Read more about FinTech
Fintech, which involves the amalgamation of finance and technology, has not only added convenience to the ecosystem, but has also made it more secure, rapid, and profitable to all and sundry. Furthermore, it has offered a new set of opportunities to young entrepreneurs, catered for the needs of the unprivileged audience, and even brought significant growth to most businesses. As an entrepreneur who is clueless on how Fintech works, the kind of ideas or strategies to put in place and the right software to adopt for your business could be daunting. Here are a few Fintech related ideas you can hold on to in certain situations. Some of these ideas include:
Creating personalized insurance platforms
Digitalization has gradually taken over most parts of our lives, because individuals are so used to the ease of access to services and products at a click of the mouse or swipe on the smartphone screen. In the same manner, they want this ease and convenience with insurance services as well. Rather than going through the tedious process of offline insurance companies and running to advisors, individuals would prefer to have access to insurance platforms at ease. Latest technologies now offer opportunities for small devices to collect relevant data from individuals and use them for insurance purposes, that would benefit the user. The insurance providers offer customized and flexible policies for individuals and monitor the policy terms and services through this data. This is a new rise in Fintech, as these insurance plans are quite affordable. With the aid of AI and data science, collection, processing and evaluating individual data is made easy.Lending apps
The economic downturn in the country has made many individuals and organizations look for quick and easy loans to solve various financial needs in homes and businesses. With the help of AI and big data analytics, lending apps make simpler, the loan assignment process, by analyzing customer data, behaviour patterns, credit history, and shopping activity, to determine if a customer qualifies for a loan. This is also a fast-rising business in the Fintech industry, as most individuals are usually in need of extra cash and the earlier they pay back with interest, the more they have access to higher credit.Sign up to the Connect Nigeria daily newsletter
Peer-to-Peer payment apps
If you are searching for Fintech business ideas, you might want to consider peer-to-peer payment apps. The peer-to-peer apps are designed for the easy transfer of money between individuals, friends and relatives with electronic wallets. The money from the customer’s account is transferred directly into the recipient’s electronic wallet. This app is a surge in the Fintech Industry, because they are directly connected to banks, digital wallet services, or standalone payment services like PayPal.Crowdfunding apps
This is one of the top Fintech related ideas, especially for startups. In addition, building this app is as good as building a startup for other startups. This is because these Crowdfunding apps are built and designed for upcoming entrepreneurs to help them raise money for their business ideas. These apps help them raise money by posting their startup idea on the crowd-funding platform, by this, they can quickly see if investors are interested. Investors can make their choice from various business ideas and invest in them, thereby, providing funds for these start-up entrepreneurs.Robo advising software
This is one of the ways Fintech captivates individuals and business owners, especially young persons and in the same vein, creating a great area for making an investment in the financial application development economy. This machine-learning driven software is serving individuals with premium personalized and future-centric financial advice at lower costs. In addition, they analyze their expenditures and investments to support them in increasing their after-tax returns. Even though Fintech is a practicable and lucrative startup business idea, it is advisable to gain the required thorough knowledge from experts in Fintech and perfect planning to launch, survive and remain relevant. Featured Image Source: Entrepreneur HandbookGot a suggestion? Contact us: editor@connectnigeria.com