Here is the conversation that you might overhear in the home or office.
“ I am starving.”
“Then what are you waiting for, duh? Order your favorite food items.”
“Okay! Let me order something.”
After a few minutes,
“Thanks, man! The food was delicious. You are a saver.”
“I am not. The technology is.”
This conversation might have given you the idea that technology impacts every industry – no matter food, transportation, retail or health. However, the Banking, financial services and insurance industry are thriving rapidly while witnessing a paradigm shift from tradition to digital payment.
The adoption of technology in the finance industry has changed the landscape 180 degrees. After integrating technology in the finance sector, Fintech has added convenience for customers and security for the banking industry and financial institutions. It has been predicted that the global FinTech market will reach exponentially $309.98 billion by 2022.
If you plan to develop a money transfer, stock market, online banking app, online payment method or invoice app, you must look at the best FinTech apps. Here is a list of the top 110 on-demand finance apps of 2021. Before that, let’s first talk about what a finance app is for better understanding.
What is a Finance App?
The financial app manages and handles all activities for companies and individuals. The traditional in-person transaction is time-consuming and is not liked in the fast-paced world. These applications are offering practical solutions for accelerating processes. Investing, splitting bills, consulting and other financial services could become easier and faster with cloud computing solutions or IoT services.
Fintech Market Overview
No wonder the Coronavirus wave has accelerated the adoption of the most popular fintech technology trends. Shifting to digital formats to offer financial services has become important for many financial players. From new startups to big corporations, everyone is trying to leverage the disruption of the pandemic. As per the ResearchAndMarkets report, the fintech app market size will reach $305 billion by 2025.
In the competitive world, it is difficult to find stability among the fastest-growing financial industries. According to other surveys, it is revealed that around 60% of millennials and 59% of Gen Xers were using at least one fintech app for thriving their business. The revenue of FinTech market size is shown in the figure.
How Good Financial App Ideas Help in Successful FinTech Startups?
There are three factors that financial app help in your business in the FinTech sector. The three factors are including:
#1- The increasing Demand for Personal Finance Management
Social development has improved the security of residents and enhanced personal spendings, for example, investment in stocks or tuition fees. Seminal reports from trustworthy agencies indicate that the BFSI sector has been rapidly developing various financial services to satisfy human demands. Thus, people are more concerned about how to control those sustained expenses effectively.
#2- The growing use of Mobile Devices
The rise of portable devices facilitates online transactions between individuals, businesses and banks globally. Even users staying at home during a quarantine period can easily pay bills via mobile apps.
#3- Requirements for Financial Data Security
Traditional ways to store and organize financial data are vulnerable to physical attacks. Digitization is the best way to avoid unexpected incidents. However, cybercrime is a big challenge that financial institutions, the banking sector may encounter afterward. So, developing financial apps is the best way to secure confidential data and information.
So, the next concern is what are the best finance app ideas for Fintech startups in 2021.
Top 7 Finance App Ideas for FinTech Industry in 2021
If you are planning to run a FinTech startup, the time is well-developed. As the pace of post-crisis digitization accelerates, early users of fintech app solutions will be in a better position than the straggler. Are you looking for some ideas for your startup business? Here are the top 7 finance app ideas to consider in 2021.
Idea # 1 – Peer-2-Peer Payment Apps
If you are looking for unique FinTech ideas for growing your finance business, Peer-2-Peer payment apps are the right path to go. They are ideal for transferring money between individuals, whether it be between friends or relatives. You can transfer your money directly into other people’s electronic wallets from your accounts. Today’s apps are connected with banks, digital wallet services or standalone payment services like PayPal.
The Essential Features of Peer-2-Peer Payment Apps
- Take a specific amount of money as a loan with few clicks
- No hidden charges
- Alerts and notifications about upcoming payments
- Safe and secured confidential banking information
Venmo and Zelle are the two most popular examples of P2P payment apps. Zelle transfers money to friends and family while Venmo works with select online retailers.
Pros & Cons of Venmo:
- It is easy to get started
- No fees
- Anyone can download this app
- A transaction usually takes days to process
- With a credit card, you will have to pay 3% of your fees
Pros & Cons of Zelle:
- No fees
- Instant transactions
- It can transfer money directly into a bank account.
- It requires a smartphone or tablet
- You can’t pay with credit cards
- It only works with domestic banks
Idea # 2 – Mobile Banking Apps
Nowadays, everyone is turning to digital banking for getting quick and hassle-free banking and finance services. Even high market demand has set the phase for the emergence of digital-only banks. The need to maintain social distancing has made these banking apps the best options during the crisis. To compete with their competitors, many banks are using mobile banking apps. Usually, a banking app grants users digital access to operations like opening & closing accounts, making online transactions, ordering credit cards and many more. This app is perfect for a quick consultation and financial advice, thanks to integrating AI chatbots.
The Essential Features of Mobile Banking Apps
- Voice-Activated Virtual Assistants
- Cardless ATM Withdrawal
- Advanced Account Insights
- Automated Savings Tools
- Check Balances Without Logging In
Ally Bank is an example of mobile banking apps.
Pros & Cons of Ally Bank:
- High rates on savings accounts
- No minimum opening balance or monthly fees required
- No direct way to deposit cash into the account
- No brick-and-mortar locations
You can also read about: top banking apps & trends in 2021.
Idea # 3 – Lending Apps
The economic downturn caused by the COVID-19 lockdown is the main reason why individuals and enterprises are looking for quick loads to complete their needs. That’s where lending apps come in! Based on the P2P business model, Lending apps are perfect for both lenders and debtors. These apps help them to come together for financial transactions. They allow people to borrow money directly from banks or peer-to-peer loans. Lending apps analyze customer data, behavior patterns and credit history for simplifying the loan assignment process as AI and big data analytics power them.
The Essential Features of Lending Apps
- Instant transfer and zero-fee checking
- Direct deposit to avail APR cash advances
- 12% cashback rewards
- Track the credit score
- Real-time notifications for spendings
MoneyLion is one of the best examples of lending finance apps. MoneyLion helps users manage their finances and also has great testimonials and a steadily growing user base.
Pros & Cons of MoneyLion:
- Save, invest, borrow at the same place
- Easy to access loans
- Every user gets a cashback on purchases
- There are limited investment options.
- The app’s price depends on the set of features
Idea # 4 – Trading & Investment Apps
On today’s financial scene, apps for stocks and assets are the hottest fintech app trends. Trading and investment apps are a combination of blockchain, AI and Machine Learning to improve trading results. It reduces human error and emotional factors, makes smart decisions based on data and quickly reacts to the changing market situation. AI and data analytics help users get instant information about investments and make informed decisions. Many trading and investment apps as Acorns help users learn investment and trading.
The Essential Features of Trading & Investment Apps
- List of investment options
- Real-time market data analysis
- Cash management tools
- No-commission trading
One of the most popular examples of the US market is Robinhood. This app is an online brokerage industry disruption. Robinhood is estimated to cost over $7.5 billion.
Pros & Cons of Robinhood:
- It supports mobile and web platforms
- Fast and easy digital account opening
- Free stock and ETF trading
- Fewer lack of research reports
- Limited product range and weak consumer support
Idea # 5 – Cryptocurrency Apps
Undoubtedly, developing a crypto trade app can be game-changing fintech trends. Cryptocurrency apps target customers looking to attack the world of decentralized markets by trading in cryptocurrencies. These apps can help customers select numerous digital currencies and exchange them against foreign money. The security and the information integrity of blockchain is a major advantage of cryptocurrencies apps.
The Essential Features of Cryptocurrencies
- Manage portfolio
- Invest in real-time buying selling
- Vault protection with time-delayed withdrawals
Also read about: how to develop bitcoin app wallet
An example of such apps is Coinbase, which is the largest cryptocurrency exchange based in the U.S.A. These apps buy and sell popular digital currencies and keep track of them in one place.
Pros & Cons of Cryptocurrencies:
- It facilitates instant transfers between Coinbase users
- It ensures Bitcoin deposit
- It provides users with online wallet services
- The app does not support cryptocurrencies
- Deposits and withdrawals are delayed for three days.
Idea # 6 – Digital Wallets
Digital Wallets have become a game-changer in the FinTech industry. It means customers don’t need to carry physical wallets, debit and credit cards. Plus, they can earn extra side income via discount coupons and offers. As a standalone app, E-wallets are built in conjunction with other apps. Widespread applications make this app one of the most sought-after on-demand app development projects in the FinTech sector.
The Essential Features of E-Wallets
- Social login and signup
- Push Notifications
- Managing personal expenses
- Real-Time Analytics
- Online bills and recharges
- Integrated CRM System
PayPal is one of the best examples of E-Wallets. This app is one of the most secure platforms to make transactions easier than other wallets.
Pros & Cons of E-Wallets:
- It has a conversation rate of over 82 percent
- Payment requests can be sent via email
- It offers a free return shipping facility to the users.
- High transaction fees
- Phone-based customer service is inconsistent
- Customers may have to leave your site temporarily.
Idea # 7 – Insurtech Apps
Insurance is the best finance service for every banking and financial institution. FinTech apps use AI, IoT, Blockchain and Machine Learning to deliver world-class financial services to their customers. They can quickly analyze big data of customer knowledge, consumer behavior and market trends. Insurtech apps offer highly specialized and personalized options and risk analysis. Insurance companies can accelerate operations and improve the quality of their customer service by using FinTech app solutions.
The Essential Features of Insurtech Apps
- Rich experience with helpful information
- Intuitive and easy navigation
- Simple and easy to use
- Seamless integration with all devices
- Personalized experience
myCigna is a great example of an Insurtech app. This app helps customers claim health insurance and keep track of their healthcare experience.
Pros & Cons of myCigna:
- High financial strength ratings
- Easy to manage sensitive information
- Easy access to a home delivery pharmacy
- Robust support for people with complex needs
- Prices can be higher
- Average quality ratings are quite high
So, these are some of the most successful finance app ideas for FinTech startups in 2021. You can develop creative technological solutions in finance and banking areas like peer-2-peer payment, money transfer, lending, trading and investment. So, if you want a successful finance app for thriving your fintech startup in today’s competitive world, you need to know:
How to Develop a Finance App?
Before starting a project, it is essential to consider some factors for a successful finance app. These factors include:
#1 – Define your Niche Market
It is advisable to choose a specific among different markets such as mobile banking, insurance, crowdfunding, personal finance management and financial decision making. After deciding the market niche, do market research to find your targeted audience as per your gender, age and country. It will help you launch your Fintech startup with better success.
#2 – Find your Startup USP
Due to the increasing set of opportunities and profits, the FinTech market is booming and competitive day by day. So, it has become more vital for everyone to develop a unique finance app development idea to make sure that their idea will beat the competition. It will help find the common success factor among famous business mens and their revenue modes.
#3- Hire the right Mobile App Developers
Believe it or not, the best finance app idea can’t survive in the market without an experienced team of mobile app developers. So, it is essential to hire experienced developers – whether iOS or android developers – to give your idea a real shape. They can choose the right technology stack, revamp your business strategies and scale up your fintech app idea.
If you don’t know how to hire mobile app developers, you need to follow some guidelines to choose the right one!
#4 – Get Familiar with Technical Knowledge
There are various challenges associated with establishing a fintech startup, especially those associated with digital technologies. For examples,
So, make sure you gather comprehensive information about these challenges and get in touch with a reputed software development company that helps in reducing them efficiently and effectively.
#5 – Launch an MVP
Last but not least, it is essential to test products with MVP (Minimal Viable Product) first before developing a full-fledged fintech mobile app. It will not only help enter the market faster but also helps raise fundings.
By following these steps, you can develop an app for your finance business. Here are some must-have features for the finance apps shown in the figure;
When it comes to developing a successful finance app for the fintech industry, the major concern that comes in every developer’s or business’s mind is the cost of fintech app development.
What does the Finance App Development Cost?
The cost of finance app development depends on different factors. Some of them are:
- Features and complexity of the app
- The technology stack of the app
- The platform to launch your app
- Geographic location
Approximately, the cost is between US $30,000 to $1,00,000 for a finance app development. But, the cost may vary as per your specific requirements.
How Appventurez Helps in Finance App Development?
In a competitive world, reliable finance apps with user-friendly features, seamless performance and robust security will stay ahead of the curve. Hopefully, these ideas will help you get rid of the hassle associated with a new app. So, it is better to get in touch with a reputed mobile app development company for a successful fintech app.
Appventurez is a leading finance app development company. Our dedicated team of experienced developers can develop a user-friendly finance app with exciting features in an affordable way. Want to know more about FinTech apps? If so, contact us today!
Co-Founder & Managing Director of AppVenturez Mobitech. An entrepreneur who is tech-savvy and aims to build the largest software business through technological innovation, keen business strategist and a passionate technocrat. He firmly believes in learning and earning by planning and performing.
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