New FinTech Startup Ideas to Launch Business
Fintech project ideas for a startup app developer are one of the trends in modern development. Constantly non-standard services, Fintech ideas, new technologies, and gadgets emerge. All of these are startups. The development of startups and their promotion to the market has already become a big industry, and the first Fintech and regtech projects have already turned into companies with hundreds of millions of dollar in capital. That’s why financial services business ideas are much sought after by clients. Here we’ll share some useful insights & Fintech business ideas.
Fintech market insights
The size of the global financial technology market, according to analysts from Boston Consulting Group (BCG) and QED Investors, will increase approximately six times from $245 billion to $1.5 trillion between 2021 and 2030. Such data are provided in the report published on May 3, 2023.
Indeed, over the past few years, the Fintech industry has undergone tremendous changes, completely changing the traditional methods of financial services and fintech topics. With the development of new technologies and the emergence of low-code platforms, Fintech development will reach an even greater peak in the future.
With the help of the pre-built components and a visual interface, developers can significantly reduce the time spent writing code from scratch. This allows you to respond faster to changing market demands and economic conditions, as well as launch new financial products and services to the market.
The global Fintech market brought in USD 194 billion in revenue last year and is expected to grow at a CAGR of 18.97% over the next several years. The term “FinTech” (financial technology) has become popular in the financial industry.
Digital payments are the funding industry with the most competition. As of September 2021, over 48.5% of FinTech firms in India were based in the payments industry. Now, it’s even more finance business ideas, and globally.
Nevertheless, Fintech is still at an early stage and will continue to revolutionize the financial services industry as we know it. More than half of the world’s population still remains unbanked or underbanked, and technology continues to rapidly open up new service delivery options for users all over the globe.
Mentioning global RegTech market size and share, which is a reoated insudtry to Fintech, it is to reach $33.1 billion USD by 2026 at a CAGR of 21.27%: Growing financial fraud and money laundering are contributing to the growth of the RegTech business, according to Facts & Factors.
These applications are broken down into identity management, regulatory intelligence, risk & compliance management, and anti-money laundering (AML) & fraud management, which greatly contributes to the global finance trend since more opportunities are created for building all sorts of finance security apps and beyond.
Fintech app ideas for startups
Fintech and banking apps will always be in demand from now and on. Why? – Fintech apps, then, have altered how people manage their money today. The need will always be great, whether it be for simple budgeting, investment, or spending tracking. There is wide range of services for the development, commissioning, and maintenance of different software solutions.
Projects of variety of sizes and levels of complexity are implemented by highly skilled IT specialists with many years of experience, which provide customized developments in accordance with the client’s preferences. We painstakingly craft each product in an effort to produce the best outcome. Here are the best ideas to consider.
1) Investment and Trading Apps
In recent years, trading and investing have become extremely popular. The availability of investing has increased more than ever thanks to the growth of mobile apps and internet trading platforms. Thanks to social media and online communities, a sophisticated breed of traders and investors has emerged, and they frequently share their smart trading tactics.
- Real-time Market Information,
- Investment Tips
- Portfolio Monitoring, etc.
These apps provide the best tools to boost your investment, regardless of your experience level or where you are in your career. Why not therefore apply these informational elements.
Pros of the Idea
Here are some salient points regarding the benefits of creating an investment app.
They simplify the investment procedure because it can be difficult. Therefore, having a user-friendly interface can lead people step-by-step through the investment process.
Provide a variety of investment choices: the ability to choose from a range of variety of investment possibilities can aid users in selecting their preferred plan.
Make instructional resources available: users might need assistance with investments. Therefore, it is advantageous to load relevant articles, movies, and tutorials to assist them. You get the idea.
Keeping track on investment performance which involves more than simply statistics is also a plus.
To help users make accurate judgments, the app might offer detailed performance.
By doing this, you can essentially use the MVP technique to design your app around the essential functionality. Additionally, it will simplify the early adopters’ use cases. Keep in mind that less is more, and there are countless possibilities with Fireart to create great products.
2) Applications for mobile insurance
The insurance industry is one of the most well-known segments in the Fintech industry. Insurance service companies offer digital solutions to grow their consumer base in this digital age. They can market and sell new items to prospective customers via these applications, as well as sell insurance policies and provide online customer assistance.
From the standpoint of the client, too, they favor using insurance apps for a variety of reasons, with ease playing a significant role.
Pros of the Idea
- increased income,
- younger audience engagement,
- offers for customized, pre-approved insurance,
- an entirely digital consumer journey.
3) Mobile Fintech Crowdfunding Apps
Digital crowdfunding apps are mobile applications where users are expected to contribute money to a campaign or cause. In the financial industry, crowdfunding is commonplace since it is always a little simpler to raise little sums of money from individuals. Similar to money-lending apps, they are very popular in Fintech.
The appropriate Fintech app development solutions can benefit from this rise in demand as an emerging new prospective field. Due of the widespread use of mobile apps for social activities, this has potential. Moreover, if secure payment channels and credentials are used, this can prove to be quite helpful in the long run.
Pros of the Idea
- Social app sharing aids in social campaign promotion.
- A very safe and efficient way to raise money.
There is an opportunity to generate more money because there are more app users than web users.
4) Mobile apps for personal finance
Mobile apps for personal finance are created to assist users in managing their finances. It provides users with many tools for managing their personal finances, including tracking their investments, spending, and savings. Some apps for managing finances allow users to log payments and keep an eye on their credit scores.
Personal financial applications are undoubtedly among the top Fintech products available at the moment, with more and more people being conscious of their savings and investments. Because of this, it will always be a fresh concept for new Fintech app development firms.
Pros of the Idea
- Optimal financial management and planning,
- Aiding users in making wise financial decisions,
- Assisting individuals in achieving their financial objectives,
- A welcoming interface can work for dozens.
5) Cryptocurrency exchange apps
Over the past several years, cryptocurrencies have attracted a big global followership. However, because cryptocurrencies are so complicated, people have been looking for really convenient ways to convert cryptocurrencies. Cryptocurrency is currently used across a wide range of sectors and use applications.
This rising usage has made a swift and reliable platform in the bitcoin space even more essential. Add to it the fact that cryptocurrency is now accepted under certain conditions in numerous nations. Additionally, having a bitcoin app can enable you to profit significantly from all of its transactions. It is one of the best software development concepts for startups with new fintech ideas as a result.
Pros of the Idea
- Effective and really secure crypto trading.
- Availability and support around-the-clock.
- Rapid growth of the user base if the user interface is done well.
6) Budgeting Apps
When we discuss finances, the word budgeting is the first thing that comes to mind. You must think on this. So why don’t you enter this market and decide to create a straightforward budgeting app? An easy-to-use tool that will streamline the entire budgeting process is a great choice.
Pros of the Idea
What you may provide with this app is as follows:
- Make individualized budgets,
- Set financial objectives and keep track of costs all on one platform.
How awesome is that as a factor to consider while coming up with fintech app ideas?
7) Bill payment app all-in-one
Would one of the best fintech app ideas be a one-stop bill payment app? It would simplify users’ bill administration, which is a terrific concept to take into account. No one enjoys constantly switching between different apps. Therefore, a One-Stop Bill Payment App can act as a safety net in this scenario. With just a few touches, consumers may pay all of their bills in one place. Amazing, isn’t that?
Pros of the Idea
Let’s check out what the app has you to benefit from:
- Set up recurring payments
- Make payments on time in advance
- Deadline notices for payments.
Such an app not only decreases stress tension but also saves time and money. Why not attempt it then? With a single bill payment app, you can start streamlining your users’ lives right away in the blink of an eye.
8) Mobile P2P money transfer apps
Mobile P2P money transfer apps are another of our top suggestions for Fintech start-ups. P2P stands for peer-to-peer. P2P payments are becoming more and more popular with digitization, largely due to the numerous advantages that consumers will enjoy.
In addition, P2P payment programs enable parties to send money to one another directly without needing a mediator. It assists in reducing any additional costs or fees in such apps in addition to enhancing transaction speed and safety.
Pros of the Idea
- Convenient to use,
- lower exchange rates for currencies,
- improved and increased security,
- P2P applications lower the risk of data leaks,
- extremely low transaction fees.
9) App for a cryptocurrency wallet
As 2023 approaches, the bitcoin industry is quickly developing. Using blockchain technology, new prospects for innovation are emerging. A crypto wallet is now more important than ever because of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Pros of the Idea
- The essential functions that you can add to the app are:
- Store digital assets securely,
- an easy-to-use interface for buying and selling,
- support a variety of token types and currencies.
Your users may safely store, manage, and exchange their digital assets with a cryptocurrency wallet app. On a single platform, it ought to offer a user-friendly interface for easily managing digital assets.
10) Digital Banking Fintech App
The banking industry comes out on top when we discuss digital transformation and the industries it affects. And that makes a lot of sense—banks are also adjusting to the influence that digitization has, which is why all of the big banks have chosen to develop their own mobile applications, breaking with traditional banking procedures.
Pros of the Idea
- A kaleidoscope of possibilities for bank marketing,
- Customers can access a virtual interface for all of their banking needs,
- A consistent banking experience for banks’ clients as well.
Do you want to take advantage of how technology can change financial services? You must dispel any skepticism you may have about the financial viability of fintech firms if you want to generate fresh fintech startup ideas for new finance startups. You must take note of how creating apps presents a unique chance to enter the finance industry. Explore profitable concepts for your own fintech app that can provide you with a reliable source of revenue.
The trends in fintech technology
What are the current market trends for fintech? Future development will be fueled in large part by fintech. We may anticipate seeing more blockchain, AI, and IoT applications in financial transactions by 2023–2024. Integration and automation will become increasingly complex. As a result, customers will have broader access to services that are more suited to their particular need. How can you be sure that the waves of change brought on by introducing new technologies won’t destroy your financial startup? A few notable fintech trends to take into account as you lay the groundwork for your firm will assist.
Due to several significant advancements, 2023 is expected to be a watershed year for blockchain technology. Blockchain technology is the most important technological development that has brought revolutionary changes in the financial services industry. It has enabled users to have better access to, and control over, financial services and data.
With its help of it, loans to citizens and legal entities can be provided without the participation of credit organizations. Some platforms offer direct interaction between creditors and debtors, determining the conditions for subsequent lending. Monetization comes down to getting a commission for your services. Data storage and processing is simplified, etc.
Cashlessness is king
According to UK Finance, fewer than one in six payments are made in cash today. With a 35% decrease in cash payments back in 2020, the epidemic hastened the already significant shift to non-cash payments. This term implies a wide range of products, tools and business models for the provision of financial services and many services using innovative technologies: big data, blockchain, biometrics and other innovations too.
Global crypto framework to emerge
In response to the enormous growth of cryptocurrencies and decentralized finance, regulators from across the world have been negotiating the implementation of an agreed-upon worldwide framework. The main objectives of such a framework would be to develop strategies to reduce related downside risk while maximizing the substantial positive effects that it might produce.
Video banking goes mainstream
Financial institutions are investigating how to use video to provide important services to their consumers as part of the migration to non-branch banking. Video banking expands on smart chatbot service by utilizing AI and machine learning technology. For instance, AI can produce pertinent responses to particular client questions.
Bank digitalization via Fintech partnerships
Collaborating with the appropriate fintech companies will allow banks to excel digitally truly. By doing this, banks may use a ready-made digital solution and access specialized personnel without going through the frequently time-consuming and expensive recruitment process.
The opportunity to collaborate with cutting-edge fintech makes commercial sense for banks to respond to the market, develop themselves digitally, and control internal expenses, given their enormous difficulty in acquiring top personnel.
Without a clear direction, the road of building a firm in the financial industry might be difficult. With your own financial firm, you must take the initiative to establish a new benchmark for providing cutting-edge solutions. One of the main drivers behind the development of Fintech firms has been the introduction of new technologies. For example, cloud computing, the Internet of Things, blockchain, RegTech, big data and artificial intelligence.
Decentralized finance, also known as DeFi, attempts to provide more straightforward access to financial services by utilizing the concepts of blockchain and web 3. DeFi is a well-liked fintech idea that can bring a variety of conventional financial services and investment products to the blockchain.
Artificial intelligence is the next important topic to be addressed in terms of technological advances for the financial industry. Interestingly, ideas for financial company development that use AI may have higher success rates. How? AI may provide clear value advantages through automation, such as better user experiences, greater security, and speedier services.
AI-based chatbots are one of the most well-known instances of financial applications of this technology. Robotic automated advisers can advise on financial services and investing possibilities thanks to artificial intelligence. Therefore, the benefits of AI may contribute to reducing the requirement for copious paperwork.
Are you Ready for building your FinTech Product?
A Fintech company is one that provides any financial service, such as accounts, cards, or loans, and makes it available to its clients through software. It can refer to a pure-play Fintech company whose main product is a financial service (for instance, a Fintech specializing in lending to small businesses, etc). It can also refer to a company that integrates financial services into its platform to complement its primary services (for instance, a tool for scheduling appointments for a third company that also enables its owners to receive payments and make purchases using an expense card). Sky’s the limit.
However, with the introduction of banking-as-a-service (BaaS) tools, it is now much easier for entrepreneurs to launch new fintech businesses or for organizations to integrate financial services into their current operations. By incorporating financial services into their product experiences, companies can offer loans, bank accounts, and card goods with far less effort, product complexity, and regulatory load.
There has been a surge of new businesses and products entering the market, all attempting to provide financial services customized to the needs of diverse consumers, as technology has made it simpler than ever to create a fintech company. Software engineering and development are only a small part of starting a new Fintech company, even though BaaS has decreased the costs and complexity of doing so.
The product-market fit, monetization plans, customer acquisition, and other issues must also be considered by founders. The findings of successful Fintech companies are normally put into practice. They connect them using the skills of competent engineers and developers. The goods and services demand a strong command of programming like creating front-end and back-end software, etc. So, when you plan your fintech app project, considering all your finance business opportunities, pick the right partner to make all your fintech app ideas a reality via superb app design and development process with Fireart.
Frequently Asked Questions
How to develop a fintech app?
The fintech sector, which combines finance and technology to expand access to financial services and challenge established financial institutions, produces fintech apps. Although there are tools for building mobile apps that don’t require any coding knowledge, making an app is straightforward but challenging. A user-friendly app will require a significant time and energy investment in the ideation and design phases. And it’s always better to build it with the help of professionals.
How do fintech apps make money?
The main sources of revenue for fintechs are subscriptions, outside sources, and advertising. Since most fintech businesses are still in their early stages, many of them prioritize expansion over profitability.
What are the major features of fintech applications?
Depending on the ytpe and the goal of your app, the major features may include:
- Multiuser cooperation.
- Authentication using biometrics.
- Support via live chat & chatbots.
- Integrations across platforms.
- Analytics and data visualization with AI.
If you can only incorporate some of them, give the most significant ones top priority as per your app business goals.
How to secure a fintech application?
Encryption to safeguard sensitive data, multi-factor authentication to improve access control, firewalls to protect networks, and intrusion detection systems to monitor and stop threats are all common cybersecurity solutions for FinTech businesses and clients.
Why Fireart Studio is the best choice to pursue fintech startup ideas
The best company for web design and product development services is Fireart Studio. Fintech startup apps ideas, business ideas in finance, and innovative financial technologies and beyond are the area of their expertise.