Online Finance Business Ideas – Adoption of technology in the banking and finance industry has changed the landscape 180 degrees. Fintech, the convergence of finance and technology has not only added convenience to the ecosystem, but also made it safer, faster and more profitable. It has provided a new set of opportunities, catered to the needs of underserved audiences and has had a significant impact on other businesses.
With all such benefits and opportunities, the global fintech market is expected to grow rapidly and reach $309.98 billion by 2022.
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This has not only signaled that the financial world economy is moving towards fintech, but has also attracted various entrepreneurs and traditional investors to be a part of this space.
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According to AliPay, it is the most used mobile payment app with 650 million users worldwide.[See our blog on Fintech vs Techfin to learn why, as we report here, the global financial economy is moving towards fintech and not techfin.]
Suppose you too are an entrepreneur who wants to be a part of this mushrooming market, but have no idea about the fintech business ideas that are going to rule the space, here we discuss 17 different opportunities. You can make your business succeed by preventing your fintech startup from failing.
The past few years have seen dramatic changes in the way people interact with their banks and experience banking services. Users no longer feel the need to visit their local banks or ATMs for money transfers and other purposes. They enjoy various benefits of digital banking such as transactions, investments, opening accounts and deposits easily, blocking cards, adding beneficiaries with a few taps on their devices.
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With these facilities, the concept of investing in digital banking app ideas has gained tremendous momentum in the market. The sector accounted for only 9% of online visitors in 2011. But, in just 6 years, it became part of 69% of the online audience. And the interesting thing is that this is just the beginning! Various factors like corona virus acts as a catalyst for the growth of the market.[Since we covered Covid-19 here, you can learn more about the impact of the coronavirus on banking fintech platforms and other industries.]
Seeing the growth of peer-to-peer payments in the market, how to build a P2P payment application is also a good idea.
B2B payment apps such as Venmo, Google Pay, Jelle and PayPal offer consumers the unparalleled convenience of instantly transferring money between bank holders, even when registering with different banks and payment methods. They eliminate the need for any third-party intermediaries or pay any commission fees for making any transaction.
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Furthermore, these fintech mobility solutions leverage the latest technologies such as NFC and face and voice biometric technologies to simplify POS processes, improve risk management and provide a better customer experience.
A personal finance management app is again one of the best financial app ideas to easily enter this market.
As consumers are becoming more conscious about their earnings and savings, these apps are gaining traction in the market; Personal finance encourages both investors and startups to develop 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 smartly and effectively.
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These personal finance app ideas build on the rulebook of how to create effective personal finance apps and give them easy access to all bank and credit card accounts to automatically update data with payment reminders. And the best part is, the data is displayed in a visually appealing format, which adds to their convenience.
Robo-advisory, which is one of the proven ways fintech attracts millennials, is a great area to invest in the financial app growth economy.
These machine-learning driven software provide users with better personalized and future-oriented financial advice at low cost. They analyze their expenses and investments to help them maximize their after-tax income. Besides, they add convenience to the process without human intervention.
What’s even more interesting is that they will manage about $1 trillion in funds this year and about $4.6 trillion by 2022, according to a Business Insider Intelligence report. This is a clear indication that it should be chosen from the numerous fintech startup ideas to rule. The market in 2020 and beyond.
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Developing a financial app for B2B lending is also one of the popular app ideas gaining popularity in the fintech market.
A lending app (also known as a P2P lending app) serves as a marketplace where lenders and borrowers meet each other’s needs without using the product discovery services of any financial institution. On the one hand, these applications help borrowers set the highest loan rates they can manage. On the other hand, they allow borrowers to negotiate with each other to provide funds at very low rates. Thus, get more customers or borrowers.
These mobility solutions help financial institutions comply with all local and global standards. They enable companies to automate a large part of their processes including customer identity verification, report collection and submission, transaction tracking and reporting, etc. and increase customer retention rates.
A ripple effect of this is that regtech applications have landed among the top fintech trends of 2020 and are expected to create a $53 billion market by the end of the year.
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Investing and investing in app development is another decision that will make you happy in the market.
Nowadays, users fall in love with platforms that allow them to gain comprehensive knowledge about stocks, shares, forex and funds and invest in them efficiently. They focus more on applications that enable them to gather investment data from various sources, evaluate assets and make sound decisions.
With this in mind, if you are interested in investing in stock trading app development, it is best to first have a clear idea of the budget requirements. This is because lack of funds can stall your project, force you to remove fintech app development services features, delay your app launch plans and more.
As digital wallets save users from carrying physical wallets or credit/debit cards, their market is also growing significantly. These applications allow users to pay in a few taps or use biometrics to receive attractive coupons and offers.
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By 2024, the digital wallet market is estimated to be worth $7,581.91 billion. This is enough to let you know why you should take it from various innovative app ideas to get a foothold in the entrepreneurial finance market.
Given the growing influence of blockchain in fintech, adopting this technology to start a business is also an undeniably profitable idea.
Currently, various fintech startups 2021 and companies like We.trade, Circle, LAToken, Veem and PayStand are relying on this technology to provide numerous options to their target users. including:
These digital financial application solutions are one of the best alternative financial models for entrepreneurs. They help raise funds for their new or existing companies through joint ventures from various individual contributors and venture capitalists.
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Currently, crowdfunding platforms like Indiegogo and Kickstarter are limited and the concept is only popular in the US and UK regions. However, these digital solutions have been found to be gaining traction in the market and are projected to be a $28.8 billion market by 2025.
As you know, insurance has always been a business that goes hand in hand with banking in the financial sector. They work alongside each other in various programs. Now, as finance has turned into ‘fintech’, insurance too has come up with an upgraded version of its solution – Insurtech. Insurance mobile app development is an effective solution to increase your customer base and grow your business.
This sub-domain, with the integration of latest technologies like AI, IoT, Blockchain, Open API and Machine Learning, enables insurers to provide flawless customer experience by analyzing heaps of user data, checking market trends and understanding user sentiments and needs. , offering personalized and quick policy comparison options, managing risk and more. And that too without relying on any third party insurance broker.
As such, the global insurtech market valued at USD 1.5 billion in 2018 is expected to flourish with a CAGR of 43.0% during 2019-2025. Also, many insurtech companies are getting significant funding – WeFox raising $110M in a Series B expansion funding round is a prime example.
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It’s safe to assume