The financial industry is one of the most lucrative, but it takes more than just a great idea to start. Having adequate financing is also essential. In many cases, the best financing option is angel investment or crowdfunding campaigns.
A finance startup idea that lets you easily manage your personal finances, with features like built-in savings and spending guidelines.
Personal Finance Apps
A personal finance app is a piece of software that allows consumers to control their money management through a mobile interface. These apps can range from simple solutions that require manual data entry to apps that are linked to digital banking accounts for automated tracking of expenditures.
A good personal finance app should be easy to use, so that users can find the information they need quickly. The UI design should also be user-friendly. For example, a decorative font may look appealing on desktop but could be difficult to read on smartphones or tablets. The registration process should be fast and easy, and the app should only ask for a minimum amount of sensitive information.
Personal finance apps can include features like loan calculators, budgeting tools, and spending trackers. They can also offer investment advice and help users meet financial goals. Some personal finance apps are even able to offer customers insurance inputs. For instance, Wally is an app that can answer questions about insurance plans and help users compare coverage options. Wally also offers insights and recommendations to help users save money and manage their finances.
Like platform banking, marketplace banking acts as a financial matchmaker by opening its APIs to third-party fintechs, but it’s more selective about which third parties can take advantage. The aggregation model offers transparency, choice, and competitive pricing while matching financial services with customers’ specific needs.
For example, the personal finance management app Acorns helps users invest and save money while the P2P loan lending app Robinhood enables investors to trade stocks with minimal commission. This is just one way that fintech apps are making investing and saving easier than ever before, making them a top finance idea for startup.
Robo-advising software is another trending fintech app that’s attracting millennials by offering them future-centric and cost-effective advice at their fingertips. These robo-advisor apps analyze the user’s expenditures, savings, and investments to give them personalized and unbiased financial advice that increases after-tax returns. The best part is that they can do all this at a fraction of the cost of a traditional bank advisor. Creating these apps requires a robust tech solution that can handle the volume of customers, vendors, and transactions without affecting performance.
Peer-to-Peer Payment Apps
Peer-to-peer payment apps allow users to transfer money between friends or acquaintances without involving the bank. They are ideal for everything from splitting a dinner bill to sending cash birthday gifts. Many of these apps are free or have low fees. They also offer a hygienic alternative to cash payments. They have become popular since COVID-19 spread across the globe and people are gradually shifting towards a digital form of money.
There are many competitors in the peer-to-peer payment app market such as Venmo, Cash App, Kik, PayPal, and Zelle. Some of these apps provide business support, while others focus on social transactions. The best peer-to-peer payment apps are designed for mobile platforms and have low (or no) fees and easy transfer times.
While developing a P2P payment app, aspiring entrepreneurs must ensure that the platform meets all regulatory compliance requirements. This includes encryption protocols, two-factor authentication, identity verification, and more. This will help prevent fraud and keep customers safe. Additionally, a P2P payment app should have a built-in feature that allows users to scan invoices and save them for future reference.
Crypto Trading Platforms
As more investors and traders become interested in the blockchain technology, crypto trading platforms are growing to meet their needs. These apps provide a convenient way for users to exchange and trade cryptocurrencies. The revenue from these platforms comes mainly from trading fees charged by users on the platform.
Some exchanges also offer additional services such as a secure wallet and an order book. Using these tools can help customers improve their trading performance and gain a competitive edge.
Another key feature of these crypto trading platforms is their liquidity. The higher the liquidity, the easier it is for users to trade cryptocurrencies on the platform. This helps attract more users and boosts the value of a cryptocurrency.
Some of the most popular crypto trading platforms include Coinbase, Poloniex, and Binance. These apps provide a user-friendly interface, advanced trading features, and mobile apps to allow users to access the market on the go. They also store digital funds in Federal Deposit Insurance Corporation-insured bank accounts to prevent losses resulting from a hack. They offer a wide range of trading pairs and support many fiat currencies.