Are you considering launching your start-up in the on-demand financial app development industry? With the emergence of fintech, we can see a drastic change in the financial banking sector. This blog will help you build digital finance and blockchain apps. Get the details about the trending finance apps to get an idea about launching your app soon.
The financial sector is amongst all other industries that benefited immensely from emerging technology. The banking & financial sector has significantly shifted through agile fintech mobile app development solutions, digitalisation, and technical improvements. With the increase in mobile apps, most insurance, investment, and banking needs can be met within a few clicks.Fintech Market Statistics
- According to the findings of the Statista study, the mean AUM per user in the digital asset market will be US$96.05 in 2024.
- The market with the highest AUM in 2024 will be digital assets, comprising US$80.08bn.
- Revenue for the digital assets market is predicted to grow by 17.38% in 2025.
- It further stated that the number of digital payment users in the market will be nearing 4,805.00 million in 2028.
- According to our research, the Global Digital Assets market’s total Assets Under Management are expected to reach US$80.08bn in 2024.
- The specific features of KPIs in the FinTech market indicate that it is impossible, to sum up the indicators and present them as a single number that would characterise the entire FinTech industry.
Types of Finance Apps
P2P Payment Solutions
P2P or Peer-to-peer payment solutions are one of the profitable fintech app development fields. Yes, these apps are helping eradicate the need to depend on 3rd party websites to enable seamless fund transfers from one account to another.
This is a growing area, and start-ups should consider launching their fintech apps to reap the benefits.
Are you wondering about creating a high-performing finance app with streamlined processes?
Digital Banking
Robo Advising Software
Personal finance management app
PFM, or personal finance management app, helps people keep track of their investments, savings, earnings, expenditures, etc., which is not easy to manage due to busy lifestyles.
Hence, you can consider developing a personal financial management application as one of the best finance app ideas for your start-up in 2024.
Loan Lending App
Certainly, lending is a tedious and time-consuming process in the finance sector. It is not easy to get a loan, and digital solutions connect lenders and borrowers under one roof directly to process transactions faster.
Lending apps help lenders and borrowers follow a fair process for lending money. With big data technology, it becomes easier for the lender to get a precise picture of the creditworthiness of a person seeking a loan. This helps them state loan terms suitable for both parties.
Investment & Trading App
RegTech App
Digital Wallets
Digital apps have cemented their place in the market for a while now. The e-wallet app development agency enables app users to perform flawless transactions online without using credit/debit cards or physical wallets. Payment can be made with a few taps, and users can get coupons/discounts on each transaction.
The digital wallet is growing and is predicted to reach $7581 billion by 2024. So, this can be the perfect opportunity for start-ups to launch their digital wallet app and gain maximum profits.
Crowdfunding Solutions
It means collecting small capital amounts from different people, to begin with a new business idea. The main objective of these apps is to connect investors and entrepreneurs to boost the number of investors more than normal sources. So, building crowdfunding apps/websites has a lot of potential, as you will never face a lack of customers.
Establish secured transaction platforms by creating optimised financial apps to boost your startup and well-established enterprises
Blockchain Applications
Insurtech Solution
Payday Loan App
Crypto Exchange Platform
It is one of the creative app ideas to consider for fiancé start-ups. The app helps users join the decentralized cryptocurrency market, where only cryptocurrencies are used for trading.
Some of the vital features of the crypto exchange platform are faster processing, higher security, lower fees, etc. Suppose you are planning to choose this, you need to keep in mind many aspects, such as fundraising, compliance requirements, research niche marketing, and gathering details about the competition and challenges.
Bill Reminder App
E-mortgage Apps
Financial Record Maintenance
Steps To Consider For Building Your Fintech Start-up
Fintech app development can be seamless by following predetermined steps and processes that ensure uninterrupted development and the implementation of enhanced features.
- Determine your niche market
- Understand the demand
- Find a Unique Selling Point for your start-up
- Raise funds
- Hire FinTech Application Development Services
- Know about the related business & technical challenges
- Launch your MVP
- Determine your niche market
It is important to identify the target audience and specific market segment in which you want to provide your services through a Fintech app. Fintech covers various areas, such as mobile payments, personal finance management, lending platforms, cryptocurrency trading, and more.
- Understand the demand
Conducting market research and study to determine the demand and requirement of users in the chosen niche for advanced Fintech apps. This involves studying market trends, competitors, and customer pain points. Understanding customer needs assists businesses in creating user-centric solutions with advanced features.
- Find a Unique Selling Point for your Start-up
Your unique selling point (USP) sets your product apart from competitors. This involves user experience, more advanced features, enhanced security, or addressing user challenges.
- Raise funds
Fintech app development often requires significant funding, especially for development, marketing, and regulatory compliance, to establish a streamlined process. Businesses can seek investments from venture capitalists, angel investors, or crowdfunding platforms.
- Hire FinTech Application Development Service Providers
After finalising the funding partner and concept of the Finance apps, it is a perfect time to hire Fintech app developers who specialise in building optimised FinTech applications. It is also essential to ensure the development team analyzes the specific requirements of the FinTech industry, such as compliance with financial regulations, data security, encryption, and payment gateways.
- Know about the related business & technical challenges
FinTech businesses face several business and technical challenges like regulatory compliances, security, user data management, and customer support. This required to be analysed by the Fintech app developers and the creation of app development strategies to build optimised solutions.
- Launch your MVP
An MVP is a simplified version of your product that involves core features required to solve user challenges. Launching an MVP allows you to test your product with early users, get feedback, and make improvements before the official launch of the on-demand Fintech app development solution.
After the MVP launch, continuously update the product by adding new features, improving the user experience, and addressing any issues.
Final Words
The growth of the fintech sector is undeniable, and finance apps have a bright future. Many start-ups and finance companies have hit the market with creative app ideas.
Today, when apps are everywhere, only fast, robust apps with user-friendly features stay ahead of the competition.
The ideas mentioned above would help you pick the most relevant idea that can help you launch a white-label financial app for your start-up. To get everything right, you must search for a trusted finance app development company to launch a successful finance app.
X-Byte Enterprise Solutions, a leading mobile app development service in the USA, can help you launch a user-friendly and scalable finance app with relevant features at an affordable price. Our end-to-end finance web application development services help you build and launch an efficient finance app that generates revenues in the long run. Connect with us to share your app vision.
