FinTech refers to any company that uses technology to improve or automate financial services and is a portmanteau of the terms’ finance and technology’.
The concept is diverse and it is steadily evolving, serving both businesses and consumers.
What FinTech research has shown us is nothing but how the financial sector is being reshaped with technology. The investment in FinTech has gone up to US$12bn making it one of the best startup options.
According to a research, just U.S citizens spend 5 or more hours on their smartphone. Let alone the world. Hence FinTech organisations, mainly start-ups, from mobile banking and insurance to cryptocurrency and investment apps, are offering immense opportunities to young entrepreneurs.
- Create an Online Banking Application
FinTech Research suggests online banking as the leading and perhaps most relevant Fintech app concept that you can implement.
A drastic change in the development of communication technology with online banking services was discovered in a previous couple of decades. For transfer of funds and other requirements, consumers no longer enjoy visiting their local banks or ATMs.
Instead, with a few clicks on their smartphones, they yield significant fintech advantages, such as the convenience of processing purchases, saving, opening accounts and transactions, restricting cards, adding recipients, and so much more.
- Finance Management Application
Another of the healthy financial app startup ideas to explore is a financial planning application.
Finance management apps are gaining momentum in the industry with customers becoming more mindful of their income and savings; helping both investors and traders look forward to creating a personal finance management app.
These apps serve as a tool by which users can categorise their expenditures and profits, and monitor their details to develop a greater understanding of how to wisely and efficiently handle their finances.
As the Fintech research suggests, these apps also provide users with the ability to link all bank and credit card accounts to add and remove the details, along with billing updates. This idea is not going out of date for a long time.
- Launch a Lending Application
One of the trending apps that are becoming popular in the fintech sector are the ones for lending.
A loan financing app (also termed a P2P lending application) serves as a platform where borrowers and lenders can interact using no external financial institution’s solutions and respond to the other’s concerns.
FinTech also revamps credit by optimising vulnerability assessment, accelerating procedures of acceptance and facilitating access. Billions of people across the world can now ask for a loan through their smartphones, and funding is being extended to underserved communities through new data points and improved risk modelling.
Apart from this, without dinging their ratings, customers can submit credit reports several times a year, turning the basic framework of the lending environment more open for everyone.
- Financial Advisory Applications
Application for financial advice is also an excellent field for making a move in the economics of FinTech growth.
It is no wonder that machine learning has served as an essential factor in the FinTech sector, with vast amounts of money to be generated. The value of this AI role lies in its potential, through algorithms that have been proposed to spot patterns and threats, to run lots of data.
Such machine-learning tech serves consumers at lower costs with the best of customised and future-centred financial advice. To help them raise their after-tax income, they also evaluate their expenses and savings. Besides this, with minimal-to-no human involvement, they add convenience to the operation.
- Try Insurtech Application
Another choice that can help you experience the spotlight in the FinTech marketplace is to bring efforts into the creation of an investment application.
Since insurance is increasingly becoming a separate field of business, it still comes under the financial technology framework. Insurance has been a very cautious technology adapter. That is why, several fintech start-ups are collaborating to help simplify procedures and extend coverage with conventional insurance firms.
It’s 2020 and people are paying more attention to applications that collect investment information from various sources and allow them to measure the value of assets so they can decide what is best. The industry is facing downloads of creativity, from car insurance to wearable devices for healthcare coverage.
Come up with your ideas to kick-start your journey as successful entrepreneurs.