets could take even more forms and become ubiquitous among payment methods. It has been forecasted that the digital wallet market will be worth $7,581.91 Billion by the year 2024. Moreover, approximately 86% of consumers are comfortable with mobile banking (2018 Global Payment Insights Report), making these apps a worthwhile consideration when developing your next app. With such high projected demand and a low barrier to entry in app development, you can consider fintech app development.

Conclusion

If you’re looking to take your tech startup from zero to 100, or if you’re building a business within an established industry, chances are that fintech app development is going to be at least a part of your plan. That means it’s time to get serious about finding a team of trustworthy and talented fintech developers.

 

 

 

 

By Anshul

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