If you are a startup in the fintech sector, this article contains amazing finance app ideas to consider both in 2022 and beyond.
In today’s fast-paced world, it is difficult to stay competitive without the help of technological advancements.
Many people are now preferring web and mobile apps to traditional methods of access like desktops or laptops; this has led to the rise in the number of startups operating in the finch (financial technology) sector.
The following list contains some popular finance app ideas that might be worth considering for your startup, if you wish to ride along with this growth trend. However, before we introduce these finance app ideas let us first look at why investing time and money into developing a financial application is beneficial.
Why Should You Develop Fintech Apps?
Financial applications can improve company productivity by ensuring employees work more efficiently, resulting in savings for the company.
They are also easy to use, which means that employees can access the information they need at any time. This ability to provide real-time information encourages users to make more informed decisions, reducing risks for the company.
On top of that, developing a financial application enables startups to target a large number of potential customers instead of limiting themselves to people with high computer literacy levels.
Now let us look at some finance app ideas to consider for your startup in 2022 and beyond.
The list has been categorized into four sections namely payment gateway apps, P2P lending platforms, digital banking and cryptocurrency apps.
Payment Gateway Apps – These apps aim at helping business owners accept credit card payments from international customers.
Market Size for Payment Gateway Apps
The global payment gateway services market is expected to reach USD 360 billion by 2022, at a CAGR of 13.2% between 2016 and 2022. This means that there are growing prospects for payment gateway app development companies.
If you are looking for the best finance app idea to consider, these are some things you must know before introducing your product into the market:
You need to establish yourself as a leader in the industry, which doesn’t mean just competing with other tech startups but also offering better services than traditional financial organizations.
Your application should have many features that will encourage users to stay engaged.
The more features your application has, the more complex your product will be. This means you will need to assign more developers and testers to ensure the app is free of bugs and other issues that could affect user experience.
You might also want to consider user experience (UX) and user interface (UI) experts if your startup doesn’t have them in-house.
Market Size for P2P Lending Platforms
P2P Lending Platforms – P2P lending platforms offer opportunities for business owners who wish to invest their money into lucrative ventures while earning high returns on their investment.
The global P2P lending market is expected to reach USD 490 billion by 2022, at a CAGR of 33.5% between 2016 and 2022.
This means that the future looks promising for people who are interested in developing finance apps related to peer-to-peer lending.
Most websites offering this type of service have a similar layout, which makes it easier for entrepreneurs to figure out how they can stand out from the competition during their launch. They should also consider these tips:
To increase ROI (return on investment), you will need to establish yourself as a leader in your industry.
Users usually prefer sticking with applications they have been using over those that are relatively new.
See to it that your application is easy to use. This means you will need a simple user interface and a smooth registration process, which could prove challenging if you don’t have an employee responsible for customer support. You can also make the application intuitive by designing the layout in such a way that users will always know where they can find certain features.
Market Size for Digital Banking Apps
Digital Banking – Digital banking finance apps aim at helping customers manage their personal finances better and is another of the best finance app ideas to consider for forward thinking startups.
The global digital banking market is expected to reach USD 1,040 billion by 2022, at a CAGR of 20% between 2016 and 2022.
Businesses looking forward to developing finance apps related to this industry should consider these tips:
Your application should be able to help users save money while helping them achieve financial goals. This means your application should have features that will allow users to set up savings plans and keep track of their income and expenses.
Your product should also offer the ability for users to make payments from one account to another, no matter where they are in the world. In some markets, business owners offering this type of service usually partner with other finance app development companies or providers of international payment services.
In order for your digital banking idea to be a success, target all kinds of customers.
It is important you understand who your target audience is and what problems they face in order to design an app that best suits their needs.
Market Size for ecommerce Apps
Ecommerce – ecommerce finance apps allow users to make payments for everything they purchase online, whether it’s a subscription-based service or tangible goods.
This ranks easily as one of the best finance app ideas to consider if you want your startup to jump into the fintech space.
The global ecommerce market is expected to reach USD 4.5 trillion by 2022, at a CAGR of around 13% between 2016 and 2022.
If you’re planning on launching your own finance application related to the ecommerce industry, keep these tips in mind:
You will need to offer more flexible payment options if you want your app to gain recognition among competitors.
Most of them are powered by third-party applications which have already built a reputation for being efficient. Your product must be different if you want to gain a competitive edge.
Your finance app should also provide more information on the items users are planning to purchase. They need all the info they can get, not only on price but also specific details about shipment time and payment options.
Make sure your application is fully optimized for mobile devices, since most of your target market will access it that way.
Market Size for Retail Finance Apps
Retail (B2C) – B2C finance apps allow business owners to sell their products directly to customers, offering them flexible payment options which could include yearly subscriptions or cash on delivery.
The global retail industry is expected to reach USD 28 trillion by 2022, at an anticipated CAGR of around 6% between 2016 and 2022.
Retail finance apps must boast these features to be successful:
Offer consumers a variety of payment options. This will help your application gain more visibility and convince users to download it.
A user-friendly interface is also very important in order for you to stand out from the crowd. You will need an employee dedicated exclusively to customer support if you want their feedback on how you can improve certain aspects of your application.
If possible, add innovative features such as “pay in installments”.
This could help increase your app’s popularity among potential buyers since they allow customers easier access to goods without having to pay in full upfront.
Market Size of Small Business Finance Apps
Small Business – Small businesses finance apps aim at helping entrepreneurs improve their business’s cash flow and gain more visibility online.
Some of the functions included may include creating purchase orders, managing inventory, or creating quotes for interested clients.
The global small business finance apps market is expected to reach USD 10 billion by 2022, at an anticipated CAGR of around 13% between 2016 and 2022.
Here are some aspects you may want to consider when designing your finance application:
Offer user’s quick access to information about their businesses. If they have just started using your product it may be difficult for them to figure out how it works if certain features are too complicated.
Your application should also allow business owners to create quotes which will remain valid for a specific amount of time.