Initially, financial technology has been often criticized in the sense that such technology would never experience growth in the future. However, the majority of people think otherwise. IT and finance have combined to form the innovative services of the Fintech apps.
All thanks to the sudden upsurge of digitalization, the financial institutions are getting technically upgraded. Currently, the fintech industry is not at an innovator stage but has now stepped into the adoption stage.
Through different fintech apps, the payment processes have been improved and transactions have been secured. Digital currencies, contactless payments, and robo-advisors are a part of the fintech industry now, as people want their financial transaction to be easier, faster and smoother.
And for retaining the customers, bank and other financial institutions are making the best use of the Fintech app development services.
Related reads- Fintech Software Development Guide for Quick Success
Why are people investing in Fintech?
Do you know that as per Statistica, in the US, the fintech industry is projected to grow at the rate of 20.5% by reaching the market value of $6,962,224 approximately by the year 2021? This proves that the US has the maximum number of fintech start-ups.
Doesn’t this entice you to invest in the fintech application development field?
Well, there are several reasons why you can choose to invest in this sector:
Fintech apps are helping the startups to grow as more and more consumers are shifting to the digitalized banking process.
With the increasing popularity of the fintech apps, consumers are making higher utilization of such apps, which in turn is helping the fintech businesses to grow.
Do you know that the best thing about this industry is the revenue that you make in the later period? People who invest here in the initial years are likely to get huge returns.
Now, you might be thinking won’t it be too risky to jump into the fintech industry? Well, it’s not just the fintech, but investing in any industry requires you to bear the chances of encountering risks. However, in the fintech industry, you can be assured that you are investing in a safe place.
Also, the fintech industry is one of the most competitive industries in today’s date. It does not matter if your startup is small or big, or how limited your budget is.
In the fintech industry you can invest and compete with the giants, no matter what.
Here are some of the top 5 fintech app development field where you can likely invest:
1. Mobile Banking Applications
With the entire world getting digitalized, the banking sector is also making its big move in the digital world. Gone are the days, when people used to stand in long queues for making financial transactions.
The long queues in the bank’s counters have been now replaced by mobile banking apps. This is considered to be one of the greatest fields of investment.
More than 25% of the top 50 global banks have incorporated the banking technology into their structures, while there are still several banks that are yet to bring their business into the digital domain.
This is one of the untapped potentials which makes the mobile bank applications an excellent sector of investment.
Related reads- A No-Confusion Guide to Build a Secure Mobile Wallet App in 2018
2. Insurtech
Insurance is another most important financial sectors that has been growing gradually with the passing years. Currently, fintech insurance applications are being developed by the fintech app developers, that are providing dynamic solutions to the businesses.
They are now making use of the analytics for creating customized packages as per the pattern of each customer.
For instance, if you go for car insurance, the app would automatically change your payment mode after estimating your driving habits through the app.
This type of app has also removed the requirement of third-party. Customers can now opt for the best insurance policy as per their choice.
Venturing into this type of fintech insurance application can prove to be a good opportunity for you to enhance your profit.
3. P2P Payment Apps
The P2P or person-to-person payment apps deliver an enhanced digital solution for money transfer between two individuals. Two accounts are linked through the digital wallet, and as soon as the transaction is made, money is transferred instantly.
There are three types of P2P Payment Apps, including,
Bank-centric,
Standalone services, and
Social media-centric apps.
So, this is a great financial app development field where you can invest.
4. P2P Lending
Folks, you can now also invest in those apps that directly connects the lenders to the borrowers by ensuring a secured transaction.
Rather than choosing the conventional loan process, people are now opting for the P2P lending process. Your only job is to provide these people with a platform to make a monetary transaction.
5. Crowdfunding
In the UK and the US region, the crowdfunding platform is gradually increasing. With the help of the crowdfunding platform, you can raise money for a new or existing business. As per Statista, the total crowdfunding volume in the globe is 16,2 bn $.
Some of the leading crowdfunding platforms include Indiegogo, Seedrs, and Kickstarter.
Conclusion
The rapid development of financial technology is not only facilitating customers but to businesses likewise. Millennial entrepreneurs are choosing the road less traveled in order to extract profit from this emerging online finance industry. Seekers are actively looking for a financial app development company that can serve them with robust fintech app design.
If you are willing to work on your fintech startup, I’d say go for it now when the iron is hot.
