How to Build a Fintech Mobile App: Trends, Features and Costs
The worldwide fintech market has experienced some turbulence in 2022. Global fintech investment has slowed down but has continued to be the top area for venture capital investment, from neobanks to insurtech. Fintech funding on a global scale reached $75.2 billion in 2022. This is on the decline as compared to 2021, although it is up 52% from 2020.
The number of downloads of fintech mobile apps is increasing each quarter as interest in the development of these applications continues to soar. The total number of downloads of financial apps set a new record at 1.74 billion at the start of 2022.
This indicates that there has never been a better moment than today to enter the bankable fintech sector by hiring a mobile app development company in India. We'll learn how to create a financial app today so you can profit from the trend.
Seven Types of Fintech Applications
Fintech is a catch-all phrase that refers to a wide range of software products that facilitate digital transactions. Financial technology, as used in layman's terms, can refer to any technological advancements in the financial sector. The type of your solution will establish the fundamental functionality and the general development course in fintech application development.
Let's go over the most common categories of fintech mobile apps to have a better understanding of the ecosystem for fintech.
Financial Planning and Budgeting Application
Budgeting and Financial Planning Applications
Personal finance apps, or budgeting apps, aid users in better allocating their budget and monitoring their expenses. Using fintech apps of this type, consumers have a holistic picture of their income-expense ratio and can plan their spending. Many even group your spending into different buckets, so you know exactly where your money goes.
The following solutions are great inspirations for apps in the niche:
Cryptocurrency Trading Applications
Purchasing goods and services has never been simpler than it is right now. Users can add their credit or debit cards to mobile payment apps to enable cashless transactions. With no actual cash or credit card on hand, payment applications enable universal payments interface (UPI) transactions. The number of wallets is expected to rise by 74% in 2025, guaranteeing the continuing popularity of these apps.
Mobile Banking Applications
Digital banking apps are becoming more and more popular. 95% of Gen Xers and 91% of millennials will use mobile banking apps in 2022. Meanwhile, 60% of Baby Boomers also have these apps downloaded onto their devices.
The surroundings are also in bloom. Neobanks have so appeared on the scene to overtake traditional banking technology. Only 3.5 minutes separated the top neobanks from traditional banks in terms of the average monthly time spent per user in 2022.
The top five US neobanks had an increase in average monthly active users from 1.4 million in 2020 to 2.2 million in 2022.
Insurance Applications
Simplifying payments, filing claims, and other insurance-related tasks is a benefit of going mobile. By 2025, the insurtech industry is anticipated to continue expanding and reach $33.73 billion. Both the rising number of insurance claims and the expanding life insurance coverage support this market expansion. Additionally, as recommended by McKinsey, the majority of insurers are currently concentrating on digital transformation to lower operating costs.
Lending Applications
According to estimates, the market for international digital lending platforms will grow from $5.58 billion in 2019 to $20.31 billion in 2027. The peer-to-peer mechanism that boosts the apps attests to the traction gains of alternative lending. Bypassing conventional financial institutions, users can quickly and simply obtain a loan.
Investment Applications
In 2023, mobile investment will continue to grow. Such digital products' value proposition centres on improved stock market accessibility and a more in-depth examination of consumers' investment portfolios.
Fintech App Development Trends for 2023
Building a financial app requires more than simply knowing what kind of product you want to market. The industry saw consistent growth in 2022, supported by emerging technologies. New solutions and services built on some of the hottest technology from a best mobile app development company in India were created as a result of the fin-vestment boom. Let's examine what technological marvels your clients anticipate from your financiaal offer.
Blockchain
Artificial Intelligence
Big Data
Microservices
Conclsion
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