Revealing 7 FinTech Product Examples for Your App Development
FinTech solutions are growing rapidly because of leveraging technology in the finance sector. The innovation in this space, reduced costs, and improved accessibility are the major contributing factors. A survey states that the global FinTech market is $165.17 billion, projected to grow to $324 billion by 2026. It will grow at a CAGR of 25.18%. It shows how the conventional footprint of the financial market is changing. The Digital payment sector, one of the significant FinTech product examples, generates 80% of the revenue.
(Source: https://explodingtopics.com/blog/fintech-market)
What is the Future of Fintech Application?
The FinTech industry is already shaping and changing the future of financial services. Businesses are looking forward to futuristic innovations. Modern FinTech applications leverage technologies like AI, ML, Blockchain, etc. The fintech technology trends support fraud prevention, API integration, open banking, use of DeFi, etc.
These modern trends and Fintech app examples show the financial sector is becoming a booming place. In addition to security and automation, this industry will focus on making money sustainable for the people. The fintech mobile app will make payment and lending easier for service providers and customers.
Top 7 Fintech Product Examples for Your Product Development
Digital Banking
Automation and technology integration has led to the rise of digital banking. It is one of the good examples of fintech development that includes modern and traditional banking. Customers can seamlessly open a bank account, manage EMI, add beneficiaries, handle multiple accounts, and more. Consumers can manage all their transactions through their mobile phones comfortably.
Crowdfunding Solutions
This is also emerging as one of the significant fintech app ideas many FinTech startups refer to. It is becoming one of the best funding models to raise funds for existing and new enterprises.
Businesses can collect funds from venture capitalists or various individual contributors. Crowdfunding apps can provide big-time support. You can hire software development company experts to create a crowdfunding app like Kickstarter, where people post about their crowdfunding ideas.
Insurance Apps
The top fintech applications service providers are designing the best and most accommodating insurance apps for customers. The InsurTech apps use data science and AI to collect, process, and evaluate consumer data.
The FinTech app solutions help insurance companies to accelerate and boost their operations to provide quality customer service. A reputed and professional finance app development company will help build a customized app for your business.
Digital Wallets
Another thriving example of fintech software development services is Digital Wallets. In other words, we call it e-wallets too. These digital wallets have made deposits and payments easier for users. Google Pay, Apple Pay, PayPal, Alipay, Samsung Pay, etc., are a few examples.
The FinTech industries are investing in such apps because they have made financial transactions easier. Most financial institutions and banks regulate them, and cybersecurity guidelines from the government protect these apps.
Crypto Exchange Solutions
It is also one of the best fintech applications idea for Fintech startups and firms to invest their money. The popular fintech app and platforms like Coinbase, Fundsbarter, Binance, etc., support crypto trading for assets and digital currencies.
These exchanges work as the mediator between the retailer and customers. Crypto exchanges provide a good opportunity for FinTech companies to enter the FinTech market.
Personal Finance Management Solution
Most customers face the challenge of managing their finances. It may be because they lack knowledge about the financial market or want to put in less effort. The FinTech platform providers can leverage this product example to offer personal finance management to users.
The apps will help the fintech firm connect seamlessly with its end users. These apps assist with savings, investments, retirement, etc. One example is Mint, which helps users to view and manage their finances.
Peer-to-Peer Payment App
It is also one of the lucrative and best fintech applications ideas for FinTech firms, whether existing or new. These apps help save money transfers between family, friends, and relatives.
Zelle and Venmo are the two most popular apps for directly transferring money to the recipient’s electronic wallet. A few peer-to-peer apps help transfer money to retailers’ accounts too. These are well-connected with banks, digital wallet services, PayPal, etc.
How To Develop a FinTech App in 2023?
Hire the best fintech app developers for robust and agile fintech app development. Here are the important steps:
- Check the needs and requirements of your audience market.
- Determine which features will serve the best when developing a FinTech app.
- Get the best fintech app development solutions from BoTree Technologies to develop the technical architecture. Develop backend, handle the data and API integrations, and set security protocols.
- Design customized user interfaces to attract end users.
- Test the overall program, fix the issues, and release the final FinTech app.
Partner With the Best FinTech App Developers In the Region!
The FinTech market is rapidly evolving, and modern technologies like AI, ML, Data Analytics, etc., make it one of the most lucrative markets. Most startups look forward to investing in Fintech products to increase their ROI. You can connect with reputed fintech software development provider BoTree Technologies. The professional enterprise software applications provider works with you on improving and personalizing your financial landscape.
Call BoTree Technologies experts today for a sneak peek into the best FinTech product ideas.
