The fintech industry is witnessing unprecedented growth and opening doors of success for startups with innovation. Businesses, that have launched their apps, are becoming a part of the growth and maximizing their growth.
The global fintech market is expected to reach $751.5 Billion by 2032 (Source: AWS). So, business owners have the opportunity to transform their fintech startups after tapping into this growing industry.
If you are also looking to develop a fintech mobile app and disrupt the industry, then you should know about the unique fintech app ideas. These ideas will help you choose the best one and establish a strong foothold in the industry. In this blog, we’ll explore 11 unique fintech app ideas along with their work to help you choose the best one. So, let’s dive deep;
1. AI-Powered Finance Management Apps
Artificial Intelligence is transforming every industry including fintech. Many people want to manage personal finances and they can do it more effectively with the help of finance management apps. These applications utilize artificial intelligence to analyze user’s data such as income, spending, and saving.
The additional features like smart budgeting, bill reminders, and saving tips make these apps demanding. They are becoming popular because people are looking for easy ways to manage their money and these apps help them do that.
2. Investment and Robo-Advisory Apps
Investment is becoming the new normal in the world because a lot of people are investing and they crave for seamless experience. With the rise of robo-advisory apps, the investment sector has been revolutionized.
These applications leverage algorithms to automate investment decisions. Robo-advisory apps are easy to use for beginners who want to invest in stocks, bonds, ETFs, and other assets.
These apps are in demand due to their accessibility to everyday users. Robinhood is a popular investment app and building a fintech app like Robinhood can be beneficial to unlock growth. Remember to offer advanced features to stand out from the competition.
3. Peer-to-Peer (P2P) Lending Apps
P2P lending apps are growing massively because they allow lenders and borrowers to lend or borrow money without the interference of any third party or traditional bank. The application acts as an intermediary and it connects borrowers looking for loans with individuals or businesses wanting to lend money at better interest rates. These applications are in demand because they eliminate the need for traditional banks to lend money.
4. Cryptocurrency Wallet Apps
Cryptocurrencies are gaining traction in the market and they are unlocking the door of a whole new world. Building cryptocurrency wallet apps can be a big advantage for businesses looking to build a future-ready mobile app. These apps allow users to buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, and more.
Digital currencies are gaining popularity among the people. Building secure, easy-to-use apps to trade and store cryptocurrencies is becoming essential because it will gain attention among the people.
5. Digital Wallets
Digital wallets eliminate the need for carrying physical wallets or credit/debit cards for users. Their market is also rising because they allow users to make payments in just a few taps, getting lucrative coupons and offers in return. A popular example of a digital wallet is Google Pay. Google Pay, and PayPal.
These apps offer enhanced security through encryption and biometric authentication. They are popular due to their ability to provide the feature of safe and quick transactions. The world is shifting towards digital payments so these apps are becoming popular among the audience.
6. Micro-Investing Apps
Micro-investing applications allow users to invest small amounts of money into a diversified portfolio. These applications are gaining prominence because they allow users to invest even $1 which means they are beginner-friendly. These applications are in demand due to their easy-to-use interfaces. These apps target youth or Gen Z users and allow them to invest in stocks, bonds, or ETFs.
7. RegTech Apps
RegTech apps (Regulatory Technology) are digital tools that are designed to help companies comply with regulatory requirements effectively. These apps utilize advanced technologies like Artificial Intelligence (AI) and machine learning (ML). blockchain, and big data to optimize compliance processes in heavily regulated industries such as finance, insurance, and healthcare.
These apps are popular because they automate the monitoring of regulatory frameworks, and identify, assess, and mitigate risks with non-compliance. They also use AI to prevent security risks.
8. Expense Management Apps
Nowadays, people fail to monitor their expenses and they spend a lot of money on a daily basis. An expense management app can be helpful for a lot of people to manage their expenses and track their monthly spending.
These apps can reduce the burden of an individual because he can seamlessly track daily, weekly, and monthly spending with the help of an expense management app. These apps are in demand because they eliminate the need for managing a lot of sheets and allow them to track the spending within the app.
9. Crowdfunding Solutions
Crowdfunding is emerging as one of the popular fintech app ideas for startups. These apps help startups raise funds for their new or existing enterprises via shared efforts from different contributors and venture capitalists.
The crowdfunding app market is growing and you can also be a part of this industry. Popular examples of fundraising platforms are Kickstarter, Indiegogo, and GoFundMe which provide a variety of options and target a sizeable fan base.
10. Blockchain-Based Payment Systems
Blockchain is an emerging technology that is reshaping security with innovation. This technology has the power to reshape payments by speeding them, making them more secure, and less costly. These applications are essential to eliminate the need for offering direct, peer-to-peer transactions that are secure, seamless, and transparent. These fintech apps are in demand because they allow efficient payment solutions and blockchain is emerging as a trusted technology in reducing transaction costs.
11. Payday Loan App
Payday loan apps are gaining prominence because they allow individuals to invest and earn money. These applications can provide users a particular sum as a loan in their difficult time like bill payments, hospital expenses, or EMIs.
Users need to follow a simple process to use the app. All they need to do is apply for loans, upload important documents, and set up repayment schedules with timely notifications. You need to prioritize user experience and transparency to make an app that caters to the audience and helps businesses transform in the fintech landscape.
Wrapping Up
We hope these app ideas for the fintech industry have helped you pick the right idea to achieve success in the competitive fintech landscape. Now that you know about the demanding app ideas, you must be feeling motivated to go out on your adventure of building a cutting-edge fintech app.
After narrowing down your favorite idea, you need to partner with an experienced fintech app development company. Ensure that the company has extensive experience in building future-ready FinTech apps so you can achieve your business goals.