The use of technology in the banking and finance industry has impacted the sector tremendously. Generally, Fintech has to do with the integration of technology in the finance sector to make it more secure, fast, and profitable. This integration also created opportunities to cater to the needs of the unbanked persons and has impacted heavily on other businesses.
As a result, the global fintech market is expected to grow exponentially and be worth $ 309.98 Billion by 2022. If you are an entrepreneur who wants to be a part of the flourishing fintech space, here are application ideas you can build on.
Digital banking apps
Banking applications have caused a shift in the way people interact with their banks. For instance, bank customers no longer need to visit their local banks or ATMs to transfer money or other services. They can now make transactions, investments, open accounts, deposits, block cards, and add beneficiaries right on their mobile devices. Digital banking is still a niche market that can benefit anyone despite having many players.
Peer-To-Peer Payments Apps
P2P payment apps provide customers with platforms to transfer money from one person to another through an intermediary( P2P apps). This means that anyone can easily transfer or receive money on their mobile devices through any bank account that is linked up with the app. Today, economies around the world are now becoming cashless which promotes the use of payment apps for online transactions. Therefore, investing in peer-to-peer money transfer apps is one of the most excellent investments anyone can make.
Personal Finance Management AppsThese applications are platforms that help users to categorize their expenses and incomes, and track them in real-time. Simply put, they help users understand and manage their finances smartly and effectively. People must become more aware of their expenses, earnings, and savings. When this happens, developers and investors can now create more applications to cater to customers.
These apps are powered by AI and big data analytics, to simplify the loan assignment process. Also, they analyze customer data, behaviour patterns, credit history, etc to indicate if a customer qualifies for a loan. Access to credit remains a huge challenge in Africa, especially in Nigeria. For this reason, building any credit facility and application will always be a good idea.
Insurtech apps use AI and data science to collect, process, and evaluate customer data, identify risks and facilitate the insurance underwriting process. Although many insurance companies now adopt fintech solutions to deepen insurance services in Africa, insurance is still low in Nigeria. Therefore, any insurance apps with affordable insurance plans will always appeal to people.
These apps help budding entrepreneurs raise money to fund their ideas and initiatives. Thus, they post their startup ideas on the platforms to attract investors. By doing this, they can raise enough funds for their projects. The idea of building a crowdfunding app may be daunting but not entirely impossible. Think, the app may be a channel for people to live their dreams.
Trading and Investment Apps
Trading and investment apps use blockchain, AI, and Machine Learning to radically improve trading outcomes. Algorithmic trading eliminates human error and emotional factors and makes smart decisions based on data. Also, it reacts instantly to the changing market situation and enables traders to trade from multiple accounts all at once.
Similarly, AI and data analytics help users get quick insights about potential investments and make informed decisions. Naturally, people want to invest and increase their money while at it. So, building an investment app is never a bad idea.
Finally, Fintech is a very big sector. Trying to explore the whole finance world is impossible. So, it is advisable to pick a particular niche in the fintech space to build on.Featured Image Source: Knowledge at Wharton
Got a suggestion? Contact us: firstname.lastname@example.org
You might also like:
- How FinTech Tools Can Help You Manage Your Money Better
- Azapay Solution: Pioneering Cardless Payments In Nigeria
- From Nigeria To The UK: Kora Expands Its Payments APIs
- Why You Should Invest In NFTs