The fintech industry is growing at a fast pace. As per the latest statistics, the global fintech market is expected to reach a whopping $8,488 Billion in 2022. And it is projected to grow at a CAGR of 13.9% during the 2022–2023 forecast period.
So if you are a fintech startup and planning to enter this fastest-emerging industry in 2023 this is undoubtedly the best option to choose. And to help you with this, we have brought the top 5
ideas for fintech app development in 2023 which you can select as your business model.
But before that
What is a Fintech App?
A fintech app or (financial technology application) is a mobile application specifically built for the fintech industry. Fintech apps provide finance-related services and facilities such as mobile banking, P2P payment, crypto exchange, savings, investment, and so on. These apps serve a large segment of financial and banking requirements. To build a fintech app you would need assistance from either a developer or a best fintech app development company.
Now, let’s know the
Top Fintech App Ideas in 2023
# 1. Digital-Only Banking App
Digital-only banking app is one of the most trending and hot fintech app development trends in 2023. This app concept focuses on providing all essential and additional banking services through the web or mobile applications. It eliminates the need for visiting bank branches or offices physically.
Customers can do everything online from their mobile devices and avail of all the banking benefits. Today, when consumers mostly use smartphones and mobile apps, digital-only banking is turning into a highly profitable fintech app idea for many startups. And with the massive growth in the demand for digital-only and mobile banking solutions, this FinTech App Ideas for Startups will boom in 2023.
2. P2P payment mobile apps
P2P or peer-to-peer is a transaction process between two parties where there is no third party or intermediary. It means parties can send their money or funds directly to another user account without depending on a central entity like a bank or financial institution.
The concept of a P2P payment app is emerging dramatically since it allows businesses to save significant costs in terms of transaction fees and time efficiency. With P2P payment apps, people not only can make payments but also do additional things like P2P crypto exchange, the easy loan process, and more.
3. Crypto exchange app
With the rapid growth in the cryptocurrency market, the need for fast, secure, and easy crypto exchange is skyrocketing. You might feel amazed to know that there are around 19,000 cryptocurrencies currently in existence as of July 2022 (Source: CNBC). Plus, there is a constant exchange in multiple cryptocurrencies.
This increased jump in crypto exchange had led to the development of an efficient crypto exchange app in the fintech app development field. And businesses are showing great interest in developing crypto exchange apps because they earn profits in terms of transaction fees applied on the cryo exchange between the two parties. Therefore, this fintech app development concept is evolving tremendously.
4. Digital Wallet Apps
Fintech industry is extremely vast. It consists of a variety of financial operations and different types of currencies. In the traditional financial system, people have to mainly deal in the form of paper currency or cash. But today, there are various options. People can make payments through online bank deposits, cryptocurrency, digital assets, NFTs, etc.
So users need digital wallets to securely keep all their currencies and digital assets in one common place. Thus, there is a huge jump in the number of digital wallets and it is expected to increase more in 2023. Therefore, many startups are coming up with dedicated digital wallets for every specific need like crypto wallets, bitcoin wallets, mobile wallets, etc.
5. Trading & Investment Apps
As more people are embracing financial technologies in their day-to-day financial activities the scope for investment is gaining significant traction. Especially the scope for trading and investment apps has become a hot trend in fintech app development. These fintech apps offer various services related to stocks and trading to customers.
They not just allow people to invest their money but also educate them to make well-informed decisions. Since investment apps provide direct access to investing in stocks & trades it eliminates the need for any broker of third-party involvement. As a result, people get more affordable and cost-efficient investment opportunities. Hence, this app concept is expected to dominate the fintech app development market in 2023.
The Bottom Line
The Fintech industry is booming at a skyrocketing speed. With the constant introduction of new innovations and demand from consumers, these fintech app development trends will bring a dramatic change in the fintech market in 2023.
For startups and businesses, it sounds like a great opportunity waiting on the next door. Hence, to take an early advantage, Here you can choose a fintech app development company that provides high-class app development services.
And MobileCoderz is one such company that specializes in creating advanced fintech app solutions using the latest technologies. Just visit their company website and you will automatically realize seeing their profiles.
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