Finance Business Ideas In India – The introduction of technology in the banking and financial sector has changed the landscape by 180 degrees. Fintech, or the fusion of finance and technology, has not only added convenience to the ecosystem, but also made it safer, faster, and more profitable. It has offered a new set of opportunities, meets the needs of specific audiences, and even has a significant impact on other businesses.
With all these benefits and opportunities, the global fintech market is predicted to grow exponentially and be worth $309.98 billion by 2022.
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This not only shows that the global financial economy is moving towards fintech, but has also attracted a number of traditional entrepreneurs and investors to become part of this space.
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According to AliPay, it is the most used mobile payment application worldwide with 650 million users worldwide.[Since we have stated here that the global financial economy is moving towards fintech and not towards TechFin, you can check out our blog on Fintech vs TechFin for the rationale for the same].
Assuming you too are an entrepreneur who also wants to be a part of this growing market but doesn’t know which fintech business ideas will dominate the space, here we discuss 17 different options. You can also make your business successful by avoiding fintech startup failure.
The last few years have seen dramatic changes in the way people interact with their banks and enjoy banking services. Users no longer appreciate the need to visit local banks or ATMs for money transfers and other purposes. Rather, they enjoy the various benefits of digital banking, such as the ease of transacting, making investments, opening accounts and deposits, blocking cards, adding payees, and more with just a few taps on their devices.
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With these opportunities, the concept of investing in digital banking app ideas has gained tremendous momentum in the market. In 2011, the industry served only 9% of the online audience. But in just 6 years, he became part of 69% of the online audience. And what is even more interesting is that this is only the beginning! Several factors, such as the coronavirus, act as a catalyst for the growth of the market.[As we mentioned here about COVID-19, you can read more about the impact of the coronavirus on fintech banking platforms and other industries here.]
Seeing the growth in the peer-to-peer payment market, developing a P2P payment application is also a good idea.
P2P payment apps like Venmo, Google Pay, Zelle, and PayPal give consumers an unparalleled ability to instantly transfer money between bank owners, even if they’re registered with different banks and payment systems. They reduce the need for third-party intermediaries or pay any commission for any transaction.
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In addition, these fintech mobility solutions use the latest technologies, such as NFC and facial and voice biometrics, to streamline POS processing, improve risk management and ensure an optimal customer experience.
Personal finance management app is again one of the best financial app ideas to consider to dive into this market effortlessly.
As consumers become more aware of their income and savings, these apps are gaining popularity in the market; make both investors and startups want to develop personal finance app ideas.
These apps act as a weapon through which app users can categorize their expenses and income and track them in real time to better understand how to manage their finances smartly and effectively.
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Based on a set of rules for developing effective personal finance apps, these personal finance app ideas also offer the ability to easily connect all of your bank and credit card accounts for automatic data updates as well as payment reminders. And the best part is that the data is presented in a visually appealing format that increases its convenience.
Robo-advice, one of the proven ways fintech is attracting millennials, is also an excellent area to invest in the financial app development economy.
This machine learning-based software offers users the best personalized and future-oriented financial advice at a lower cost. They also analyze their expenses and investments to help them maximize their after-tax returns. In addition, they provide convenience in the process with little or no human intervention.
More interesting still, according to a report by Business Insider Intelligence, they will be managing roughly $1 trillion in assets this year and nearly $4.6 trillion by 2022. This clearly indicates that this one should be chosen among the many fintech startup ideas to manage. market in 2020 and beyond.
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Creating a financial app for P2P lending is also one of the most popular app ideas that is gaining popularity in the fintech market.
A lending app (also called a P2P lending app) acts as a marketplace where lenders and borrowers can connect and meet each other’s needs without using any financial institution’s product discovery services. For one thing, these apps allow borrowers to set maximum loan rates they can manage. On the other hand, they allow lenders to negotiate with each other to offer funds at the lowest rate. And in this way get more customers or borrowers.
These mobility solutions help financial companies comply with all local and global standards. They enable organizations to automate most of their processes, including customer identity verification, reporting and reporting, transaction tracking and reporting, etc., and increase customer retention rates. customers.
As a result, Regtech applications are among the top fintech trends of 2020 and are expected to be a $53 billion market by the end of this year.
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Putting effort into the development of trading and investing applications is another decision that can make you enjoy the attention of the market.
Nowadays, users love platforms that allow them to gain complete knowledge about stocks, stocks, forex and funds and invest effectively in them. They pay more attention to apps that collect investment data from various sources and give them the ability to calculate asset valuation and make the right decision.
With this in mind, if you want to invest in developing a stock trading app, it’s a good idea to first have a clear idea of your budget requirements. This is because lack of money can stall your project, force you to remove mandatory features from fintech app development services, delay your app release plan, and more.
Since digital wallets allow users to avoid carrying physical wallets or credit/debit cards, their market is also growing significantly. These apps give users the option to make a payment with a few taps or use biometrics while receiving lucrative coupons and offers.
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By 2024, the digital wallet market is projected to be worth $7,581.91 billion. This is enough for you to know why choose this one among several innovative app ideas for entrepreneurs to enter the financial market.
Seeing the growing impact of blockchain in fintech, using this technology to start a business is also an undeniably profitable idea.
Currently, various 2021 fintech startups and companies such as We.trade, Circle, LAToken, Veem and PayStand rely on this technology to offer countless opportunities to their target audience. Includes:
These digital finance application solutions have proven to be one of the best alternative financing models for entrepreneurs. They help them raise funds for their new or existing businesses through various individual investors and venture capitalists.
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There are currently a limited number of crowdfunding platforms like Indiegogo and Kickstarter, and the concept itself is only popular in the US and UK regions. However, these digital solutions have been found to be becoming more and more popular in the market and is predicted to be a $28.8 billion market by 2025.
As you may already know, insurance has always been a business that works alongside banks in the financial sector. On several occasions they have worked in sync with each other. And now that finance has gone fintech, insurance has also come up with its own modernized version of the solution: Insurtech. Insurance mobile app development is a powerful solution to increase your customer base and expand your business.
By incorporating the latest technologies like AI, IoT, Blockchain, Open API, and Machine Learning, this subdomain enables insurance companies to provide a seamless customer experience by analyzing tons of user data, checking market trends, and understanding emotions and needs. of the users. , which offers personalized yet fast policy comparisons, risk management and more. And that too without relying on a third party insurance broker.
For this reason, the global insurance technology market, which was valued at $1.5 billion in 2018, is expected to thrive at a CAGR of 43.0% over the period 2019-2025. Many insurtech companies are also receiving significant funding, with WeFox raising $110 million in a Series B extension funding round, a real-world example.
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It can be safely assumed