Fintech

Real Life Problems & Solutions

Cryptocurrency and blockchain technologies are some of the most well-known, and most scrutinized examples of fintech. Cryptocurrency exchanges, such as Coinbase and Gemini, allow users to buy or sell cryptocurrencies.

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8 FinTech Startup Ideas to Watch Out for in 2023

Are you an innovator, a person from hackathon , or a product manager who is looking for cutting-edge FinTech startup ideas?

Are you looking for an idea to awe potential investors to your startup?

If you answered yes to both questions or even one of them, then you’re in the right place.

The FinTech Market is undoubtedly the fastest growing in the finance industry, as it has a CAGR of about 8.6%.Financial transactions volume done via FinTech is expected to grow to $6.6 trillion by the end of 2021, from $5.47 trillion in 2020.Thus, if you’re wondering, “when is the best time to launch a FinTech product?” The answer is “Now.”

1. Digital Banking App

Digital banking is considered the goose that lays the golden egg for startups in FinTech. This is primarily due to its importance in the automation of financial transactions and other traditional banking services.

Switching to digital business banking modern solutions can provide many benefits to business owners.

Not only do options such as online bill-pay make it easy to keep track of finances and avoid late charges, but many of them also have powerful budgeting capabilities which makes it easier for business owners to manage their expenses and cash flow.

Banking service consumers are particularly enthusiastic about digital banking as it grants them access to a gamut of banking products and services without the hassle of visiting financial institutions. You can find out more about banking app development.

2. Investment App

Owning an investment application helps to create the right product that’s appealing to micro-investors. These apps give average users access to platforms where they can deposit funds, and place buy and sell orders, etc.

As a startup founder or co-founder, an online investment website opens your startup to a vast number of people that are willing to invest in stocks and other investment platforms.

These people may not have the necessary financial resources to make direct purchases through official means.

3. P2P Payment Apps

If we take an insightful look at market trends, then investing in P2P payment solutions is undoubtedly a profitable venture. The pandemic and many social factors have carved a huge niche for this FinTech application in the financial market.

4. Insurance Apps

Tech companies with insurance products are famously called “Insurtechs.” This sort of FinTech startup ideas lie on the intersection of financial and insurance technologies.

Insurtech apps are products built to help people apply for insurance and pay premiums online: from car insurance to personal insurance

5. Money-Saving Apps

As the name denotes, these are apps built for personal finance management.

Beyond just saving money, you can also include additional features that help to track spending, plan a budget, and manage the private money of your platform users.

These applications work by tracking your spending and deducting your expenses from your calculated monthly budget. The remaining funds are then saved up in an interest-yielding account with the application. 

6. Crypto Exchange Platform

Cryptocurrencies are generally referred to as the golden goose of fintech. Ever wondered why? The answer is pretty simple – because it can help to eliminate intermediaries.

As a startup, creating your cryptocurrency exchange platform can be a profitable move as the market is expected to grow at a CAGR of 7.1%

Crypto exchange platforms facilitate the trading of cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc., for fiat currencies. In some cases, they also help to exchange cryptos for other assets.

7. RegTech Apps

There are some ground rules that companies have to follow irrespective of their size or sector.

RegTech solutions assist those companies to meet up regulatory requirements in energy and time-efficient manner.

As a startup, you should have it in mind that RegTech apps are one of the most underrated, yet most profitable fintech solutions to create. How profitable?

Consider the fact that an average company spends $10,000 for regulation compliance per employee. With this large sum of money pouring out to regulatory compliance, pitching an efficient RegTech product will definitely get you a lucrative contract with a top firm.

8. Crowdfunding Applications

A crowdfunding app is a virtual ecosystem where people can raise money for a cause or an individual. Here, a large number of people donate funds that are needed to kickstart a particular project.

Even when a lot of companies had financial constraints during the Covid-19 pandemic, the crowdfunding sector bloomed. It’s expected that crowdfunding platforms will enjoy astronomical growth over the next ten years.

Since the first crowdfunding platform was launched in 2000, till now, owning a crowdfunding platform has always been lucrative.

Ready to Build Your FinTech Project?

Now that you’ve acquainted yourself with some FinTech app ideas to work on, I’m pretty sure that you have one or some in your mind.

However, having top-notch startup ideas does not guarantee a successful startup. It’s imperative to have the right business model and a partner with the right FinTech app development company.

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