In the finance arena, things have transformed in the last few years, especially in the ways how people make transactions. Keeping in mind the evolving customer behavior, demand for ground-breaking fintech app ideas has grown exponentially in all sectors, from banking to insurance to local financial institutions.

Most startups working in this direction partner with Fintech App Development Companies for unmatched and technologically advanced solutions.

These financial apps manage all activities for companies and individuals. As traditional financial solutions lose traction, these apps are liked for their practical solutions, which accelerate banking processes. With cloud computing solutions, these apps make investing, consulting, splitting bills, and other financial services much easier and faster. 

So, what is FinTech technology all about? Let’s explore it in detail!

What Are FinTech and FinTech Mobile Apps?

FinTech is anything that merges finance with technology. FinTech covers everything from big companies using digital money & algorithms for financial solutions to bookkeeping entries. Most manual processes done in traditional ways can now be accomplished in just a single click, which is the essence of FinTech, making everything simpler and faster.

In 2018, the finance industry market size was $127.66 billion, in 2022 it reached a remarkable figure of $309.98 billion and is expected grow at superlative CAGR of 10% to 12% through to 2025.

This clearly states that this industry has the potential for new ideas, and that’s why most companies are investing in fintech app ideas.  

The introduction of mobile apps has transformed how things work in most industries; and financial and banking institutions are no different. Today we see many financial firms brainstorming and mind-mapping fintech app ideas for investments, transactions, sharing ideas, etc. App like Venmo, Google Pay, PayPal, etc., have revolutionized how we interact with money these days. After all, today, most people own a smartphone, making it easier to manage their finances from anywhere in the world. These FinTech mobile apps make it easier for users to make transactions from anywhere in the world, invest in stocks at any time, ask for loans, etc.

Why Invest in FinTech Mobile App?

According to Statista, digital assets are predicted to be the largest fintech market, with a projected AUM (asset under management) of US$80.08 billion in 2024. By 2028, there are projected to be 992.50 million users in the digital assets market.

Brainy Insights estimates that the fintech industry will reach US$792.50 billion by 2032.

According to Statista forecasts, the investment market’s complete transaction value, which includes Robo-Advisors and stock trading services, is anticipated to reach US$2,791.00 billion by 2024.

According to Forbes, the embedded finance market is expected to reach $141 billion in 2025, with significant demand from established sectors like hotels and manufacturers.

According to Statista, the fintech industry is forecasted to surpass the growth of 141.18 billion U.S. dollars in 2028 worldwide.

List of Fintech Mobile App Ideas for Your Business Success

1. Digital Banking Apps

This FinTech app idea has the potential to generate immense profits, owing to its significance in automating financial transactions and other traditional banking services. People these days find it difficult to visit their local banks for money transfers, cash withdrawals or other banking services. They thoroughly enjoy the perks of digital banking, such as ease of making transactions, opening accounts & deposits, investing, adding beneficiaries, blocking cards, and a lot more with just a few taps on their devices.

Hence, this is one good Fintech startup idea to consider. If you have decided to build a digital wallet app, partner with the most reliable digital wallet app development company for advanced tech solutions and constant support.

2. Stock Trading Apps

Developing Stock trading apps is an excellent idea in today’s finance landscape. Trading apps use a mix of blockchain, Machine Learning, and AI to drastically improve trading results. After all, algorithmic trading eradicates the space for human errors, makes intuitive decisions based on data, reacts instantly to changing market situations, and allows traders to trade from multiple accounts simultaneously. With AI & Data Analytics, users can get quick insights regarding potential investments & make informed decisions. Today there are numerous trading & investment apps, like Robo Advisors, that help users learn trading and investment. One of the successful trading apps in the US market is Robinhood, which is estimated to cost over $7.5 billion. 

3. E-Wallet Mobile Apps

Thanks to digital wallets, today, people don’t have to carry physical wallets or credit/debit cards, and due to the ease they offer to people, these apps are in huge demand. Using e-wallet apps, people make payments in just a few taps or using biometrics, and in return, they get lucrative offers or coupons. By 2024, the digital wallet market will be worth $7,581.91 billion. Hence, it is a profitable Fintech app idea for investors.

Also Read: E Wallet App Development Cost and Key Features

4. Virtual Cards Apps

In the future, we might see bank cards fully replace cash payments and even go digital, making the transactions as convenient as possible. Hence, it can be a good idea for your Fintech startup to leverage the potential of Visa and Mastercard-based virtual cards to simplify regular payment and complex investments like cryptocurrency transactions for your clients.  

Recommended Read: P2P Payment App Development Company

5. Loan Lending Mobile Apps

The pandemic made many individuals and businesses look for quick loans to provide for their needs. And these Loan Lending apps, powered by Artificial Intelligence and Big Data Analytics, simplify the loan assigning process by analyzing customer data, credit history, behavior patterns, and shopping activity to indicate whether a customer qualifies for a loan. Here, the money borrowed via lending apps comes from banks or peer-to-peer lending (borrowing money from other individuals).

6. Payment Mobile Apps 

Quick and risk-free money transfers are in huge demand nowadays. Everything from digital money, electronic wallets, international money transfers, UPI payments, and apps to transfer money from buyers to vendors come under this category. Most of these apps handle money transfers in multiple currencies, even crypto-currency.

7. RegTech App

These apps help businesses comply with the laws & regulations and eliminate risks associated with regulatory issues. RegTech apps are developed to help users monitor new regulations, translate requirements into concrete steps companies can take to avoid penalties, identify risks, and run compliance checks.

Checkout More: How to Develop a Blockchain Wallet App

8. Digital Credit Cards

Cashless is the gone trend, now people are going cardless. With several digital card applications available in the market, the Fintech industry is seeing new dimensions. Using these applications is similar to using your physical cards. You have a maximum limit, pay bills, buy things, etc. A physical card is delivered to you simply for the details that you would need to access the application.

If you are looking forward to making it big like Wise or Blur then this surely is your calling. This is one of the least explored Fintech app ideas one can monetize on.

Also read: How To Develop An App Like Cash App

9. Peer-to-Peer Payment Mobile Apps

If looking for fresh Fintech app ideas, they are a good idea as they are meant to transfer money between individuals, for instance, friends and relatives. The money gets transferred directly from the customer’s account to the recipient’s electronic wallet. These days P2P payment apps are connected with digital wallet services, banks, or standalone payment services, such as PayPal.

10. Crypto Wallet Applications

This is a renowned technology used in the financial sector. We also expect tremendous future growth of Blockchain technology and its applications. Numerous entrepreneurs and startups are investing in Blockchain technology in many ways. As per a recent survey, a community says that by adopting blockchain technology, financial companies gain the potential to save $12 billion per year. These Crypto wallets allow their users to buy & sell cryptocurrencies in a hassle-free way. And this is why many businesses are investing in blockchain app development by incorporating advanced features. 

11. Crowd-Funding Mobile App

When brainstorming FinTech ideas, think of developing a startup for other startups. The Crowdfunding apps allow aspiring entrepreneurs to raise money for their initiatives. Also, they offer proof-of-concept capabilities by posting the startup idea on a crowdfunding platform; this way, they can quickly find the interest of investors in their initiative. One example of such an app is Kickstarter, with a large user base and achieving significant milestones as a crowdfunding app. 

12. FinTech Corporate Training App

Fintech to date is a sunrise industry with a larger group adopting its methodology every day. If you are looking for reliable Fintech startup ideas, then training the corporates to adopt the changing paradigm and ditch their traditional methodologies to keep up with the changing world would be a great idea to research and move forward with.

Recommended Read: NFT Marketplace Development

13. Personal Finance Management

For many people, it is not easy to manage personal finance; after all, not everyone is financially literate and constantly needs financial advice services. It is why it is one of the top FinTech startup app ideas. Many apps with Robo-advisers offer their assistance on savings, retirements, and investments.

14. Cryptocurrency Exchange App

The reason behind the immense popularity of Cryptocurrency apps is that it eliminates intermediaries. Developing a cryptocurrency exchange platform can be great for a startup as this market will grow at a CAGR of 7.1%. Crypto exchange platforms simplify crypto trading for fiat currencies, such as Litecoin, Ethereum, Bitcoin, etc. In some instances, these apps also allow exchanging cryptos for other assets. If you intend to own crypto trading apps, you will be an intermediary between the buyers and sellers. Besides, you can consider developing a crypto arbitrage bot as a standalone app or as a part of your crypto exchange app. Partner with a Crypto wallet app development company that would understand your business needs and help you with a solution that makes exchange easier for users.

15. Insurance App Development

Post-pandemic situation, we have witnessed a flood of new FinTech apps focusing on affordable insurance plans. These apps use AI & Data Science to collect, process, and evaluate customer data, locate risks, and help with insurance underwriting. With Fintech app solutions, insurance companies can accelerate operations and offer better customer service. Apps in this category target various insurance domains like health insurance, car insurance, etc.

16. Payday Loan App

This is an exciting app idea. By developing this platform, you can provide the app users a specific sum as a loan in their crises like hospital expenses, EMIs, and bill payments. All the users need to do is add data about their work and connect it to a bank account. The app monitors working hours so the users can cash when they require it. The app will deduct cash as the users receive their paychecks. These are some of the proposed features to include in your app:

• Get a loan of a specific sum with just a few clicks
• Alerts & Notifications of forthcoming payments
• Safety & Security of bank details
• No hidden fees or charges

17. E-Mortgage Apps 

With the Covid-19 situation, the mortgage market has suffered a hit and made it harder for people to get a mortgage. However, as the situation is returning to normal, mortgage rates have dropped with newly emerged e-mortgage apps simplifying the process. Today e-mortgage apps are offering contactless mortgages that are being embraced by people post the Covid-19 crisis.

18. Investment Mobile Apps

An investment app allows the development of the right product appealing to micro-investors. With these apps, the average users get access to platforms where they can quickly deposit funds and place buy & sell orders. For an entrepreneur or startup founder, an online investment website opens your startup to many people interested in investing in stocks and other investment platforms. However, these people might lack the financial resources required for making direct purchases via official means. 

19. Financial Record Maintenance Apps 

Maintaining tax invoices, payment receipts, and other financial records can be difficult for many. Hence, these apps can make financial record maintenance easy for busy individuals.

20. Electronic Mortgage Apps

The electric mortgage application process is time-consuming and involves a lot of documentation. Technological developments have made it possible for borrowers to obtain contact-free finance safely and without any discomfort by streamlining the funding and evaluation processes. Users can evaluate borrower eligibility quickly and distribute loan revenues by automating formerly manual operations with the help of fintech app solutions. 

• Better.com is one of the best mortgage apps; with the help of this app, users can buy homes and recalculate current mortgages easily.
• FairwayNow is another great app in this mortgage category; with the use of this app, users can apply for government-backed home loans.

Read more: How to Build Out a Mobile Wallet App?

21. Insurtech apps

Insurtech app development is another popular financial app concept. This application is for clients who want to do insurance. It can help grow your business, particularly if the work you provide is indirectly or somewhat connected to insurance services. Insurtech applications use artificial intelligence (AI) and data science to gather, handle, and assess client data and streamline the insurance procedure. 

Fintech app solutions allow insurance businesses to improve customer service quality and streamline procedures. Important features like user management, policy management, claims processing, secure payment gateway, automatic payment options, and customer support, need to be added to this app.

22. Bill reminder apps

Bill reminder apps are very useful for those with busy schedules. These types of applications are easy to implement but potentially useful finance startup ideas. A personal finance app that can track users’ monthly bills is a stand-alone feature of this app. 

For people who struggle to keep track of all their regular expenditures, such as rent, power, water, or phone bills, with the help of this app and feature, users easily remember everything. A monthly bill tracker is the ideal option for those who struggle with hectic schedules. So, just schedule your bills, and the app will add them to a calendar and notify you about the upcoming payment.

23. Micro-investment Apps

Business owners can earn huge profits by developing micro-investment applications. Furthermore, With the help of micro-investment apps, people can deposit money, trade, and make investments from anywhere at any time.

Creating bitcoin trading and investment applications is another profitable alternative available to fintech businesses. This is important to add and consider the fractional investment, crypto trading, investment tutorials, low minimum deposits, investment tracking, strengthened encryption, and two-factor authentication features to your micro-investment apps.

24. Goal-based Saving App

Developing goal-based saving apps is the best decision ever. Users can set financial goals and track their progress toward achieving them with the help of goal-based saving applications. The goal-setting aspects of this finance app proposal attract users to interact with the particular app regularly. 

Furthermore, these apps enable users to achieve savings goals in a particular period. Some of the important features of this app – are goal setting, target amounts & dates, progress tracking, automated saving, motivation, and gamification. 

25. Expense Splitting App

With the use of this advanced app, users may simply keep track of their expenses and settle these expenses by sharing them with friends, family, or roommates. With estimates putting the expense-splitting app market at US$993.02 million by 2031, it’s an attractive and profitable idea for fintech businesses.

Also, you can differentiate yourself from the competition by integrating advanced and additional features in this app, such as adding expenses, custom splitting options, adding participants to track shared expenses, balance tracking, settling up, and many more. 

Also read: How to develop apps like paypal?

26. Climate-conscious Investment App

Invest your money in the development of a climate-conscious investment app because this is a good choice. Users can allocate their funds to businesses and projects that are actively addressing climate change through the use of this investment application. This investment idea is undoubtedly one of the best concepts of the fintech industry. 

Moreover, your app can contribute to a positive environmental impact by directing investment towards sustainable solutions if you consider some features like sustainable investment options, impact tracking and transparency, portfolio management tools, and many more. 

27. Subscription Management App

Managing subscriptions apps are developed to help people and companies keep track of and controlling memberships. Nowadays, subscription payment services like streaming, software, and even physical goods are becoming more and more popular among people. This provides business owners a great chance to develop finance software solutions that follow this trend. 

Whenever you go to create this kind of app, you must consider these features – automated recurring billing, flexible billing options, multiple payment options, free trials and discounts, subscription management, and many more as well.

28. Embedded Finance 

An embedded finance app smoothly combines financial services like payments, lending, and insurance into a non-financial platform, such as a retail or ride-sharing app. As a result, customers may access financial services without leaving the app they’re now using, which facilitates and streamlines transactions. By providing financial services where they are most needed, businesses are benefitted by creating new revenue streams and improving the customer experience.

29. Financial Literacy and Education Apps

Financial literacy and education applications are intended to help people better understand and manage their finances. These applications offer simple courses on investing, saving, budgeting, and other financial subjects. They allow users to make financial decisions wisely and enhance their overall financial health by utilizing amazing apps and quizzes that make learning about money interesting and approachable.

Latest FinTech Technology Trends

Here, we have mentioned the crucial aspects of FinTech apps helping this trend flourish:

Robotic Process Automatic (RPA)

Robo-advising is an effective way for FinTech to attract millennials, and it is a great place for investing in the financial app development sector. The technology offers users the most tailored and future-focused financial advice at very cheap costs, which is possible through its machine-learning-driven software. They even look at the users’ spending & assets to analyze how to boost after-tax profits. Further appealing is that the entire procedure requires little to no human interaction.

Voice-enabled Payments

This technology allows users to save time typing and finding financial information. Its natural language recognition, processing, and generation enable users to get information about their bank balance and make easy transactions without picking up the phone. Voice-enabled payments win many more clients as users like voice assistants’ convenience.

Blockchain Platforms

This technology makes fast & secure transactions possible. The blocks in the chain consist of batches of data that, upon being assembled, represent a single entity. The data stored in the blockchain doesn’t reside on any centralized server as it’s distributed across the whole blockchain network. This way, it ensures the Security & integrity of the financial transactions as there is no node for hackers to attack.

Blockchain App Development Companies are gaining constant popularity in the market and it adds new level of security to fintech ecosystem.

Recommended: Blockchain App Development Services

Sensors & Internet of Things (IoT)

This pioneering solution leverages the power of interconnected devices to the internet, helps gather real-time information, and allows enhanced decision-making. 

Augmented Reality/Virtual Reality (AR/VR)

This trend has been in the technology market for quite some time and plays a significant role in increasing the efficiency of FinTech apps.

Biometric & Cyber Security

Security is essential for Fintech apps. It is why advanced technologies like DevSecOps and Source Code Analytics are used to secure people’s money and data. FinTech’s future majorly depends on biometric authentication methods. And that it is a crucial FinTech trend at the moment. Soon, voice or face recognition and fingerprint scanning will bring basic security functionalities. In the coming years, we may also see iris recognition options or palm vein patterns becoming common. The amalgamation of login simplicity and impenetrable data protection makes biometric technology unique. 

Artificial Intelligence (AI) and Machine Learning (ML)

With integrated into FinTech, these technologies recognize scrupulous activities and offer customized financial advice. 

RegTech (Regulatory Technology)

These technologies allow financial institutions to adhere to all local and international regulations. With the help of RegTech, businesses can automate most of their procedures, like report preparation & submission, customer identification verification, transaction monitoring & reporting, and a lot more. At the same time, it enhances client retention. 

Things to Consider Before Developing FinTech App

Conduct Deep Research

It is a good idea to pick a specific market for insurance, mobile banking, personal finance management, crowdfunding, and financial decision-making. Once you decide on your market niche, conduct proper market research to find your target audience based on age, gender, and country. This way, your FinTech app is sure to attain great success.  

SWOT & Competitor Analysis 

This approach will allow you to find sound knowledge about your product so that you can take on the market accordingly and perform excellently regardless of who your competitor is. 

Learn about compliances & Gov Regulations 

Gov Regulations and legal compliance play an integral role in some apps, and Fintech startup ideas are one of them. They ensure that your Fintech apps adhere to government regulations, which are crucial. Otherwise, they will have to bear repercussions in the future.  

Hire Experienced FinTech Developers

It is difficult for a finance app idea to succeed without an expert and experienced mobile app development team. Hence, hiring experienced developers, be it Android or iOS developers, is vital to turning your app idea into a reality. They will help you pick the right technology stack, revamp business strategies and make your Fintech app idea a success. 

Work Hard on UX/UI, Cyber Security & Database

These are critical aspects of a FinTech mobile app, and that’s why immense attention must be devoted to the app design and the Security of user data.

Prefer MVP Approach Instead of Full-Fledged FinTech App

It is crucial to first test products with Minimal Viable Product (MVP) before developing a full-fledged FinTech app. It will help in entering the market faster and also help to raise funding.

Conclusion

In this article, we discussed many Fintech app ideas that a startup can embrace and start working on, along with the technology trends and essential steps to follow to make your Fintech startup ideas a big success upon its launch. Get along with the right fintech App Development services provider to get the needed support in your fintech app development journey.