Finance Consulting Business Ideas – The introduction of technology in the banking and finance 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 offered a new set of opportunities, meets the needs of niche audiences and even has a significant impact on other businesses.
With all these benefits and opportunities, the global fintech market is expected to grow exponentially and be worth $309.98 billion by 2022.
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This not only shows that the financial global economy is moving towards fintech, but it has also attracted various entrepreneurs and traditional investors to become part of this space.
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According to AliPay, it is the most used mobile payment app worldwide with 650 million users worldwide.
[Since we have stated here that the global financial economy is moving towards fintech and not TechFin, you can check our blog on Fintech vs TechFin for the reason for the same.]
Assuming that you are also an entrepreneur who also wants to be a part of this growing market, but do not know what fintech business ideas will dominate the space, here we discuss 17 different options. You can also make your business successful by preventing fintech startup failure.
Recent 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 negotiating, investing, opening accounts and deposits, blocking cards, adding beneficiaries 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 immense momentum in the market. In 2011, the industry served only 9% of the online audience. But in just 6 years, it has become part of 69% of the online audience. And what is even more interesting is that this is just the beginning! Various factors like 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 banking fintech 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 provide consumers with an unparalleled ability to instantly transfer money between bank holders—even if they’re registered with different banks and payment systems. They reduce the need for third-party intermediaries or pay any commission on any transaction.
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In addition, these fintech mobile solutions use the latest technologies such as NFC and face and voice biometrics to streamline POS processing, improve risk management and ensure an optimal customer experience.
A personal financial management application is once again one of the best financial software ideas to consider to effortlessly dive into this market.
As consumers become more aware of their income and savings, these applications are gaining popularity in the market; making investors and startups alike look forward to developing personal finance application 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 wisely and efficiently.
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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 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-advisory, one of the proven ways fintech is attracting millennials, is also a great area to invest in the financial development economy.
This machine learning based software offers users the best personalized and future-proof 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 process convenience with minimal or no human intervention.
More interestingly, according to a report by Business Insider Intelligence, they will manage about $1 trillion in assets this year and almost $4.6 trillion by 2022. This clearly indicates that this one should be chosen among the many fintech startup ideas for to manage market in 2020 and beyond.
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Building a financial app for P2P lending is also one of the most popular app ideas gaining popularity in the fintech market.
A lending program (also called a P2P lending program) functions as a marketplace where lenders and borrowers can connect and meet each other’s needs without using the product discovery services of any financial institution. On the one hand, these applications allow borrowers to set maximum loan rates that they can manage. On the other hand, they allow lenders to bargain with each other to offer funds at the lowest rate. And in this way to get more customers or borrowers.
These mobile 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 monitoring and reporting, etc., and increase customer retention rates.
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 investment and business application development is another decision that can make you enjoy the market attention.
Today, users love platforms that allow them to gain extensive knowledge about stocks, shares, forex and funds and invest in them effectively. They pay more attention to applications that collect investment data from various sources and give them the ability to calculate a valuation and make the right decision.
With this in mind, if you want to invest in stock app development, it’s a good idea to first have a clear idea of your budget requirements. This is because lack of money can slow down your project, force you to remove mandatory features from fintech software development services, delay your app launch plan and more.
As digital wallets enable users to avoid carrying physical wallets or credit/debit cards, their market is also growing significantly. These apps offer 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 predicted to be worth $7,581.91 billion. This is enough for you to know why to choose this among various innovative app ideas for entrepreneurs to enter the financial market.
Seeing the growing impact of blockchain on fintech, using this technology to start a business is also an undeniably profitable idea.
Currently, various fintech startups 2021 and companies such as We.trade, Circle, LAToken, Veem and PayStand rely on this technology to offer countless opportunities to their target audience. It includes:
These digital finance application solutions have proven to be one of the best alternative finance 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 such as Indiegogo and Kickstarter, and the concept itself is only popular in the US and UK regions. However, these digital solutions have been found increasingly popular in the market and are 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 various occasions they worked in sync with each other. And now that finance has become 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.
Incorporating the latest technologies such as AI, IoT, Blockchain, Open API and Machine Learning, this subdomain enables insurance companies to provide a seamless customer experience by analyzing masses of user data, monitoring market trends, understanding user emotions and needs. , offering personalized yet quick policy comparisons, risk management and more. And that too without relying on a third party insurance broker.
Therefore, the global insurance technology market, which was valued at USD 1.5 billion in 2018, is projected to flourish at a CAGR of 43.0% during the period 2019-2025. Many insurtech companies also receive significant funding, with WeFox raising $110 million in a Series B expansion funding round, a real-life example.
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