Top Monetary Fintech App Ideas for Start-Ups
Technology that assists us in performing monetary transactions invariably forms an integral part of any individual who uses them. Once an individual tastes the ease and speed of transactions that these apps invite in one’s life it’s hard to not use them again. Every industry including the financial sector has seen disruption through the advent of technology. Tech has caused a perspective shift in ways laymen perceived finance, converting it into a fast, profitable, and secure business.
The cost of building a mobile app solely depends on the features. This blog aims to help you understand the types of Fintech Apps that one can invest in and the budget required to build the same for different platforms respectively.
Types of Fintech Apps
When Fintech apps made their way to the market they were designed to render banking and p2p payment facilities to users. Moving forward every industry dealing with finances discovered that finding innovative ways to connect finance and technology can transform cumbersome financial processes into convenient intuitive applications.
Let’s have a look at the various fintech apps that have shattered the conventional financial practices and acquainted themselves with the fintech revolution in recent years.
Mobile Banking Apps
The initial banking apps didn’t allow users to do much. They provided facilities like account information, money transfer, search ATMs (in rare cases), etc. This is evident as the percentage of people using banking apps has increased from 9% then to a whopping 69% currently and is expected to grow higher.
Opening a bank account was an annoying task in the prior years. With fintech apps users enjoy the convenience of opening bank accounts, adding beneficiaries, making transactions, investing and monitoring funds, blocking cards, and almost everything else with a few taps on their phones.
Peer-to-Peer Payment Apps
The P2P payment apps have marked their place in almost all the industries that provide online services. The primary reason for this is that it introduces the crowd with an added option to pay securely and rapidly. They also remove all the third-party intermediaries that eat up your money under the tag of ‘Transaction Charges’. For example, the introduction of the Unified Platform Interface (UPI) guarantees instant payment with no transaction charges.
Other inclusions in technology like POS and NFC are equipping the P2P payment industry are paving ways that enhance risk management by making use of biometrics.
Insurtech Apps
As the traditional ways of acquiring insurance held a lot of problems like too much paperwork, confusing tariffs, the obtrusiveness of insurance agents, indifference to customer needs, etc.
The process is simplified with insurtech apps incorporating technologies such as Blockchain, machine learning, and open API. In 2018, the insurtech market was valued at 1.5 billion USD and is expected to grow at a CAGR rate of 43% between the years 2019-2025.
Wealthtech Apps
There has been an exponential increase in people getting aware of the ways to go about managing money online. Wealthtech apps provide options to manage money for personal or investment purposes. They help categorize their monthly expenses and incomes assisting them in managing their money more efficiently and smartly.
Trading Apps
One needs to have a proper budget check before you invest in a stock trading app as a shortage of money can limit you to offering fewer features, delay your launch, halt your project, etc. In order to avoid these problems, you must have a healthy backup.
Blockchain Apps
Blockchain technology when broken down is essentially referring to digital information the “block” that is stored in a public database the “chain”. Blockchain apps can be designed for a myriad of applications. You should choose the right app development frameworks for your app.
P2P Lending Apps
These apps work best for borrowers who are declined by the banks and want instant money and lenders who want higher returns and a passive income. The platform removes middlemen like “Bank” entirely. Countries like China, the US, Europe, and the UK are major contributors to the P2P lending market.
If you want to invest in a P2P lending app development, you must also factor in the risks involved and permissions required for you to build one.
We learned above how different fintech apps can serve the finance sector and generate revenue for you. Many such fintech apps have already found their niche and created successful business models. Let’s discuss a few of them in brief.
App Development Cost
We work with native as well as hybrid technologies when it comes to mobile app development. Our expertise lay in building Android and iOS platform apps using technologies like Java and Swift respectively. We also offer hybrid or cross-platform app development using technologies like Flutter and React.
Technource has been in the on-demand app development business for a decade. A decade that has offered us various challenges and opportunities to portray our capabilities. Our journey has been quite an interesting one with our services reaching our 100+ clients around 12+ countries.
If we talk about app development cost then a basic feature app would cost anywhere between $1000 to $10,000 if made using native technologies and relatively less using hybrid platforms. While a relatively complex and advanced feature app can cost anywhere between 9,000$ — 60,000$. As we provide our service from India, we charge per hour anywhere between $25 – $50 respectively.
