#7 Top Fintech Business Idea Making a Buzz In The Industry

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The Fintech world is experiencing a true revolution and it is happening at a breakneck pace. It seems that every other day there is a new startup emerging in the market to make the entire fintech ecosystem convenient, accessible, and streamlined.

If you have any plans of launching a competition in this growing industry and are looking for options on what to build, here is your guide to consider. In this blog, we are planning to launch some marvelous application ideas that will bring revolution to the market.

Let’s start:

The rise of technology has had a profound impact on many industries, with digital transformation rapidly becoming the norm. Whether it’s transferring money, applying for loans, or seeking out investors for startups, the process has been made infinitely easier thanks to the power of mobile applications.

With just a few taps on your phone, you can now accomplish tasks that previously would have taken hours or even days to complete. As we continue to move forward into an increasingly digital world, it’s clear that technology will remain at the forefront of this exciting transformation.

Well, to our surprise, the global fintech market is expected to grow exponentially, worth $309.98Bn by 2022. The use of these modern technologies will boost the growth further and will be the driving force of the world economy. Do you believe in leveraging these technologies to improve financial system experience? Are you ready to take the plunge and seize the opportunity?

Here are a few popular fintech concepts that have fascinated us and we believe it will be the same experience for you too.

Buy Now Pay Later Application:

The popularity of Buy Now Pay Later (BNPL) applications has been on the rise lately. These apps offer users the flexibility to make purchases without the burden of upfront payment. Instead, users can pay for their purchases in easy-to-manage installments over a period of time.

Some of the most popular BNPL apps in the market today include QuadPay, Klarna, Affirm, and Sezzle. These apps are known for their customizable payment plans, which are free of hidden fees or extra interest charges. Additionally, these apps provide users with in-app purchase tracking, as well as easy refunds and returns.

If you’re interested in developing your own BNPL app, our executive team members are available to guide you through the development process. With our expertise and experience, we can help you create a seamless and user-friendly BNPL app that meets the needs of your target audience.

Credit Scoring application:

When it comes to managing finances, credit scoring applications can be incredibly helpful tools. These applications offer personalized solutions that are designed to improve a user’s credit score by providing them with customized advice and tools.

Users of credit scoring applications can track their credit reports and monitor their progress over a specific period of time. This feature allows users to keep track of their credit score and ensure that they are on track to meet their financial goals.

In addition to credit monitoring, these applications also offer financial planning and budgeting features. Users can create budgets, set financial goals, and track their spending habits to ensure they are staying on top of their finances.

Moreover, credit scoring applications often include in-app educational resources.

If you’re interested in developing a credit scoring application, there are several successful applications to take inspiration from. Credit Klarna, Mint, and NerdWallet are great examples.

Invoice financing app development:

This one is a brilliant fintech application idea and best suitable for businesses looking out for leveraging invoices to get the cash flow. The registered businesses have to show the outstanding invoices to the lender, and in return, the lender pays the said amount directly to the business.

Some of the great examples are Fundbox, BlueVine, KredX and Behalf. Some of the dominant features of invoice financing application are online invoice verification and approval, transparent fees and rates.

Personal Finance Management Application:

Managing personal finances can be a daunting task, regardless of who you are. However, with the help of a personal finance management application, users can easily keep track of their savings, expenditures, investments, and more.

These applications are designed to help users effectively plan and manage their finances, and assist them in achieving their financial goals more swiftly. With a personal finance management application, users can easily monitor their spending habits, create budgets, and track their progress towards their financial goals.

Some of the most useful features of personal finance management applications include expense tracking, investment management, and budget planning. Users can easily track their daily expenses, investments, and savings, allowing them to make informed decisions about their finances.

Insurance app development:

The emergence of insurance applications has revolutionized the insurance industry, making it easier for users to leverage insurance policies effortlessly.

With the help of these applications, users can quickly get policy quotes, make purchases, and manage and track their policies from the convenience of their mobile devices.

Leading the pack of these innovative insurance applications are names like Hippo, Root, Lemonade, and Metromile. These platforms have set the standard for seamless insurance experiences by providing user-friendly interfaces, hassle-free claims processes, and personalized policy recommendations.

Banking App Development:

Gone are the days of standing in long queues or filling up forms for mundane banking tasks. With the rise of mobile banking applications, clients can now perform all these actions with ease and convenience, right from their smartphones or tablets.

A mobile banking application solution offers a wide range of features, including the ability to deposit checks, pay bills, transfer funds, locate ATMs, and receive push notifications for various activities. This makes it incredibly easy for users to keep track of their finances and manage their accounts, without having to visit a physical bank location.

When it comes to developing a top-notch banking application, Chime, Varo Bank, Ally Bank, Capital One, and Simple are some of the best examples to refer to. These platforms offer user-friendly interfaces, robust security features, and a range of customizable options to suit the needs of every user.

Cryptocurrency applications:

In recent years, cryptocurrencies have become increasingly popular as an alternative form of investment and payment. With the rise of this new asset class, cryptocurrency applications have emerged as a powerful tool for users to manage their digital assets.

Cryptocurrency applications allow users to buy, sell, and exchange cryptocurrencies like Bitcoin, Ethereum, and Litecoin with ease. They provide users with up-to-date information on the latest cryptocurrency prices and exchange rates, enabling them to make informed investment decisions.

Moreover, these applications offer a variety of features to help users manage their cryptocurrency portfolios. Users can monitor their investments in real-time, track their transaction history, and set alerts for price changes and market news.

In The End:

Well, there are still many more applications that you can build for the ever growing fintech industry. However, the above mentioned seven app ideas are extremely striking and promising to us. If you have any business deal for the said opinions or any other fintech business app idea, feel free to connect with us. Thank you for reading this blog!

by Sanjay Kidecha

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