Technology has transformed everything around us -from shopping to socializing, booking travel tickets to buying groceries. It has also turned the financial service industry on its head. Over the last few years, quite a good number of fintech startups have emerged with exceptional fintech app development, utilizing technology to make it easier for people to transfer money, make payments, invest, get a loan and much more.
The fintech sector has witnessed a tremendous rise over the past few years. According to a 2019 Fintech EY report, the global adoption of fintech services has drastically increased from 16% in 2015 to 64% in 2019. The awareness of fintech is also unexpectedly high. Out of 27,000 consumers surveyed, 96% were aware of fintech transfer or payment offerings and three-fourths have used one before.
For millennials, the fintech technology is appealing because they grew up using mobile devices and now feel at ease to conduct financial transactions the same way they share pictures or order food.
This is the reason why Fintech today is a multi-billion dollar industry, dominated by startups. The number of players in the industry is growing every day with solutions that counter investing, cryptocurrency trading, crowdfunding and more.
If you also intend to launch your fintech app, begin your journey by understanding what is fintech and the types of fintech applications to win fintech app development.
What are the Types of Fintech Applications?
There are many different use cases of Fintech technology. Below we have some of the types of applications in the industry along with the Fintech app features-
The InsurTech concept represents the convergence between digitization, disruptive innovation technologies and the insurance sector. InsurTech is nothing but Fintech applied to the insurance sector from an expert and focused perspective.
Insurance CRM software helps insurance companies to collect, store and manage the user’s data in one place and use it effectively to enhance customer experience.
The main motive of designing Insurance CRM software is to assist clients in improving client relationships.
Key Fintech App Features of Insurance CRM Software -
If you are planning for insurance based fintech mobile app development, then here are some good examples to check -
Credit Karma
Main Features — Bitrix24
Main Features -
Systango as a fintech app development company designs and deploys seamless InsureTech based software and apps. Get in touch with our team to know more.
2. Investments — Robo-Advising Apps
Robo-advisors are online investment management tools that utilize mathematical algorithms to offer financial advice to users and this process involves minimal human intervention. There are different types of Robo-Advising systems such as Risk-averse, Risk-seeking and Risk-neutral.
Key Features of Robo-Advisors-
- Portfolio Management — Robo-advisors create portfolios based on the preference of investors. Typically, portfolios are created based on the Modern Portfolio Theory, which focuses on allocating funds to stocks that are not correlated.
- Tax-Loss Harvesting — Robo-advisors help users with tax-loss harvesting and aids them to save on capital gains tax.
If you want to build Robo-advising investment apps, check out the good examples -
M1 Finance -
M1 Finance is a completely free platform that offers the best of both worlds — a simplified Robo-advisor with the capability of selecting your stocks.
Key Features — Betterment-
Betterment provides users with the tools, inspiration and advice to become better investors.
Key Features -
- Betterment’s investments core products and access to licensed financial experts and CFPs through a mobile messaging interface.
- Enables users to open sub-accounts that use different portfolios for reaching various goals.
Stock-Trading
Stocking trading applications allow you to manage your portfolio and trade stocks on the go. These applications charge affordable fees and provide a plethora of options to trade.
Key Features -
This is updated every second to generate the most accurate analysis, efficient strategies and price patterns.
The above-mentioned charts and quotes should be derived using all kinds of technical, fundamental and descriptive metrics to gain an advantage when stock-picking.
Relevant and timely news customized according to the user’s watchlist.
If you want to build stock trading apps, check out the good examples -
Robinhood-
Robinhood is a true pioneer of commission-free trading. It is known for providing a simplified trading experience without any hassle of fees.
Key Features
- Commission-free trades on options, stocks and ETFs.
- Access to popular cryptocurrencies.
Acorns -
Acorn is a mobile-friendly option for investing your money into a nest egg that grows gradually.
Key Features
Systango as a fintech app development company designs and deploys both stock-trading and Robo-advising apps. Get in touch with our team to know more.
Digital Payment applications -
When we talk about how digitalization is evolving the financial service industry, it can get difficult to not mention digital wallet apps. Following the popularity that digital wallets are receiving, several startups have started connecting with sound fintech app development companies to come with seamlessly designed digital solutions around e-wallet.
If you are planning for digital payment based fintech mobile app development, then here are some examples to consider -
PayPal -
PayPal is the granddaddy of payment companies. It started as one of the preferred digital wallets for eBay transactions but has emerged as one of the most dominant names in the online payment industry.
Key Features — Zelle
Zelle offers a unique way to transfer money to friends and family right from your bank. If a user holds an account at a participating bank, you can send cash with same-day transfers to anyone who holds an account at a participating bank. The growing list of participating banks includes Bank of America, U.S. Bank, Wells Fargo, Ally, Capital One, and more.
Key Features -
- Most of the known and large banks such as Chase and Wells Fargo are associated with Zelle.
- There are no fees for sending or receiving money via Zelle.
RegTech
Regulatory Technology, popularly known as RegTech has become a buzzword in the global financial and compliance community.
RegTech is defined as the management of regulatory processes within the financial industry with the aid of technology. The main functions of RegTech are regulatory monitoring, compliance and reporting.
Types of software that can be build using RegTech -
Financial Risk Management Software
Financial risk management software helps risk managers to identify risk and be proactive about it. As fintech app development partners, we enable our clients to enhance the risk management infrastructure and framework to improve business performance, improve risk management culture and strengthen risk management.
Key Here are some of the examples of financial risk management software — Kyriba Fintech app features of financial risk management software — Key Features -
Kyriba enables financial leaders and their teams to manage liquidity and generate value mitigating financial risks. Internal applications for risk, payments, treasury and working capital with crucial external sources such as trading platforms, banks, ERPs and market data providers are connected by Kriyba’s Active Liquidity Network.
SmartRisk
- Treasury Management
- Fraud Detection
- Risk Management
- Payments
- Supply Chain Finance
Key Features -
A financial risk management tool designed to help financial advisors in analyzing portfolio risk, guide clients to make necessary portfolio changes, retain clients during the down market and prevent them from making investment mistakes.
Financial Fraud Detection Software
Key features of financial fraud detection software — Here are some of the examples of financial fraud detection software — ClearSale
- Portfolio Modelling and Management
- Risk Analytics
- Market Risk Management
- Risk Analytics
- Stress Test
RegTech incorporates KYC and anti-money laundering solutions that help companies improve the overall identity management of the system. By integrating advanced technologies such as “Biometric”, companies can identify fraud and money laundering attempts.
Key Features Signifyd
ClearSale is a comprehensive eCommerce fraud prevention solution that leverages artificial intelligence, a team of specialized fraud analysts and advanced statistical techniques to provide results to their customers.
Key Features
An e-commerce protection platform, Signifyd automatically identifies anomalies like account takeover, unauthorized reselling and promotion abuse. The tool leverages machine learning and artificial intelligence to provide actionable commerce insights.
Cryptocurrency Apps
Key Features
Systango as a fintech app development company designs and deploys seamless financial fraud detection software. Get in touch with our team to know more.
Coinbase
Cryptocurrency apps or crypto exchange platform is the one which allows trading of cryptocurrency. The platform allows converting cryptocurrencies into the US dollar or another currency and also enables price discovery through trading activity.
If you are planning for cryptocurrency-based fintech mobile app development, then here are some examples to consider -
Key Features — Binance
An extremely easy-to-use, Coinbase lowers the barrier to entry in the world of cryptocurrency trading to a significant extent. Coinbase also incorporates insured custodial wallets for investors and traders for storing the investments.
Key Features -
Binance offers more than 50 different cryptocurrencies to trade and is equipped with impressive features like charting.
Crowdfunding platforms
- The large variety of cryptocurrencies as well as trading pairs.
- Highly advanced charting.
Crowdfunding platforms enable interactions between fundraisers and the crowd. The platforms enable making and collecting financial pledges.
Here are some of the examples of crowdfunding apps — Kickstarter
There are many types of crowdfunding platforms such as equity crowdfunding, peer-to-peer lending, donation-based crowdfunding, rewards-based crowdfunding, profit-sharing crowdfunding, debt-securities crowdfunding and hybrid models.
Key Features -
Key Features
A platform for creators and passionate backers to get connected and bring new ideas to life.
Start Engine
- Invest in creative projects from various domains like arts, design & tech, film, games, music and more.
- Share projects with friends through email and messaging.
Here are a few examples of Crowdfunding Apps:
Key Features
StartEngine is a fundraising cum investing platform that allows people to put their money directly into the companies.
Types of Fintech Users
- Hosts a large number of companies, from biotech pioneers to travel and tourism.
- Each company’s profile includes the company’s valuation, number of investors and more, to help you make informed decisions.
Business-to-Business User (B2B)
Now that you are equipped with types of fintech apps, let’s have a look at the type of fintech users to get an idea of your target audience.
Business-to-Consumer (B2C)
There are mainly two types of users for Fintech and these are -
Embrace digital transformation in financial services with Systango’s fintech app development services. Fintify:
The innovation of Fintech has enabled businesses to conduct a transaction without having to visit the bank. With breakthrough Fintech applications, businesses can easily and securely manage their finances. Fintech B2B services allow companies to leverage financial transactions, optimize productivity and enhance the bottom line.
The B2C fintech solutions are essentially focused on millennials. Gen X is the next biggest target market for B2C solutions.
From wealth management to P2P lending and from banking software to payroll fintech solutions, we offer top-notch fintech web and mobile app development services that help businesses get ahead and set there. If you are running short of funds and time, then get a single app designed for both iOS and Android platforms with our cross-platform app development services.
RANsquawk:
Here are a few Fintech apps that Systango has helped release:
Fintify team needed a tool for budget and personal finance management. Our cross-platform app developers designed and developed a superlative React Native based budgeting, personal finance aggregator and monitor app that allows its users to calculate their net-worth and monitor investments across multiple geographies.
Tech Stack includes — React Native, Django, Yodlee API, PostgreSQL. The product is hosted on Amazon servers.
RANsquawk is the world’s #1 Squawk provider covering the US, Europe and Asia Pac. They needed a fintech based Mobile App to enhance their web offering.
Our unparalleled experience in pre-trade space across equity, fixed income, energy, metal and FX asset lines as well as strong hand on UI/UX helped us deliver top-level app. We also introduced features like running commentary along with voice modulation to emphasise the importance of the event.
The app enables users to track accounts — such as banks, credit cards, insurance, investments, loans, pensions and ISA’s on a single dashboard.
Tech Stack includes — React Native, Redux, Firebase, Ruby on Rails.
To jump into the growing fintech industry with an amazing application, reach out to our fintech app development experts.
Originally published at https://www.systango.com on August 17, 2021.
