Top Finance App Ideas For Startups To Implement in 2024
Financial technology is a sector that is a partnership between Finance and Technology. With the blend of these two, an entirely new industry, FinTech, has emerged, growing rapidly every year. Being a startup, you’d love to take a bet on building apps that have higher chances of success, and fintech or finance apps provide this edge.
With the increasing demand for digital banking solutions and the fintech revolution, this is the right time for any financial startup to build and launch their own finance app. If you are in the discovery stage, this article will help you gather some ideas, as we will explore different finance app ideas that a startup can implement in 2024.
Top Finance App Ideas For Startups in 2024
Lending Apps
Getting a loan is a lengthy process. Even when the loan amount is very small, there is no difference in the process with traditional banks. This restricts people from getting loans authentically and drives them towards unregulated loans with very high-interest rates. This is not only a bad thing for people needing money but also leads to higher chances of exploitation. It is here that you can make a difference by building a lending app.
A lending app that has rule-based approvals based on different parameters obtained from the applicant can expedite the lending process. Your application can also include AI and data analytics to make better lending decisions and process the loans automatically and quickly for every applicant. This way, you can scale your lending business efficiently without depending on human interventions and lengthy processes.
Investment Tracking App
Many people make investments across different types of securities and assets, and this makes it challenging for them to track their investments. You can create an investment tracking application that can connect with different brokers, mutual fund providers, banks, and other investment institutions, directly fetching data for your clients. Your app should be able to give them real-time price movements in their investments and also provide significant analytics and reporting features.
Simplifying this process with your app will surely help many people across the globe, and you will have a successful venture. In the end, you can also create subscription plans to avail of more features like managing investments or suggesting better ideas for financial planning based on someone’s current investments.
Mobile Banking and Digital Banking Apps
Gone are the days when people would stand in lines at the bank with a deposit or transfer slip along with a check to make payments. Netbanking has made transactions easier; anyone can send or receive payments from their laptops or computers.
However, this raises another issue: not everyone owns or carries their laptops everywhere. In this situation, the applications need a mobile version too. There is an increasing demand for simple yet powerful mobile banking and digital banking apps from customers around the world.
You can develop an application that integrates with a bank account and allows fast and reliable transactions from the mobile app itself. Moreover, you should develop a UPI infrastructure like the one in India, where payments happen in real-time through unique IDs linked to different bank accounts.
Financial Advisory Apps
Suppose you have a team of finance experts who can help people with personal finances, retirement planning, investments, tax savings, etc. In that case, you should consider developing a financial advisory app. Such an app can be of great help to people who want to learn finance with guidance from industry experts.
Your app can allow financial advisors to join as service providers, consulting people who want to connect with them. You can charge platform fees and become the mediator between the service providers and the people availing of the services. If you give good results consistently, you won’t need to market your application, as your customers will surely recommend their peers to use your platform, creating indirect publicity for your app among a loyal customer base.
Read: Building Wealth through Long-Term Portfolio Management Strategies
Blockchain eWallet Apps
Blockchain is often considered one of the best fintech innovations of our time, and the potential of this technology is immense. As more and more people participate in cryptocurrency markets and consider it an alternative investment asset, the demand for blockchain eWallets continues to increase.
A blockchain eWallet app is a soft wallet for cryptocurrency coins that are held by any investor. The wallet will have its own passphrase and other configurable security mechanisms to store the coins securely so that the user always has access to their assets.
Such eWallets are already in high demand due to previous frauds from unregulated cryptocurrency brokers and platforms.
Concluding
If you are just starting your fintech business, then you should definitely research the different finance app ideas for startups which we have discussed above. Each of these apps can help you build a successful business, but you’ll have to do your research on the intricacies of your project goal & market demand before jumping into development. Picking the exact deal will get you to the heights of success. So, give ample thought to these app ideas, and you can build a business around any of these finance apps.
