The global financial system has gone through several key transformations in the past decade. However, the rise of Fintech apps has proven to have the most significant impact. As a disruptive industry, Fintech’s promise is to provide businesses and customers with secure, fully automated, and fast access to financial products and services.
An overview of Fintech apps and their potential
A Fintech app is a mobile app specifically designed for the financial sector. Its goal is to streamline the delivery of financial products and services. Trading, investing, lending, instant payments, and digital banking are just some of the services offered by a Fintech app. Payment systems, shopping brands, and various financial institutions have chosen to partner with such Fintech companies to provide added value to their customers, and the new business model has been successful for the majority.
How exactly does the financial system benefit from Fintech apps?
For decades, finance has been a slow, legacy system ruled by outdated policies and regulations. The rise of advanced technologies and the Fintech sector has compelled the financial system to take measures and leverage the power of Fintech to its advantage. A core benefit of a Fintech app is rapid business growth. Customers today want access to financial products that fit their needs. They also want speed, transparency, and trust in their provider.
Currently, apps like N26 and Revolut are at the forefront of the technological revolution. As customers want diverse banking services and products, a Fintech app proves a lot more efficient than your average banking app. Cryptocurrency trading, for example, is a high-valued industry with real chances of mass adoption. The transparency of the blockchain features endless benefits to consumers eager to expand their investment portfolio beyond fiat currencies.
Vast investment opportunities
Modern Fintech apps feature decentralized architectures. This means that they’re private and incredibly secure. Also, there’s a lot of diversity in terms of digital assets to choose from for investment purposes. Cryptocurrency exchanges such as Bitstamp or Coinbase are now worth billions. To the financial system, they represent a threat as consumers become more open to investing in crypto rather than in traditional financial products like stocks.
As opposed to classical financial products and services, Fintech products are diverse. For investors, it’s an opportunity to become more financially inclusive and target visionary investment breakthroughs such as NFT marketplaces like Raible, Decentraland, or OpenSea. As for digital wallets, Hyperwallet and MetaMask are open worldwide to everyone regardless of economic status. For both consumers and entrepreneurs, Fintech apps have benefits that go beyond usability and speed.
Fintech app ideas and features for 2022
Decentralized exchanges, NFT marketplaces, budget management apps, online investment portals, and peer-to-peer payment apps are disrupting traditional finance with their advanced features. From an investor’s perspective, biometric and 2FA verification, streamlined trading and investment, and account balance viewing are some of the most desired features in a Fintech app. Customers, on the other hand, appreciated customized recommendations, push notifications, and end-to-end encryption.
As far as monetization is concerned, there are several models Fintech apps use to increase their revenues. The most popular model is to build a free app and insert paid ads in it. Also known as pay-per-click ads, these are usually offered by the App Store or Google Play. Another type of profitable Fintech app is the “freemium” app. Basically, users will download an initial version for free, but if they want access to advanced features they will have to pay a fee or a monthly subscription.
Before jumping in and starting to develop your very own Fintech apps, it is important to have a strategy in place. Choose your niche and category wisely. Perform a competitor analysis beforehand, do some market research to understand your ideal target customers, and choose to work with experienced Fintech app developers. This way you’ll be able to stay organized, keep your budget in place, and have an end product delivered without any delays.