Financial Technology is a new face of financial management that automate the delivery and use of financial services. The fintech startups are making finance easier to understand for both consumers and banks. Whether a small business or a big e-commerce store, every product industry relies on Fintech Solutions. Businesses have given positive feedback about the fintech apps like they are time-saving, profitable, cost-effective and highly secure.
This year has more than 196 million digital banking users, and almost 75% of the population believes that Fintech is the need of the hour.
Fintech Solution completely fits the current generation and digital world for a scalable business.
Growth of Fintech Apps in the Market
2018 reports of Stastia found out that Fintech generated revenue of 92 billion euros. The sector’s revenue will grow up to 188 billion euros by the end of the year 2024.
Fintech granted 38% of personal loans in the States.
In a study of 2018, a fintech segment was worth $43.16 billion and grow up to $567.3 billion by 2026 with a CAGR rate of 26.6%
Half of the audience wants their financial institutions to invest in Mobile Banking.
7 Reasons to Invest in Fintech App Development
Fintech apps have completely changed the way online stores do business so far. Now, all the payments and transactions are done online, which has resolved the biggest concern while buying the product as – a payment. Here is the list of reasons why one should invest in creating reliable Fintech Applications.
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Fast, faster and Fastest
No, the automatic transaction is not mere imagination, it is a reality now. Fintech apps made the financial sector easy and pretty quick. Large-scale businesses require flexible and quick fintech support to save time and effort to manage all the transactions.
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Cost Effective
Cost is the primary concern which makes businesses think twice before entering the financial sector. However, the fintech industry is making financial services accessible through mobile phones. Such apps make financial transactions easy and are also budget-friendly.
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Simplified Payment Process
Who would like to stand in a long queue for a small task? Exactly, no one! And that’s where Fintech apps play an important role for businesses to overcome such payment-related issues.
Fintech allows both consumers and institutions to communicate on the same platform and get their work done without any disturbance. Along with saving time, it also saves some bucks.
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Strong Security
Fraud in traditional banking and financial industries is quite common and has faced multiple security challenges. Fintech comes into the limelight and with advanced technology and security, has better protection against cyberattacks along with securing the customer’s personal data. However, an app built by developers like RG Infotech will be highly secure and safe.
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Faster Investment
Fintech attracts investors automatically by providing 24*7 consultancy through apps and other modes. If there is any concern with the transactions or incomplete payment, both the seller and bank are available on the same platform. Users can communicate with banks and get the solution.
In The States, approximately 8775 fintech startups were launched in 2020. As per the research, every year fintech companies attract a huge investment of $50 million.
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Risk Evaluation
Fintech also helps to reduce the chances of scams and assists in predicting the risks involved in online transactions. The latest tools and technology help fintech businesses predict any suspicious activity to lower the risk of fraud.
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Significance of Data
Fintech collects customer data based on their spending habits and this data helps them to estimate expenses done by the user in future. It helps companies and banks to predict mortgages, a user can pay for their vehicles, business, or home loans as per their spending behaviour.
How Fintech is the Future of Business
Fintech is altering the operations of businesses in many ways and there is no doubt that the industry is attracting huge investment and will reach a height of success.
Check out, how Fintech is changing the businesses operations:
– Mobile Banking
Millennials and Gen-Z rely on mobile for almost every service from buying merchandise to educational courses, which brings Fintech into use.
This spending and borrowing habits of the present generation will boost the need for Fintech Technology in banking and other institutions.
– Cryptocurrency and Blockchain Technology
As the craze of cryptocurrency is growing among digital users, it will directly affect the growth of the Fintech industry in a positive way. For financial services, users are looking for more digital currency and crypto will be the next big thing.
– P2P Payments App
Most users choose P2P payments while making any online purchase as it is quick and secure. Payments and digital wallets make it more reliable to pay bills, regular payments etc. Fintech benefits make it more popular and have become a successful industry in the market. Here is the list of popular Fintech P2P payments apps:
- PayPal
- Venmo
- Stripe
- Visa and Mastercard
Fintech App Ideas for Startup
As the Fintech Industry is huge that opens up hundreds of opportunities for aspiring candidates who want to start their own businesses. Here are a few ideas to enter the market with unique startup ideas:
- Peer-2- Peer Payment Apps
- Digital Lending Apps
- Insurtech Apps
- Digital Mortgage Apps
- Personal Finance Apps
- Apps for Digital Trading
- Digital Crowdfunding Apps
- Regtech Apps
- Cryptocurrency Apps
- Wallet Apps
Conclusion
Hope this article helped you in understanding the opportunities available in Fintech. By looking at the success of Fintech startups in the last few years, you don’t have to give a second thought before entering the industry, just go ahead. Hire reliable developers like RG Infotech to kickstart your journey.