Are you thinking about creating a finance startup and in need of good advice on what to pay attention to about developing your app? Welcome. The information lives here.
FinTech apps – some about our reality
A FinTech application is a mobile or web app related to financial services. The app is characterized by personalization, simplicity, broad functionality, and high-level security and can work for individual users or companies. It functions as the bridge between the sellers and the buyers, executing the connection and removing the middleman.
Fintech apps are incredibly common now, as most financial services take place in digital format – right on your PC or smartphone. Services have become more efficient, faster, and more convenient. Almost 80% of people use fintech applications on their phones and do not stand in tedious lines at ATMs. While performing operations comes down to step-by-step instructions and filling in the forms in the application.
There are several types of FinTech applications that will make your customers’ lives easier, depending on the financial sphere:
- Digital banking
- P2P Payments
- Consumer Lending
- Investment and trade finance
- Personal finance management applications
- Account reminder apps
- Crowdfunding app for financial startups
- Crypto trading
Let’s look at some of the applications in detail. The development prices vary widely because the final cost will depend on the set of the app features, choice of the development team, country of production, whether you have a full-time team or not, and much more.
Digital banking is no longer the future but the present. People use electronic payment services every day, checking the history of transactions, current balance, finding the nearest bank branches, and the location of ATMs. And given the importance and high degree of security of the application, its development can take about a year.
The concept is close to digital banking, but the main point is the automated money transfer from one person to another. This type of app has become common because many countries in the world move away from cash P2P payments are the next step in the fintech operation development. The security of the peer-to-peer method is due to the introduction of new technology, DLT.
Investment and trade finance
Such an app will help potential investors understand the stock market and trading. The app can contain general information, tips and statistics, charts, cost indicators, and the dynamic changes in the stock situation. You can include an expert opinion section, personal consultations, online widgets, and more into the software. The market value of these trading apps will only grow in the future.
A lending app is a new kind of money-making for startups. Here the loan applicant and the lender find common ground. Integration to the app ML technology lets the platform identify unreliable clients and prevent fraud. Such software lets people apply for a loan or provide the funds, negotiate, and quickly and easily manage the process without the intermediate.
Investment into any of the fintech app development projects mentioned above is a very strong strategical approach to business development. Any of these apps are in high demand on the market, and you need to act now, till the fintech niche is not overcrowded with advanced solutions. Gaining your loyal customers today can be much easier than in the flow of several years when the majority of innovators will stick to the particular platforms, and the market will become oversaturated.