There is no doubt that the fintech industry is snowballing. People are using their mobile devices for almost everything, and managing finances is not an exclusion. Consequently, many new entrepreneurs consider the fintech industry as an excellent investing opportunity. But before you finalize a product and get into fintech mobile app development, it would be a good idea to find profitable fintech app development areas.
The fintech industry has so many sections where you can quickly launch a product and turn it into a billion-dollar company. But finding such areas can be a tedious task.
Hence, to help you out, I will talk about some of the profitable fintech app development areas that you can explore and find some good product ideas.
So here we go:
5 Profitable Fintech App Development Areas
P2P Payment Apps
P2P payment apps are high in demand these days as such apps allow one person to transfer money to another person using their smartphone or tablet. With these apps’ help, an individual account gets linked to the other user’s digital wallet.
As soon as a user performs a transaction, the app records it, draws the money directly from one user, and funds another.
And for example, of such apps, you can look at PayPal. They do have their process to store and deal with money. They didn’t set up any link with a financial organization. Instead, they have a wallet like a feature.
2. Mobile Banking Apps
As you already know, every sector is now going mobile. As a result, coming up with a mobile banking app would be a good idea. New generation customers nowadays want the lesser hassle of opening a bank account or accessing other banking services.
As a result, you can come up with an app that is entirely on mobile. The users will open a bank account right from their mobile phone and not any bank as well as you can also offer various other banking services from mobile devices only.
The main idea over here is to take all the banking services to an online platform. So the customers will not need to visit the bank to get assistance. The only disadvantage of such an app is that you need to sell it to a particular bank.
3. Personal Finance Management App
The personal finance management app is also one of the best financial app development areas you can consider.
These days customers are getting more concerned about their earnings and savings. As a result, a personal finance management app would be pretty helpful. T
With the help of these kinds of apps, users will be able to categorize the expenses and incomes and track them in real-time to manage their finances better.
4. Loan Lending app
Creating a finance app for P2P lending is also one of the trending app ideas that you can think of adopting. This kind of idea is getting extremely popular in the fintech market.
A loan or P2P lending app acts as a marketplace where lenders and borrowers can connect and help each other’s needs using any existing financial institution.
It helps the borrowers to set the maximum loan rates they can manage. While on the other side, lenders will be able to bargain the interest rates to offer funds at the lowest or reasonable rates.
5. Digital Wallet
You can also consider coming up with a digital wallet. These days, digital wallets give users an easy escape from carrying physical wallets or credit/debit cards. Also, the market of digital wallets is getting hugely popular.
These apps help users with the ability to make payments in a few taps using biometrics. Also, users do get lucrative coupons and offer in return. Also, according to a report, it is said that the market for digital wallets would be $7,581.91 Bn by the year 2024.
So those were some of the profitable fintech app development areas that you can explore. Also, to come with a great app, you don’t need to have a unique app. Just make sure you are solving a vital problem for the consumers. Also, if there is anything you would like to ask, then comment below.