#fintechtips Archives

Fintech impacts on Business

Posted on 10/10/202011/06/2021 by Tushar

The Finance world, while having established itself as a secure industry is also the one that frequently becomes the victim of a number of glaring issues like lack of transparency, a still less real-time ecosystem, and a case of slow digitized adoption.

All the prevalent bickering, questioning voices when meet with issues like the 2017’s attack of a Trojan horse virus Ramnit which affected the financial sector widely, accounting for around 53% of attacks, becomes a voice seeking complete transformation.

A transformation that 2019-2020 is expected to bring with it.

Attacks like this and several others, along with the need to bridge the gap between the general population and the real-time access of their money, has brought up a dire need of adding technological innovations into the traditional financial processes to improve its status quo and deliver better services to the end users.

A technological innovation known as Fintech.

Fintech or Financial technology is revamping the Financial as well as other business verticals by significant numbers. The pace at which FinTech is moving has ensured that the popularized segment will contribute to 25% of the revenues that the Financial sector would draw.

This has increased the necessity to develop a Fintech app and embrace the Fintech solutions into our business, about which we will discuss in this blog – starting with the importance of considering Fintech app development.

Why Invest in Fintech App Development in 2019-2020?

From Coinbase to Avant, Credit Karma, Mint, and Stripe, several fintech solutions have changed the way companies have been doing business so far. They have transformed the traditional business models and made it necessary for businesses to invest in Fintech mobile app development in 2020 and beyond, if they wish to avail benefits such as:-

1.Easier Payment Process

The foremost reason to develop a Fintech app in 2019-2020 for businesses is easier payment process. The Fintech solutions prevent the consumers and business owners from going through the cumbersome, time-consuming process of cash and credit/debit card based payment. The transactions can be easily made online using banking apps, digital wallets and even Cryptocurrencies (which are gradually resulting in the rise of Blockchain wallets in the market).

*Side Note* Fintech, by embracing Blockchain technology, is not just set to revamp the future of transaction, but has eliminated the intermediaries, added transparency and security to the process, and accelerated the whole mechanism, which has brought a sense of satisfaction among both the customers and business owners.

2.Evaluating Risks Effectively

Fintech solutions have taken the market by storm by making it easier to predict and overcome risks. It scans a vast amount of information from different sources and uses a wiser approach while lending loan or making any transaction, which is cutting down the risk of errors and frauds.

3.Faster Investment

Fintech has eliminated the need of hiring a human financial advisor by providing 24×7 consultation and advice through mobile apps. This has accelerated the process as well as provided us escape from biased suggestions. Besides, Fintech solutions have brought the banking and non-banking organizations on the same platform which has opened new doors for Entrepreneurs in terms of gaining loans and investments.

4.Lower Cost

As per the market insights, the primary challenge to entry into the financial business has been cost. By making the financial services available on devices that millions of people have, i.e. smartphones, Fintech has improved the PoS (Point of Sales) system and cut down the expenses of the businesses, along with gaining sophisticated analytics data to better engage their audience.

While these are some of the prime reasons making investment in Fintech a profitable deal, there are various factors that have placed Fintech at a prominent place in not just the present but also the future of a number of business segments.

Something that we are cover now.

What makes Fintech the Driving Force of Future Businesses?

Fintech is proving to be a disruptive force for the financial and other business verticals. It is helping them improve their business models and lessen the associated risks – be it payment, lending process, wealth management, or any other such finance-related activity.

The technology is adding higher value to the consumer experience and market strategies by incorporating cutting-edge techniques and tactics into the process, which is eventually drawing the time of disruption of the future of business world.

A few factors that are ensuring the prominent presence of FinTech in the world around us are:

1.Rise of Millenials

The foremost factor that made Fintech a disruptive force in the business world is the millennial generation. The millennials highly depend on social media platforms for gaining information or financial advice, which has been a challenge for the conventional financial institutions. They are more demanding and less loyal – asking for personalized services at the speed of light.

As per a report, 1 out of 3 millennials changes their bank in every three months in hope of getting desired experience, which is increasing the need for technological advancement in the Financial industry, i.e, the rise of Fintech solutions.

Fintech startups and established companies, as compared to the conventional financial institutions, are offering better services at data utilization and customizing the options as per the users’ needs and preferences using technologies like artificial intelligence for finance, which is making millennials far more satisfied and helping businesses gain higher revenue.

2.Payment Apps and Digital Wallets

The surplus use of P2P payment apps and digital wallets, has not just bought a rise in the query on how to develop a P2P app, but is also proving Fintech to be a disruptive force in the market. These payment apps and digital wallets are providing users with quick and secure access to their money and send/receive any amount at any time and pay their utility bills without running for their pocket or purse.

This convenience is gaining higher momentum in the market and encouraging the business to invest in Fintech app development, in an ode to join the list of most frequently used payment apps.

Now as you know what factors make Fintech a catalyst in the business world, let’s look into the impact of Fintech on different sector:-

Different Sectors Where Fintech is Bringing Considerable Changes:-

After revolutionizing the different process of banking sector, the Fintech technology has moved on to creating a considerable impact on other prominent businesses. But before we explore each business vertical individually, let’s look into what percentage of respondents in different industries think that Fintech will disrupt their domain, as shared in the image below:-

1.On-demand Economy

Fintech is transforming the On-demand economy in a multitude of ways – both for customers and drivers.

It is making the ride payment process one that is not suffering from any time lags by allowing users to connect their bank account with the ride-sharing apps, thus preventing any daly and time gap.

It is providing drivers with small business banking tools like expense management and automatic invoices which will ease the financial processes and upgrade their productivity.

The impact of FinTech in Ride-Sharing economy is so much so that in 2019, various insurance companies and Fintech startups will also invest heavily in the taxi-hailing industry, offering all the services to the users on the same platform. In addition to this, the top Blockchain-based Fintech apps like Coinbase will increase their interest in promoting making transactions and sharing e-gift cards in the On-demand mobile apps.

2.Healthcare

Fintech is spawning new opportunities in the healthcare industry, helping with mitigation of the current challenges and providing exemplary experience to both the patients and healthcare service providers.

On one side, the Financial technology is serving the industry with seamless payment solutions, while, on the other side, it is, in 2019-2020, poised to pave new ways for several lending and insurance purpose. Various medtech startups have added Fintech to their services in an ode to provide all the medical-related services under one roof, an example of which is Practo.

Also, a significant rise will be observed in the adoption of Blockchain technology in Healthcare industry, implying payment will be possible through virtual currencies (Cryptocurrencies) in addition to a higher level of data security through Smart Contracts.

3.Retail

The retail industry is enjoying a wave of revolution with Fintech app development, especially in the payment and customer experience facet. It is providing users with an omnichannel experience, making it possible for the customers to interact with the Retail stores via different platforms. It is also simplifying the payment and checkout process, helping the retailers to cater to a wider audience. Two relevant examples of the impact of Fintech app solutions on Retail business are Fingopay and Perpule.

It is not over yet. In 2019-2020, it is estimated that the technology will boost the marketing strategy by empowering retailers to know what order have the customers ordered, paid for and returned and thus, plan a loyalty program accordingly.

Besides this, digital payment apps and social messaging apps will coincide, implying 2020 and beyond will make it possible to perform retail centered payment from all the social media apps and message via payment apps. The retail platform, through the payment gateway integration process will aim at creating an omni-channel presence by making it possible for the users to checkout from everywhere – the app, website and social media.

4.Government Ruled Banks

Fintech is also reinforcing the government banks by offering them multiple digital services and platforms to connect with users and deliver transparent and impactful solutions. One way through which they would be achieving this, is through the introduction of Open banking.

Open banking- a collaborative model where banking data can be shared among two or more independent parties via APIs – enables the government organizations to enhance customer experience, generate better revenue, and build a sustainable service model for conventionally underserved markets via a decentralized approach which is far beyond lending and data sharing. This is empowering multiple fintech innovators as well as various one-off bank agreements, which was not possible with the traditional financial industry model.

5.Crowdfunding

Earlier, it was tough to gain visibility in the market and raise fund effectively due to lack of platforms, resources and historical data preventing startups and established brands from getting into the claws of the frauds. But, with the introduction of Fintech apps, the Crowdfunding process is becoming a lot more streamlined. The technology is bringing more effective and profitable approaches by fostering P2P payment, easing the process of follow up with the investors and assisting the fundraising process.

It is also encouraging established financial services institutions like banks and NBFC to turn towards online fundraising platforms to extend their reach and offer better services in the market as “alternative investment”. In this way, fintech technology is contributing to bridge the gap between public and private investment, which will open up new avenues to get funds from.

Though we have covered why and how Fintech application development is bringing a major impact on the business world, having a look at the future fintech trends can help you plan a better strategy. So taking the same thought forward, here are some of the Fintech app development trends to expect in the year 2020 and beyond:-

FinTech App Development Trends for 2020 & Beyond

There are a number of technologies and trends that will become more apparent in Fintech realm in 2019-2020 and foster innovation in different business verticals. Such as –

1.Blockchain will Become a Prominent Part of Fintech Strategy

Blockchain, the technology behind Bitcoin and Cryptocurrencies, have already been considered to improve the Financial services across different sectors.

While the impact of Blockchain on Fintech has mainly been restricted to banking and other sectors for trading and supply chain management, by 2020, the technology will create more opportunities in the field of Payments Infrastructure, Digital Identity Management and Funds Transfer Infrastructure. It will be considered by 70% of financial companies for creating immutable record of their sensitive financial information and use them safely and securely.

In addition to this, the blockchain and fintech convergence will reduce the number of unbanked from 1.7 billion to less than 1 billion by the end of 2020.

2.AI will Enhance Financial Consumer Strategy

The fact that Artificial Intelligence is one of the biggest disruptions in the business economy with almost every business vertical either embracing the technology or planning to add it into their process by the next 5 years (as shown in the image below), Fintech mobile app developers will show a profound interest in this technology.

Fintech organizations and development companies will add AI, Machine Learning and Predictive analytics to their tech stack to understand the customer behavior, choices and preferences, and deliver better customer experience along with automating a significant amount of work at their end.

3.New Payment Solutions will be Introduced

With the advent of mobile payment solutions, visitations to banks have reduced by significant value and it is further expected to drop by 36% by the year 2022. In the same time period, mobile payments will grow by 121% with over 90% of users expected to be turning towards digital wallets and contactless payment solutions.

Besides, a major disruption will be noticed in this context with the adoption of Bitcoin and other cryptocurrencies because of their characteristics like faster transactions, ease of cross-border payment and enhancement in infrastructure. It will all ultimately result in an heightened investment in Blockchain Wallets – a decentralized concept that we have talked about in great lengths in our Blockchain Wallet guide.

4.CyberSecurity will Get More Attention

According to a PWC survey, 69% of financial services’ CEOs admitted to be more concerned about cyber-threats, when compared to those belonging to other sectors. They further shared that though they are employing various cutting-edge technologies, the security threats are continuing to exist due to involvement of third-party traders, complex technologies concepts, cross-border information exchange, etc. As a result, the cyber intruders are able to steal sensitive information and make millions of dollars, as we have seen in the case of Bangladesh’s central bank.

To combat such situations, the organizations will embrace different Fintech technologies – majorly Big Data and Biometric authentication. They will employ Big Data to analyze and predict the upcoming internal and external security issues and respond at the earliest. Besides, they will add biometric authentication to their processes to ensure that no unauthorized person could get access to their data, which will increase security, build trust and reduce the efforts and cost of securing their data via traditional means.

5.Digital-Only Banks will Gain Momentum

With the increasing mobile based banking and other financial solutions, there will be lower-to-no need of a traditional bank in the future. This will boost the concept of Digital-only banks, i.e, banks that have no brick-and-mortar outlets but provide the users with an access to all the banking resources and services virtually and swiftly.

6.Higher Investment Will be Made in Fintech

As shown in the graph below, the Fintech investments have risen from less than $1M in 2014 to more than $20M by the end of the year 2018, and these numbers are expected to increase in the coming years – making Fintech one of the revolutionary sectors in the coming 4-5 years.

Besides, there are more than 20 fintech unicorns right now, with 50% of them raised their growth exponentially in 2018 and five of them made debut in the list. Many more newcomers are expected to follow the same roadmap and deliver innovative financial products to consumers and enjoy better ROI, as shown in the image below.

Fintech, as we have covered in this article, has opened up a new world of opportunities for the business world – helping them deliver more innovative services, make better profits and that too on a fraction of money they have been investing earlier.

The segment has been bringing a major impact on the present and future of the business world, implying every business owner need to look forward to investing in Fintech app development to provide the users with higher value and generate higher revenue.

So, contact our team today to add the optimal fintech solutions to your business model.

Most Popular Mobile Payment Apps

Posted on 20/09/202011/06/2021 by Tushar

Whenever we talk about the latest trends that the mobile app development companies will be hit by in the coming times, one of the trends among the top 10 is mobile payment apps.

With the industry expecting to benefit over $86 Billions from the domain’s mass adoption, mobile payment apps are on a sure shot growth chart – both in terms of users and the generated revenue.

Although, seeing the users shift from currency notes to mobility, a number of brands have emerged in the revolutionary field, there are only a few which the users have grown accustomed with and are using for their everyday transactions.

In this article, we will look into the seven mobile payment apps – both for fiat money and cryptocurrency that are now witnessing maximum downloads and acceptance.

But, before we begin, let us look into the various type of mobile payment options that are presently in the market.

Different Type of Mobile App Payments

1. SMS Payments

SMS based mobile app payments simply mean paying for a product through a text message that is sent by one user to another. Since it does not involve knowing the card and bank details, it is considered one of the most safest and credible mPayment methods.There are websites like instamojo that offer payment gateways to aid SMS Payments. What they do is that they create payment links which can be then send over to the customers or your friends, who get multiple payment options like Net Banking/ Debit and Credit Card/ UPI/ Wallets when they open the link.

2. Mobile Wallets

Popular examples of Mobile Wallet Apps would be Apple Pay and Google Pay. The idea of Mobile Wallet app or the answer to how mobile wallet works is that it is a platform where you can save your card information, so that when you buy products, you won’t need to carry your card with you, physically, card on you. Apart from aiding direct purchases with the ease of saved card information, users can also make on spot purchases through barcode and fingertip scan induced payments, which come packaged as part of their smartphone app. Since mobile wallets deal with bank information, they make use of the EMV technology which includes creation of one time password that is then sent to the user’s bank to verify.

3. NFC

Although a fairly new entrant in the mobile payment market, NFC payment apps have already themselves a widespread adoption. Using the Near Field Communication technology, smartphones connect with each other or with Point of Sale devices and then payment can be made with the help of radio frequency identification method. But, in order to make successful NFC payments, the devices need to be at least 4 inches close to each other.

4. WAP Payments

WAP Payments mean making payments on a web page or application through an active internet network. Whenever users directly buy a product off a website from their smartphone, without going through mobile apps that save their card information, they are making WAP Payments. For Example: Suppose you like a shirt on Amazon, now when you make payment on Amazon by filling in your bank account data, you are doing a Mobile WAP Payment. Almost all your other mode of Mobile Payments such as mobile wallets, sms payments, are a part of WAP Payment.

Now that you know the different ways you can make payments using nothing but your smartphone, here are the mobile payment apps for business and P2P payments that are currently witnessing maximum demand from the 59% of global millennials who are on a verge of kicking currency notes out of their life and becoming 100% digital, money transaction wise.

The Most In-Demand mWallet/mPayment Apps

Here is the list of the top 10 Payment and Mobile Wallet Apps for Android and iOS that have gained immense popularity for themselves within a decade (as for the cryptocurrency ones, within a time span of two years).

Smartphone Apps Used for Making Payments

Apple Pay

Apple Pay app is present on every iPhone device on and after iPhone 6 and iPhone 6 Plus. The app that has created new standards for iPhone application development companies, is accepted as a mode of payment in over millions stores worldwide like Trader Joe’s, Staples, and Walgreens, among a number of other international retail chain.

Moreover, using Apple Pay, users can purchase stuff off from Safari browser. There are a number of online stores, which also accept Apple Pay option at the time of checkout. The application is present for use in the United States along with a number of other countries.

Android Pay

Available for download in the Android devices, Android Pay app is also accepted at over million of U.S. restaurants and stores such as Jamba Juice, Babies “R” Us, and Fuddruckers.

The application also help users make purchases online when you are using Chrome as browser or are initiating some in-app transactions. At the checkout stage, Android Pay auto-fills the payment and address information, which allows users to skip the tiresome process of manually filling in the information, completely. With the perks that Android Pay comes with, make it one of the best mobile payment apps for business.

PayPal

Making mobile payments using PayPal is one of the easiest and most convenient modes of transactions. The users only need to link the PayPal account with phone, set a PIN and go ahead with completing the checkout process at an accepted payment terminal.

PayPal makes transactions safer by giving the merchants payment and not card detail or other bank information. The popularity that comes attached with the application has gained it over 227 million active users.

Smartphone Apps Used For Making Peer to peer Payments

Venmo

Venmo is a free of charge money-transfer application introduces by PayPal, which allows the users to securely and quickly request or send money among family and friends only with a touch on their mobile app. The application is available in both iOS and in a wallet app for Android version.It needs you to create an account via Facebook or email. Once you are set up, all you have to do is link and then verify the bank account details including the debit and credit card info and you’ll be ready to begin. Money can be transferred from your Venmo to the bank account within 24 hours.

Google Wallet

Available for download on both iOS and Android devices, The app enables users to send, ask for, and then receive the payments from people they know. Operative primarily in the United States, it is prerequisite for the users to have the phone number and email address of their peers whom they are sending or asking money from. All the transfers are done through the debit card information that is registered on the app. Google Wallet charges no fees for money transfer.

Cryptocurrency Wallet Apps for Smartphones

Jaxx

Jaxx is one of the renowned blockchain digital wallets that make it easy, safe, and convenient to carry your cryptocurrencies around.

The app comes in all – Android, iOS, and Desktop versions. It utilizes a mnemonic seed for backing up the wallet or for transferring it to another device. The app enables you to scan the QR code, get funds, view the crypto holdings, among a number of other services, all within the scope of a single intuitive app.It comes with a number of advanced features as well, like multiple platforms wallet linkage and shapeshift integration. These features make the app an ideal wallet for the technology savvy group of users.The only shortcoming with this one crypto wallet app is – it comes with quite a steep learning graph, and the features may or may not work equally well with every single one of the new integrations. But in some more time and with some tweaks, the app will establish itself as a reliable solution.

Bitcoin Wallet App by Coinbase

The Bitcoin Wallet app is one popular app, which enables you to manage your personally held Bitcoins. The app is backed by crypto brains at Coinbase – a name that attaches automatic trust with Bitcoin Wallet. Using the application, one can easily sell, buy, and even spend their Bitcoins, all the while managing their crpto account.

One can think of The Bitcoin Wallet app as the PayPal app, but only for Bitcoins. Using it, users can even request and send Bitcoins to other people. The safety feature that it comes attached with, allows its users to remotely disable the access to their phone in case the device is stolen or lost. The user interface that the app comes with is pretty good with a lot of Google Material Design beauty.

Build an Effective Personal Finance Application

Posted on 18/06/202007/06/2021 by Anteelo Master

Let’s be honest! We all want to live in a world where our finances are managed judiciously and our money is being saved automatically. Earlier people used complex accounting systems, today’s world is way more simple because a finance app can save the day. Why worry when there is an app for everything?

According to Statista, total transaction value in personal finance is expected to show an annual growth rate (CAGR 2020-2024) of 25.0% resulting in a projected total amount of US$1,715,072m by 2024. This, in turn, is bringing the global personal finance management market on a growth spurt.

I am well aware of the fact that there are a number of such finance apps in the market today but I am here to guide you about your personal finance app idea. With the right approach, you can easily join the market leaders. So let’s get on to business, shall we?

What is personal finance?

In simple words, personal finance entails all the financial decisions and activities that an individual makes. It is all about planning your financial short term and long term goals for example, buying a new car, investing in a new home, saving for your child’s education or planning your retirement. Certainly, it depends on various factors like your income, lifestyle, expenses, individual goals etc.

The sector is an amalgamation of multiple Fintech categories that bring the best of the domain on users’ fingertips.

With consumers getting more conscious about their earnings and savings, personal finance apps are gaining traction in the market; making both investors and startups look ahead to developing a personal finance app.

Personal finance management mainly constitutes of:

Budgeting
Planning
Taxes and insurance
Saving
Investing
Keeping emergency fund for future

Financial literacy is very important in order to make the most out of your income and savings.

What is the role of a personal finance app?

Finance apps make your life easier by helping you to manage your finances efficiently. A personal finance app will not only help you with budgeting and accounting but also give you helpful insights about money management. It gives users various investment options, tax advice, insurance inputs and above all, a proper security system. The extensive role of a personal finance app makes them a key part of the Fintech trends list.

Types of finance apps

There are many market leaders when it comes to finance apps but we can roughly divide it into two main categories – simple apps with manual data entry process and complex apps with automated entry process. Let’s dig a little deeper!

1. Simple finance apps

As the name suggests, these are the simplest apps to track income and expenditures. These apps generally work on manual information inputs.

Pros:

The risk factor is zero since no bank accounts are linked to these apps.
These apps are very cheap when it comes to the personal finance app development process.

Cons:

The human error rate is high because of the manual data entry process.
The entire process is time taking.

2. Complex finance apps

The complex finance apps are more advanced. They allow users to link their bank accounts and cards, through which data is synchronized automatically.

Pros:

These apps are generally a lot more all-encompassing. They allow users to perform a series of tasks in place of a limited few.
The efficiency of complex finance apps is high since they save valuable time for the user.
Real-time transaction updates so the user is always conscious about the money management process.

Cons:

The cost of the development process for these apps is generally high.
It is important to invest more on security since the app deals with confidential and crucial data.

Key financial app features to make your finance app a big hit

1. Account integration

Make sure your financial management software accumulates all financial accounts of the consumer, for example credit cards, debit cards, loans, mutual funds, etc. Your finance app should be a one-stop solution for everything related to or required for money management.

2. Security

With such confidential details and credentials comes great responsibility. This is one of the key lessons that businesses can learn from Fintech companies. Creating a finance management app is one thing but making a secure one is completely a different story. There are many technologies that can help keep your money less vulnerable and more secure. Some of these technologies are listed below:

Biometric security measurements: It involves unique characteristics of a person, such as voice or fingerprint patterns. With biometrics, it can be extremely difficult for someone to break into your money management app.
Multi-factor authentication: This adds on an extra coating of security. Two-factor authentication process makes it even harder for attackers to gain access to a consumer’s sensitive information.
Real-time alerts: It is important that your finance management app notifies users in real time. Customers develop great confidence when they know for a fact that they will receive a notification if anyone is trying to access their account or personal information.

3. AI algorithms

There are many ways AI is reforming the mobile app industry in terms of user engagement and developer app revenue. Artificial intelligence algorithms will help you personalize the user experience. Let’s discuss how AI can make personal finance management more effective.

AI will help you incorporate expenditure categorization. This will aim to classify the cost spent on a specific category for example, medical, entertainment, groceries, investment, etc.
AI also looks into expenditure analytics, which automatically updates and provides you with data visualization of your money spent on each category.

4. AI chatbots for useful advice

AI chatbots provide access to all of a customer’s data. Further the app can analyze and provide suggestions. The solution can keep track of the spending habits, give insights into the credit scores, manage budgets etc. This enables AI-based recommendations which ultimately helps with efficient money management. The AI-based customer service chatbots are imitating human interactions and providing them desirable information/result in no time.

5. Real time spending and tracking

A money management app should help consumers track their expenditure. This feature will come in handy since the users will save both time and money. It is important that the consumers do not have to switch apps to track where they are spending or investing their money, it should be effortlessly done on a single platform.

6. Simplicity

No one is fond of complex procedures in a money management app because it involves crucial details. You should keep the 3 clicks rule in your head, that is, 3 simple taps should be enough to lead the consumers to wherever they want.

7. User experience

Most of the developers build an app without focusing on the design. This ultimately leads to the app’s downfall. The balance between app functionality and design is hard to maintain but is a necessity.

The design of a financial planning application must be extremely user-friendly to better customer satisfaction. To develop an efficient application with amazing user experience, you must know the target audience and where their preferences are. Not only this, you should definitely think as a user.

The user experience of your app will be a deciding factor for the consumers if they want to use it or not. Make sure your financial management software is easy to use and navigate. This will ultimately lead to business growth for your startup.

8. Constant customer support

24*7 customer support is of great importance. Customer support in different languages will get you a global clientele and keep your customers loyal.

9. Alerts and notifications

It is one of the most significant features for a finance app. Notifications can help consumers in case of:

More expenditure
Low balance in the account
Upcoming bills to be paid
Great deals for investment or savings

Additional features that can help you in making a superb finance app

Here are some advanced features for your personal finance management app.

Currency converter
In-app general calculator
Credit score calculator
Tax calculator
Shopping list

I think you might also want to know about the teams involved in developing a personal finance application. You think, I deliver! Here you go!

Make sure your financial app development company should have a team of:

Business analysts
Product owners and managers
UI/UX designers
Developers
QA testers

How to monetize a personal finance app?

It is hard to associate the term “free” with “revenue”, right? Now that you are providing fintech services to your customers, how will you make money? Let’s probe how to earn money from your Fintech app further:

In-app purchases: You can allow users to utilize basic features of your app for free and you can keep the premium features in the paid version. Premium features can include the advanced version of the basic ones and of course, some new functionalities will always be appreciated by the consumers.
Integration with third party services: Grant consumers to use third party services that are relatable to your business. This will expand the usability, functionality and audience of your app simultaneously.
In-app ads: Earning money through in-app ads is the easiest way to make money! However, my suggestion to you is, make sure that too many banners don’t pop-up too frequently in your app. That is just a huge turn-off for the user.

End note

As you have understood that there is a demand for financial application development in the market. Now, you have a basic idea about how to build an app with key features and monetize it. So, if you have an idea and want to conquer the market with it, reach out to a fintech app development company to build it. It is the right time to hire a development team of agile ninjas and skilled developers and designers to bring your idea to life.

Finance App Ideas For Startups to Consider in 2021

Posted on 06/06/202007/06/2021 by Anteelo Master

Okay, let’s admit. The adoption of technology in the banking and finance industry has changed the landscape by 180 degrees. Fintech, aka the amalgamation of finance and technology, has not solely added convenience to the ecosystem, but has also made it more secure, quick, and profitable. It has offered a new set of opportunities, cater to the needs of the unprivileged audience, and even bring a significant effect on other businesses.

With all such benefits and opportunities, the global fintech market is predicted to grow exponentially and be of worth $ 309.98 Bn by 2022.

This has not just given an indication that the financial global economy is heading towards fintech, but has also attracted various Entrepreneurs and traditional investors to become a part of this space.

[Since we have made a statement here that the global finance economy is heading towards fintech and not TechFin, you can check our blog on Fintech vs TechFin to find the justification of the same.]

Assuming that you are also an Entrepreneur who also wants to be a part of this mushrooming market, but are clueless about what fintech business ideas will rule the space, here we will be discussing 12 different opportunities.

So, sit on a comfortable couch and start scrolling down.

12 Profitable Fintech Development Fields For Starting A Business

1. Digital Banking

The foremost and most important fintech app idea you can invest in is digital banking.

In the past few years, a dramatic shift has been found in the way people interact with their banks and relish banking services. Users no longer appreciate the need to visit their local banks or ATMs for money transfer and other purposes. They rather are enjoying different advantages of digital banking like the ease of making transactions, investing, opening accounts and deposits, blocking cards, adding beneficiaries, and much more with a few taps on their devices.

With these facilities, the concept of investing in digital banking app ideas have grown a huge momentum in the market. The sector was catering only 9% of the online audience in 2011. But, in just 6 years, it became a part of 69% of the online audience. And what’s more interesting is that it is just the beginning! Various factors like Coronavirus are acting as a catalyst for the market growth.

2. P2P Payment solutions

Seeing the rise in the peer-to-peer payment market, looking ahead to how to develop a P2P payment application is also a nice idea.

The P2P payment apps like Venmo, Google Pay, Zelle, and PayPal are providing consumers with an unmatchable facility to transfer money between bank holders instantly – even when registered with different banks and payment systems. They are cutting down the need for any third-party intermediaries or pay any commission fee for performing any transaction.

Also, these fintech mobility solutions are using the latest technologies like NFC and face and voice biometric technology to streamline the POS processing, enhance risk management, and deliver an optimal customer experience.

3. Personal finance management app

Personal finance management application is again one of the best financial app ideas to consider for diving into this market effortlessly.

With consumers getting more conscious about their earnings and savings, these applications are gaining traction in the market;making both investors and startups look ahead to developing a personal finance app.

These applications are acting as a weapon by which app users can categorize their expenses and incomes, and track them in real-time to get a better understanding of how to manage their finance smartly and effectively. These apps, built on the rulebook of how to develop effective personal finance apps, are also offering them an ease to connect all bank and credit card accounts to automatically get the data updated, along with payment reminders. And the best part, the data is displayed in a visually appealing format, which adds to their convenience.

4. Robo advising software

Robo-advising, which is one of the proven ways fintech is attracting millennials, is also a great area for making an investment in the financial application development economy.

These machine-learning driven software are serving users with the finest of personalized and future-centric financial advice at lower costs. They are also analyzing their expenditures and investments to aid them in increasing their after-tax returns. In addition to this, they are adding convenience to the process with minimal-to-no human intervention.

What’s more interesting is that as per a Business Insider Intelligence report, they will be managing about $1 trillion of funds this year and nearly $4.6 trillion by 2022. Something that’s a clear indication that one must pick this among the ample of fintech startup ideas to rule the market in 2020 and beyond.

5. Loan Lending app

Creating a finance app for P2P lending is also one of the trending app ideas that are getting popular in the fintech market.

A loan lending app (also called P2P lending app) acts as a marketplace where lenders and borrowers can connect and cater to each others’ needs without using the product discovery services of any financial institution. On one side, these applications enable borrowers to set the maximum loan rates they can manage. While, on the other side, they let lenders bargain with each other to offer funds at the lowest rate. And this way, get more customers or borrowers.

6. RegTech App

RegTech applications also come into the category of best mobile app ideas for fintech startups.

These mobility solutions help financial companies comply with all the local and global standards. They enable organizations in automating a major fraction of their processes, including customer identity verification, reports compilation and submissions, transaction monitoring and reporting, etc., and increasing the customer retention rates.

A ripple effect of which is that Regtech apps have landed among the top fintech trends for 2020 and are expected to make a market of $53Bn by the end of this year.

7. Investment and trading app

Putting efforts into the process of app development for investment and trading is yet another decision that can make you enjoy limelight in the marketplace.

Users, these days, are showering love on platforms that let them get a comprehensive knowledge of shares, stocks, forex, and funds, and invest in them efficiently. They are paying more attention to applications that gather investment data from different sources and empower them to calculate the asset valuation and make the right decision.

Considering this, if you are eager to invest in stock trading app development, it is advisable that you firstly get a clear idea of the budget requirements. This is so because shortage of money can halt your project, compel you to remove the must-have fintech app development features, delay your app launch plan, and much more.

8. Digital wallets

Since digital wallets are giving users an escape from carrying physical wallets or credit/debit cards, their market is also rising significantly. These applications are offering users the ability to make payment in a few taps or using biometrics, while getting lucrative coupons and offers in return.

It has been forecasted that the digital wallet market will be worth $7,581.91 Bn by the year 2024. Something that is enough to let you know why to pick this among various innovative app ideas for entrepreneurs to step into the financial market.

9. Blockchain applications

Seeing the growing impact of blockchain in fintech , embracing this technology for starting a business is also an undeniably profitable idea.

Currently, various fintech startups and establishments like We.trade, Circle, LAToken, Veem, and PayStand are relying upon this technology to offer a myriad of options to their targeted user base. This includes:

Performing transactions using cryptocurrencies,
Paying for transportation only once they receive an information that the cargo has reached to the port,
Acting as a decentralized autonomous organization (DAO), where members work as per the programmatically defined rules that tells who their members can be, what business or activity is allowed, and how tokens or funds can be exchanged.

10. Crowdfunding solutions

Crowdfunding is also emerging as one of the most successful fintech startups ideas to go with.

These digital solutions are proving to be one of the best alternate funding models for Entrepreneurs. They are helping them with raising funds for their new or existing enterprises via collective efforts from different individual contributors and venture capitalists.

Currently, there are a limited number of crowdfunding platforms such as Indiegogo and Kickstarter and the concept itself is popular across the US and UK regions only. However, it has been found that these digital solutions are getting traction in the market, and are predicted to have a market of USD 28.8 Bn by the year 2025.

11. Insurtech solution

As you might be familiar with, insurance has always been a co-running business with banking in the finance sector. They have operated in synchronization with each other in various cases. And now, when finance has turned into ‘fintech’, insurance has also come up with its upgraded solution version – Insurtech.

This subdomain, with the incorporation of latest technologies like AI, IoT, Blockchain, Open API, and Machine learning, is enabling insurance companies in delivering impeccable customer experience by analyzing a heap of user data, checking the market trends, understanding user emotions and needs, offering customized yet quick policy comparison options, managing risks, and much more. And that too, without relying upon any third party insurance broker.

Because of this the global insurtech market, which was valued USD 1.5 Bn in 2018, is anticipated to flourish with a CAGR of 43.0% between 2019-2025. Also, many insurtech firms are gaining significant fundings – a real example of which is that WeFox raised $110M in Series B extension funding round.

It is safe to assume that to bring all the technologies and innovations together, the insurance sector will start deep-diving into insurtech mobile app development guides hand-holding them towards digitalization.

12. Crypto exchange platform

Last but not least, developing a crypto exchange platform like Coinbase is also one of the best finance startup ideas to work on.

These platforms are giving users an opportunity to step into the decentralized market by trading crypto currencies for other assets like fiat money or other digital currencies. In other words, they are letting users exchange one crypto currency for another, get crypto tokens in return of fiat money, and even buy/sell their crypto coins. All while enjoying perks like transparency, lower fees, higher security, and faster processing.

Now as you know the types of finance app ideas you can work on, it is quite obvious that you would be eager to learn where to start with. Considering the same, here we have picked up some crucial steps that you must follow to be a part of the future of the fintech industry.

Things To Consider While Launching Your Fintech Startup

1. Define your niche market

As hinted earlier, fintech is a big sphere to explore. Striving to rule the complete finance world at once can be tricky and nearly impossible. So, it is advisable to pick a particular niche among the different subcategories of the market, which are as follows:

Payment and international money transfer,
Mobile banking,
Personal finance management,
Insuretech,
Trading and lending,
Crowdfunding, and
Data analysis and financial decision making.

Once the niche market is decided, do market research to determine the specific audience your product/service will target, i.e, based on age, gender, occupation, and country. This will help you to launch your fintech startup locally first and then, enter the global market with better success ratios.

2. Learn about compliances

When it comes to the banking and fintech industry, they are highly regulated. So, it is must for one to be familiar with all the specifications and characteristics of this highly complex sphere, which includes legal regulations, limitations, laws, and requirements.

3. Find your startup USP

Due to the increasing set of opportunities and profits, the fintech market is becoming competitive day by day. In such a scenario, it has become even more important for anyone coming up with a new finance app development idea to be sure that his idea beats the existing ones. Aka, the idea they formulate is not something generic; it offers a functionality that is better than ever existed before. Something that could become their brand’s USP.

Now, while doing customer surveys and going through different reports would help, it is a profitable decision to invest your effort in competitive analysis. This approach will help you with finding the common success factor among all the top players, their business and revenue model, the pain points they fail to see, and thus, refine your idea.

4. Raise fundings

While you might have some savings with you, there are various fundraising ways like bootstrapping, crowdfunding, venture capital, and angel investment that are prevalent in the market. So, look forward to these methods for raising enough money to make your fintech app idea financially-backed.

5. Hire the right fintech developers

Believe it or not, even the finest idea can’t survive the market without the right team of financial app developers. So, do not keep your app idea confined to you and look around giving it a shape on your own. Rather, look ahead to hiring a reputed fintech software development company.

A team of professionals who have an expertise in app development and have prior experience in your niche subdomain can help you with choosing the right technology stack, revamping your business strategies, coping up with the hidden barriers, and scaling up your fintech app idea. And that without making a hole in your pocket

6. Get familiar with business and technical challenges

Like that in the case of any other startup, there are various challenges associated with establishing a fintech business, especially those associated with the transformative nature of digital technologies. For instance:

Cybersecurity
Integration of AI and Blockchain
Big data usage

So, it is advisable to gather comprehensive information about these challenges as well as connect with the financial app development companies that aid in mitigating them efficiently and effectively.

7. Launch an MVP

Last but not least, do not feel tempted to develop a full-fledged fintech mobile application. Rather, look ahead to testing water with a Minimal Viable Product (MVP) first.

An MVP not only gives you the privilege to enter the market at a cheaper and faster rate, but also helps to raise fundings.

The Fintech market is mushrooming at a staggering rate. Various fintech app business ideas are entering the market. However, not all startups are enjoying the same set of opportunities and benefits of developing financial apps. The pressure to deliver the finest combination of expertise, creativity, trust, and technology is making their journey tougher than expected.

However, by following the aforementioned steps, you can cut down hassles in your path and get into the list of top fintech startups in no time. So, keep implementing them.

Know Whys and Hows of Stock Trading App Development

Posted on 29/02/202015/06/2021 by Tushar

There was a time when investors had to call up the stock exchange who would then put them on hold as they were connected to a stockbroker who would in return charge money to buy stocks for the investors. The time is now gone. For good. Today, brokerage firms and other investment platforms have brought the whole process of stock buying and selling on mobile. This has given the investors the opportunity to trade in their own time, without any unnecessary guidance, right on the move. In this article, we are going to walk you through the process of how to get started with stock trading application development – giving you the reasons why it should be done and the process of how to make a stock market app.

Understanding the User Demographics of a Stock Trading App

Why Should You Invest in Stock Trading App Development?

Best Share Trading Apps

Features That Make Up For a Successful Stock Trading App

Key Points to Consider When Building a Stock Trading App

FAQs About Online Share Trading App Development

Understanding the User Demographics of a Stock Trading App

There are four categories of users that you will be majorly focusing your design, development, and promotion efforts on –

Young people who are still trying to figure out whether the stock investment game is for them
First-time investors who have very little skills but wish to start their trade journey right away.
Professionals who value their time and want to have a quick in and out experience
Tech-savvy users who want to have all of their information and statistics in one place.

Countries wise interest in best stock investment apps –

Let’s move on to the investors’ age range now.

According to statistics shared by Statista, the online stock trading industry has found a very strong user base in the Millennials age group in 2018.

Now that we have looked into the users’ age group and their geography, let us move on to the next part of the business – The need to invest in stock trading app development.

Why Should You Invest in Stock Trading App Development?

Aside from the obvious factor that there is a massive user base for the app category, across age groups, the ease that they offer is too big to overlook when listing down the benefits of developing the stock trading app.

Stock trading apps make it possible for busy investors to be updated on how their portfolios are moving. And in return for this ease, they easily agree to become the paid members of the app.

All in all, the scope to benefit both in terms of money and fame is high when you think of stock trading app development.

With the reason why you should build a stock trading app like Robinhood and E-Trade now known, let us move on to the next step that you will have to consider when thinking of starting your own stock trading app business – The competitors you will soon be leveling the grounds with.

Best Share Trading Apps

Robinhood Stock Trading App

By offering free stock trades, Robinhood has become one of the best stock trading apps present today. The primary features of the app revolve around tracking the stocks that you own, searching, and trading stocks, etc.

The free version of the application gives you access to stocks, ETFs, and Bitcoin but if you wish to invest in and out of Mutual Funds, you will have to take up the paid version.

The fact that Robinhood offers a wide set of supreme features in its free version has made it a classic reference point for fintech app development companies on how to develop a free stock trading app that sticks.

Stash Stock Trading App

This app, which is also one of the best stock trading apps of 2019 is primarily for newbies who wish to make their own investment decision by playing safe along the way. It lets you invest as little as $5, while constantly educating you on how the investment world moves.

The apps come loaded with a series of tips and articles to make the whole investment journey all the easier.

E-Trade

E-Trade used to be a pioneer in the online investing world. Based out of Silicon Valley, the brokerage started offering online trade with the help of America Online (AOL) and Compuserve. And soon they launched one of the best stock trading apps – the E-Trade app.

The app lets you view investments or enter trades for ETFs, stocks, and mutual funds, etc.

These are only the cream of the stock market business apps that you will be aiming to reach once you enter the space. The actual list of operative apps is much extensive.

Let us now look at the features set of fintech application development that would help you take the journey and reach the stage where the top stock trading apps are at. These features are your answer to how to develop a stock trading app similar to Robinhood and E-Trade.

Features That Make Up For a Successful Stock Trading App

1. The check-in process

The authorization process has to be extremely easy and non-burdening for the users. It is at this stage when you should offer users multiple check-in options – use of pin code, biometrics, etc. This way, you will be able to ensure that their experience is safe.

2. User profile

Users should be given the option to save their personal information and preferences related to notifications or simply the frequency in which they want their account to get debited.

3. Putting trades on stocks

The one obvious feature that should be added to your stock trading app development process is giving the users the functionality to execute orders and monitor their flow of funds.

4. Real-Time portfolios

Irrespective of which fintech application development company you ask, they will unanimously tell you that nothing is deemed more beneficial than real-time updates when your users invest in a stock trading app, through their time and money. Users should be given the ease to view their portfolios in real-time and they should be timely updated to give them a very clear idea of where they stand investment-wise.

5. Deposits

Using this feature investors will be able to see the status of their deposits in real-time with minimal effort.

6. Search

In your stock trading app for investors, your users should be given the option to search for active stocks and their present rate in the market.

7. Analytics

The stock market participants would appreciate the opportunity to look at the statistics and analyze the end result of their trades, transactions, etc.

8. Push Notifications

Another must-have part of your online trading app development process would be to integrate push notifications. You should give your users notification of how their stocks have moved, but they should be timed in a way that they are not bothersome for busy investors.

9. Newsfeed

Although the feature gets the least attention, the newsfeed is one of the most crucial features of a stock trading application. For a new trader who belongs to the amateur category of stock market app development user study, a newsfeed that informs them of recent happenings in the stock industry – the winners and losers, latest M&As, IPO details, etc.

With the feature-sets for trading-based fintech software development services addressed, at this stage, you are all set to take that next move and start planning the technicalities of how your stock trading app would run. Here are some key points to consider which we believe will make you confident to take the step towards stock-centric finance mobile app development.

Key Points to Consider When Building a Stock Trading App

1. Have a plan to secure your application

One of he high-priority considerations in terms of stock trading app development is having control over the process where the app will gather and use sensitive information. Here are some steps that we follow to ensure complete security of your application –

Incorporation of multi-factor authentication system, bank-grade encryption, and next-gen firewalls
Implementation of real-time threat intelligence to remain on top of the threats.
Embracing ‘compliance as code’ for the incorporation of compliance testing and security in the CI/CD timeline.
Safeguarding of application programming interfaces.

Finalize APIs that are appropriate for a high-frequency trading software

The development of a stock trading application comes loaded with several technical challenges. The answer to these issues generally lies with the integration of third-party APIs. However, it is very important to know which APIs to use in your app on the ground of security and scalability.

The ones that we generally use are – E*TRADE API, Intrinio, and Marketstack.

2. Create a user-friendly interface

A stock trading app is, by nature, filled with data of multiple nature – text, image, statistics, numbers, etc. It becomes extremely important to not let your application become a case of information overload – one that turns off users who are not as enthused about stock trading as their heavily invested counterparts.

What we recommend is having a UI/UX design that is fit for a quick in and out time (at least on the first few screens) and then keep the detailed pages for after the second or third click.

FAQs About Online Share Trading App Development

Q. Which is the best stock trading mobile app?

There are a number of different options when you are looking to invest in a stock trading app. Depending on your experience level, you can either go with the Robinhood app – if you are an experienced investor or with Stash, if you are a newbie.

Q. How to use stock trading apps?

This is the process that stock trading apps normally work on –

Link your bank account
Set up a one-time transfer or periodic deposits into your Robinhood account
For trading a specific stock or for keeping it in the Watchlist, you will have to click on the Search option.
Once the stock and its current trade come up on the screen, you can choose to buy it which takes you to the page you actually have to buy the stock off of.
The selling option works almost the same as the Buying option.