Nowadays, because of new technologies and innovation, all sectors have greater opportunities to enhance their businesses, and fintech is number one in this domain. These technologies and innovations greatly affect the traditional financial platform.
Now, clients can easily integrate with financial services by sitting in their homes or offices via digital solutions. They are very convenient in their cash management and save money when transferring.
Also, note that fintech app development services are crucial in this industry, especially for startups. Making an app in-house can be very costly, and that is why businesses mostly outsource it.
You can also do that if you want to build a fintech app with us. We have the best fintech-experienced coders and QA specialists. Call us anytime.
So, in this blog, we will discuss some ideas for fintech startups that are unaware of how digitalization can influence their business and customers alike.
So, let’s start by taking a look at some of the top 8 helpful fintech startup ideas in 2024.
8 Best Fintech App Ideas of 2024
- Digital Banking App
This is the most powerful and useful fintech app development idea that fintech startups can work on. Now, almost every bank in the world gives digital banking facilities via app to its B2B and B2C clients.
Even now, after the emergence of AI, ML, and blockchain, IoT has made such app facilities more important to implement in fintech businesses.
Clients must go to banks, deal with the customer service department or ATMs, or check their balance or money transfers. All you need to do is call the CSR team for a few pieces of information, and your Internet banking is enabled within a few hours, depending on the bank you are dealing with.
The pro you got this is easy and secure transactions, blocking cards, opening/closing accounts, adding beneficiaries, investing options, and much more.
According to Research from Grand View, the size of the digital banking market will be around 20.8 billion dollars in 2021. This has the potential to rise from 2022 to 2030 at a 20.5% CAGR.
- Peer-to-peer lending App
Peer-to-peer lending is when one person takes a loan from another person as per the terms and conditions of the lender on a monthly basis.
This “peer-to-peer lending” platform is like an online market where lenders publish or post certain offers regarding loans to borrowers with the amount and all their terms mentioned. It is like a personal loan for those people who prefer not to go to banks or institutions.
With an app, a fintech startup can act as an intermediary and build an intuitive app where users can select offers and deal details and track their payment movement.
- Personal Finance Management App
Another powerful idea is that a fintech startup can make a real personal financial management app. As people are now sensitive regarding their savings and earnings, these apps can take a grip on the finance world. Clients that want to be very cautious about arranging, managing, budgeting, controlling, checking, planning, and storing their daily financial funds can benefit from this app.
Startups, as well as investors, can simultaneously benefit from this leverage in their business or investment.
Such apps can act as a robust tool where users can conveniently categorize their expenses, earnings, and savings. They can track and control all these in real time and plan for their near future. Also, users can have strong understanding in their financial management using this app.
With this fintech mobile app development, you can allow the user to link their credit debit card accounts to all banks or any financial institution for data updating with automatic payment reminders.
As per the research, the financial app market has a value of 1.1 billion dollars as of 2022. By 2030, this can rise to 450.8 billion dollars, with an estimated CAGR of 24% between 2024 and 2030.
- Trading & investing App
Such an app is for micro investors or those investors who have miner cash to invest; here, they trade their financial assets such as stock, or they can lock up funds for 24 hours.
Investing and trading are defined parts of fintech, and that is why startups should also include them in the list of fintech app development ideas.
The ideas are valuable for newborn entrepreneurs, and they can easily use them via smartphones. For them, it can be like a real-life stock exchange for stocks to buy and sell.
These trading and investing apps are worth working on because most investors with limited cash want to invest in stocks now due to financial market growth, so this Trading & investing App” can be the best platform for them.
A great real-life example of Google’s “Robinhood app” is best for investing in fraction shares. It offers commission-free trades to buy/sell stocks, ETFs, options, and cryptocurrencies. The app has an intuitive, catchy UI and is designed to give users clear information.
- Robo Advising App
Unlike traditional advising, robo-advising is a platform that helps investors by advising investment management, personalized portfolio recommendations, and financial planning services. It automatically advises you about your financial goal, risk tolerance, and investment timeline via algorithms.
Such fintech mobile app development ideas can be great for millennials.
Such an ML-based app can be the best option for getting the best financial advice at a lower cost, unlike traditional advising, which charges a higher cost. With such an app, users can get support in raising their after-tax returns after analyzing their investments and expenditures.
Later, they can utilize a leading tax preparation software called TurboTax to analyze their after-tax returns. Besides this, this robo-advising app is convenient for users with zero human interruption.
As we move to 2028, there is an expectation that the robo-advisor market will reach 7.270 million users.
- Insurtech apps
This app can be for those private folks who are looking for insurance for personal needs— a good fintech app development concept, especially if you give insurance services directly or indirectly.
Such an insurance app uses data science and artificial intelligence to gather, process, and evaluate client data. The app then detects the risks involved and enables the insurance underwriting procedure.
This fintech app development idea can help insurance firms (of any type) improve the quality of their client service areas and accelerate operations.
Take a real-life example of a healthcare insurance app called “myCignia” by Cignia, a global healthcare firm that supports clients’ users regarding health insurance by tracking their healthcare expenses.
Another example is a vehicle insurance app called Allstate Mobile. Here, users can easily submit claims. This app has many other features for cardholders.
- Digital Wallets
With the rise of blockchain, digital wallets are gaining fame in fintech as people are afraid to hold cash in physical wallets or debit/credit cards. Make a digital wallet app or e-wallet that stores your virtual version of your credit/debit card.
During the payment, that app builds a random number as a single time-use token for the payment processing rather than using the merchant’s actual card number. Ensure your personal info remains safe and secure.
Users can, with a few clicks, get, in return, profitable coupons and big offers.
According to research from Grand View, digital wallets are worth about 7.42 billion globally. Between 2023 and 2023, this is expected to grow at a CAGR of 28.3%.
Due to its power to simplify transactions, along with other related pros, businesses should consider making a digital wallet app for their clients to penetrate the fintech market.
- Blockchain Apps
Blockchain is taking a lead position in the fintech market. Now, everyone is embracing this tech due to its ability to simplify the mortgage lending process and allow cryptocurrency exchanges, digital wallets, and smart contracts.
As of now, multiple fintech startups, such as PayStand, LAToken, We.trade, and Circle, are applying this decentralized, financially secure technology to their businesses.
- Data is encrypted and spread across a network of computers with no hacking or tampering.
- Records of transactions in a chronological and immutable manner on a public ledger.
- Smart contracts, self-executing contracts storage.
It can serve as a decentralized autonomous organization (DAO). In this, members perform in accordance with the rules that are strictly defined to convey what members are allowable, what business actions are to be performed, and how to exchange funds or tokens.
Develop Your Fintech App with Sky Potentials US
Now, as you are familiar with the eight most rewarding fintech ideas for your startup, it’s a moment to take some action and take any of these app ideas into actual form by partnering with the most powerful and reliable fintech services provider called “Sky Potential US.”
As a leading fintech app development services provider in the USA, we have a team that is extremely experienced in providing fintech solutions.
Our AI app development services build a fintech app that fits your needs. We understand your business goals and objectives, have regular sessions with you, and create an app that ensures your product aligns with your business needs.
Our expertise is our deep understanding of the fintech world and how this industry works and is evolving. In the past years, we have supported hundreds of SMEs and startups in their app development projects.
Get our app development services and live chat with our team about any fintech app idea.
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