We’ll discuss the features, types, and benefits that make FinTech effortless for any business.
Online banking mobile apps are essential to make it easier for businesses to run as they provide them with a safe e-wallet facility for payments. Whenever there is a need to integrate a payment system, businesses either consider integrating a standalone application, or extend their app to incorporate a plugin, API, or an add-on.
The growing demand for advanced technologies like machine learning, automation, blockchain, bank lending, cashless payment solutions, and consumer lending has digitally transformed many businesses. FinTech exacts a growth close to 22.17% CAGR, reaching 305.5 USD. The FinTech market has reached $31 billion in India and is expected to grow up to $84 billion by 2025.
What is FinTech?
FinTech combines finance with technology. It refers to web applications that automate, optimize, and improve financial services for businesses and customers. It involves improving and automating traditional forms of finance for businesses and consumers alike.
Best Fintech Development solutions include digital wallets, payment gateways, Fintech web and mobile applications, online banking portals, Blockchain wallets etc. Premier Fintech development services include hiring dedicated Fintech developers, non-disclosure agreements, complete security, 100% code protection, and savings on development costs.
Fintech Application development companies should adhere to laws, guidelines related to firm operations while building Fintech applications. They must include features that offer best-in-class customer experience.
Also, Fintech solutions must consist of complete data security and privacy by implementing the latest technologies, adapting to coding best practices, communicating clearly with clients to understand the business requirements, must sign non-disclosure agreements with potential clients to ensure that their confidential information related to projects is secured.
Plus, they must ensure a dedicated Fintech development team who can consistently provide complete support and maintenance according to the project requirements.
Types of Fintech Applications (Major Ones)
Adopted by the best mobile app development companies in India:
● Digital wallets: FinTech Applications can be digital wallets that make use of cards, QR codes, mobile numbers, NFC, or account numbers to send money to family, friends, and banks directly from within the app.
● Mobile banking: FinTech Apps are popularly used for mobile banking transactions like money transfers, bill payments, expense tracking, splitting bills, paying bills (electricity, gas cylinder, credit card, mobile postpaid, broadband, piped gas, loan repayment, water, municipal tax, landline, education fee, cable TV, insurance premium), recharging mobile, purchasing gift cards, buying flight and bus tickets, booking hotel room, booking movies, subscribing to many OTT platforms, buying insurance (car, bike), adding money to wallets, checking credit score. It will improve efficiency, cost reduction, improve security, enhance customer experience, increase transparency, accessibility, speed up payments and more.
● Web3 solutions: The third type of FinTech application are web 3 solutions. By definition, these are crypto wallets, smart contracts, and decentralized exchanges that provide safer, quicker and more streamlined financial operations in comparison to traditional finance platforms.
● Digital Insurance Platform: Another type of FinTech App is Digital Insurance Platform. Such applications provide insurance services on the move taking the help of automated underwriting, claims processing, and policy management using data analytics that help software make decisions accurately.
● Lending and Mortgage Platform: Such Fintech Applications not only offer an online loan but also collect the borrowers’ credit scores, income and financial history. This information can be used to determine the eligibility for a loan.
● Personal wealth management: Fintech Applications offer a great resource to manage financial transactions, maintain wallet balance, view transaction history, and initiate instant money transfers (by scanning a QR code, paying to a contact, or paying to a mobile number). It also allows bank transfers, sending money from wallet to bank, or making transactions via UPI.
● Trading and securities platform: It enables clients to buy and sell securities (stocks, bonds, derivatives)
● Robo-advisors: Such applications offer advice on how to invest, provide information and easy steps to understand and accomplish the process so that users do not have to spend hours understanding how stocks work and how auctions operate.
Examples: FinTech App Ideas
Examples of FinTech Apps include (including the best ones in 2023 and those prevalent in India): Coinbase, Chime, Mint, Credit Karma, Alipay, Avant, Cash App, Braintree, Binance, MoneyLion, Robinhood, Nubank, Revolut, N26, PayPal, Venmo, Square, Paytm Wallet, Mobikwik, CCAvenue, Razorpay Software, Chargebee Technologies, Juspay, TruPay, Instamojo.
Top 12 FinTech Companies in India: BankBazaar, ClearTax, FundsIndia, MoneyView, Scripbox.Com India, Fisdom, BankBazaar, ClearTax, FundsIndia, MoneyView.
What benefit do FinTech Applications bring to the table?
FinTech chips in a reduced cost, automated routine banking processes, facilitates easy checkout and subsequently turnaround time. Fintech applications are not meant to erase traditional banking practices but to enhance their operations. These increase efficiency and productivity, minimize the chances of failed transactions, and increase client retention rate, resulting in increased revenue.
Fintech technologies restrict spending too much on newer advanced technologies. The overall effective cost is a combination of physical and digital payments that have been brought into a consolidated platform using FinTech by integrating the bank account cards and customer ids.
FinTech apps offer convenience as they enable users to manage their finances, make payments, invest, and access banking services, and let them use their mobile devices for making online payments more effectively.
FinTech has been vociferous in imbibing the latest trends like integrating blockchain to improve security and transparency, developing AI-driven chatbots and virtual assistants to offer more personalized financial advice, providing more value-added services, using biometrics authentication methods like facial recognition, and fingerprint scanning for improved security and convenience, embrace decentralized finance (DeFi) to provide financial services without intermediaries, and incorporate sustainability into their business models and services.
FinTech apps incorporate sustainability into their business models. Businesses wanting to incorporate a FinTech App into their processes need to thoroughly understand the latest trends in banking, insurance, the stock market, and the financial sector. Consult any best mobile app development company in India with knowledge and skills in developing payment-integrated solutions to money lending applications, digital wallets to Fintech CRM, as they can help you with the right development team, right technology stack, and complete support for full cycle application development.