Fintech is the centre point of the rapid modernization of industries and economic transformation across the globe. Businesses are integrating innovative technologies for connecting financial services with individuals to overcome geographical boundaries. Financial transactions have become quick, secure, as well as highly profitable.
With all such business opportunities and advantages, in the coming years, the demand for Fintech apps is sure to rise by a good percentage. There are various Fintech app ideas that businesses are using to earn huge revenues and an extended customer base. In this guide, we will discuss some of the best Fintech app ideas for businesses in 2023 and what technology stack to be used for creating a Fintech application.
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Market Overview
Entrepreneurs use several Fintech startup app ideas for easing the processes, managing financial operations, and simplifying the day-to-day operations by using the software programs. When modern technology meets finance, Fintech can be in anything. All the manual processes of traditional businesses are now done with ease through various Fintech apps with just a few clicks. And therefore, the demand for companies providing fintech software development services has increased worldwide. Let’s check some stats here:
As per the data, the revenue earned by the Fintech apps is continuously rising. In the year 2013, it was calculated at approximately $18.9 B and by the year 2023, the number is expected to reach $111.8 B. This shows how fast this market is gaining popularity.
Trending & Profitable Fintech App Ideas for your Business in 2023
Here is the list of the most lucrative, trendy, and future-ready fintech app ideas for the businesses looking forward to investing in the Fintech app development sector:
Digital Banking
In the list of best fintech app ideas, the leading one is digital banking. The banking sector has undergone several changes in the past few years to make everything easy and on-tips for the customers. Now there is no need to visit banks for every single work may it transfer, checking account balance, opening a fixed deposit, etc. All such work is now done with digital banking applications. This is one of the best scalable fintech business ideas for entrepreneurs.
There are huge advantages of digital banking such as rapid bank transfers, opening accounts, investing money, adding beneficiaries, payment through cards, blocking cards, and many more. Because of all these advantages, the percentage of investment in finance business ideas have been increased drastically.
As per the data, in the year 2011, only 9% of people were using digital banking but within 6 years, this number has switched to 69% online audience. Even the Covid-19 pandemic had played a histrionic role in reaching this market to new heights.
Examples of Digital Banking Apps
- Discover Mobile
- Citi Mobile
- PNC Mobile App
- Wells Fargo Mobile
- Simple
- Chase Mobile
- Bank of America Mobile Banking
- USAA
- Capital One Mobile
- Ally Mobile
Financial Record Maintenance
In the list of Fintech app ideas to consider for financial startups, financial record maintenance is another one to top the chart. In day-to-day business functions, people need to maintain financial records such as tax invoices, payment receipts, etc. But many times, it becomes difficult to manage everything smoothly. Therefore, the financial record maintenance apps come to the rescue. There is a need for such an app in almost all businesses may it be a start-up, small scale, medium scale enterprise, or large scale. Thus, seeking the upsurge demand, this fintech app idea seems to be a profitable one from all ends.
Examples of Financial Record Maintenance Apps
- FreshBooks
- QuickBooks Online
- Wave
- Xero
- Zoho Books
Crypto Exchange Platform
In the past few years, cryptocurrency has already created a buzz in the finance sector and now it is considered one of the top fintech app ideas for businesses. With the popularity of Bitcoin, many other cryptocurrencies had also seen a massive rise such as Dogecoin, Ethereum, and many more.
For trading cryptocurrencies, there are apps in the market that provide real-time prices of these currencies to trade in. Also, these apps provide updates, news, and suggestions to help you guide in earning profits while trading. Here, fiat money is used for exchanging purposes.
In the comfort of your place, you can trade in these cryptocurrencies with full transparency and the safety of your funds. Some of the leading crypto trading apps like Coinbase, Binance, etc. have gained worldwide recognition in a short period. Therefore, it can be said that building a cryptocurrency exchange platform is one of the top finance app ideas to build profitable fintech startup.
Read Also: How to Develop A Cryptocurrency Exchange like Binance?
Trading & Investment Apps
An investment and trading app is one of the trending Fintech startup ideas as nowadays, people have a keen interest in online trading & stock market. For decades people were involved in the trading of forex, stocks, funds, commodities, etc. But with the technology integration, this has been so easy for the masses.
Understanding everything about trading and the stock market was a challenging task and a minute mistake can put you in huge trouble. But seeking the continuously increasing demand, trading and investment is surely a money-making business.
These investment and stock trading app development solutions are gaining much popularity as they enable users to check the real-time changes in stock prices. There is a graphical representation of the data to understand the future trends too. Based on the algorithms, users can buy or sell stocks and can make money out of them. Therefore, investing in such Fintech app ideas is a good and reliable way to increase your capital.
Examples of Financial Record Maintenance Apps
- Wealthfront: Best Automated Investing App
- TD Ameritrade: Best Self-Directed Trading App
- TD Ameritrade: Best App for Beginners
- Interactive Brokers: Best App for Active Traders
- tastyworks: Best App for Options Traders
E-Wallet
When the actual trouble in carrying cash was realized, there was introduced plastic money. But in the last few years, the introduction of e-wallet apps has even said goodbye to plastic money too. E-wallets are accepted globally and have a huge market.
According to the data, in the year 2013, the market of e-wallets was valued at approximately $16.65 billion and now it has reached an unbelievable extent by 2019 i.e., $1,043.1 B and it is forecasted to reach $7,580.1 B by the year 2027.
Such a great rise has upsurged the demand for eWallet app development services too. People use these apps because of various reasons such as they offer huge benefits like gift coupons, cashback, and many other offers on every payment done through these e-wallets.
Just with the use of biometrics or a few taps, huge payments can be done. And there is no denying that it is one of the best Fintech app ideas for startup businesses as the numbers are already at their peak and will touch new heights too in the coming time.
Read Also: How Much Does eWallet App Development Cost?
Blockchain Apps
Blockchain is the most sensational and buzzing technology in the Fintech market. Blockchain app development is surely an immensely profitable idea in today’s time for finance businesses. There are various reasons behind the popularity of blockchain apps, such as it works as a decentralized autonomous organization, performing cryptocurrency-based transactions, and many more. But for developing a scalable and responsive blockchain app, you must hire an experienced fintech app development company that has a team of expert Blockchain developers and good working experience.
E-Mortgage Apps
While you are looking for some of the most trending finance app ideas for fintech startups in 2023, the e-mortgage app will surely be the one you would come across. It is a difficult task to find mortgage services. Because of the worst economic conditions and the shutting down of businesses due to the pandemic, many people were looking to mortgage their houses or other valuable stuff. Even the rates have declined too much that making it more difficult for the borrowers.
But seeking an opportunity out of it, businesses have come up with the idea of developing e-mortgage apps where borrowers can get loans quickly and easily. This is an electronic medium via which a loan is being approved against the mortgage. Therefore, the demand for such apps has increased because of the growing need for loans and advances.
RegTech Apps
RegTech apps also fall under the category of top fintech app ideas for startups as these solutions support financial institutions to comply with global and local standards and reduce the risk of any regulatory issue. The RegTech apps are so popular because they help in automating numerous processes such as transaction reporting & monitoring, identity verification, report submission, and compiling.
Also, these RegTech apps help in the identification of risks, monitoring new and updated regulations, and compliance checks for avoiding any sort of penalty. These apps are considered the best financial business to start because they keep a strict eye on the data security aspect.
As per the data, in the year 2019, the size of the global RegTech market was calculated at approximately USD 5.31 Billion. And by the year 2026, it is forecasted to reach around USD 33.1 Billion. Some of the top players in this sector are IBM, Accuity, Thomson Reuters, etc.
Personal Finance Management Apps
To dive into the Fintech app development market, personal finance management is one of the most lucrative app ideas to consider for financial businesses. After the time of the pandemic, people worldwide are now more conscious when it comes to balancing their earnings and savings.
In the finance market, there is a huge demand for such personal finance management solutions as the market is huge and more and more businesses are looking forward to making money from it.
These apps are now being used as the primary solution for those who are actively looking to categorize and manage their incomes and expenses efficiently. These personal finance management apps offer an automatic linking to bank credit and debit cards along with reminders for payments.
Such apps also help in budget planning and keeping the data secure. Even the integration of robotic automated chatbots provides regular suggestions for your safe retirement and better investment planning.
Loan Lending Apps
Developing a loan lending app is one of the best Fintech app ideas to consider for financial startups as it has gained a lot of popularity in past few years. It is also called a P2P lending application. It primarily works as a marketplace where the borrowers can connect with the lenders and work on catering to each other needs. People who need loans ask the lender, negotiate with them, and then the process is managed quickly.
Such loan lending apps help in evaluating the background verification of the customer data by checking their credit status and banking behavior. Once approval is received, the person is eligible for a loan. Several conditions and the pandemic on the top have raised the need for loans and thus it is one of the trendy finance app ideas for businesses in 2023 as the market is growing at a speedy rate.
Read Also: Loan Lending App Development Cost & Features
Crowdfunding Apps
To help new start-ups, crowdfunding apps work the best as they help them to get potential investors who can invest in those start-up ideas. Here the investors get a complete analysis of the various ideas and they can check the forecasted results for various start-ups depending upon the market needs, stats, economic conditions, and various other factors.
Presently, this idea is more popular in the US market but in the coming few years, it is likely to gain huge popularity and recognition across the globe. To build such applications, there is a need to hire expert fintech app developers as there is a need for several advanced-level functions as users will be seeking proper data analysis, forecasting, and knowledge of various niches to give the investors a correct piece of advice. Hence, it is one of the budding Fintech startup ideas for businesses to get good returns in the coming time.
Read Also: How to Create a Crowdfunding Platform?
P2P Payment Solutions
It is somewhat a similar FinTech app idea to digital banking but the primary focus here is on monetary transfers from one person to another. It is the way to promote the use of digital money. Here, the users can link their respective bank accounts to their smartphones for making payments. It is safe and secure too as there is the integration of technologies like voice and face recognition, fingerprint sensor, OTPs, etc. Even one can check their real-time account balance too with these P2P apps.
The cost to develop a fintech app like a peer-to-peer app might be a little on the higher side because it needs modern technology integration, as well as security protocols, which also need to be secured enough to keep the confidential data of the users safe.
Robo Advising Software
Robo advising is undoubtedly the most exciting finance app ideas for startup and is successful in attracting millennials. Such apps offer future-centric and customized financial advice to the users at cost-effective prices. It also helps in the evaluation of the investments and expenditures to help users to boost their after-tax returns. Thus, it is regarded as an excellent niche for making an investment in the fintech app development market.
Buying Insurance Apps
Having an insurance policy is a necessity currently but the risk is too high, as you can judge whether the policy is right or not or whether the broker you are contacting is seeking the benefit of the insurance company or genuinely suggesting you a good policy. To get rid of all such issues, there comes insurance purchasing apps or buying insurance apps or Insurtech applications.
These apps not only help you find the most appropriate policy but also give a comparative analysis of various policies presently available in the market. These apps provide complete information about the scheme or the policy at your fingertips in just a few taps. With the global demand for such apps, a huge percentage of businesses are investing a good amount in this sector.
Even if you hire a mobile app development company, they will guide you with the complete insurance app development process so that you can make sure how the app will work, what will be its monetization model, features, etc. Also, with the integration of technologies like machine learning, AI, IoT, etc. the customers can have a rich experience in using these insurance apps.
Read Also: Insurance App Development Cost and Features
Bill Reminder Apps
In such a busy schedule, people often fail to pay their bills on time and hence need to pay penalties for it. But Fintech revolution has made things easy for them and has come up with the bill reminder apps. With the use of such an application, users can pay their credit card, electricity, water, phone, as well as all other bills. Such apps can also be linked with e-wallets to make things easier for you. There are various apps like Prism Bills, Due, etc. that help users remind for paying their bills on time.
Tech Stack Required for Fintech Apps
Many companies use a similar set of tech stacks for their app solutions. But if a proper set of technologies are used dedicated to the Fintech app development provides more efficient results Following is the tech stack that is widely popular and used by the developers when they think of how to create a fintech app:
- Programming Languages: Python, Java, Ruby
- Frameworks: Ruby on Rails, Django, Spring
- Databases: PostgreSQL, MySQL, MongoDB
Summing Up
Being an investor in the Fintech businesses, the above-mentioned picks can be profitable for you as these are the most trending Fintech app ideas. But before taking the final call, you must have complete knowledge of how to build a fintech app, the cost of Fintech app development, and many other related aspects that can help your business grow. The finance sector is highly competitive and to build a scalable and robust app, you must hire a reputed mobile app development company for your project.
SemiDot Infotech is a leading and globally recognized Fintech app development company that offers top-notch quality and cost-effective mobile app development services to its clients worldwide. If you are also looking forward to entering the Fintech market, you can share your idea with them for better assistance and seamless solutions.
