2022 is the year of digital technologies and you can’t miss the opportunities to be among the leading fintech startups. Go ahead to collect the ideas for your new project based on the best practice and the stories of success.
Let’s have a look at a couple of representatives. These companies are leading in the fintech market for several years, and it is imperative to know about them. At least in order to be clearly aware of what the majority of processes in financial technology are.
- Ant Financial is a Chinese fintech company founded in 2014 and part of the Alibaba Group (BABA). Its business value is above USD 150 billion.
- Adyen is a Dutch fintech company founded in 2006. This company provides businesses with a single platform for payments across any channel in the world. From 2015 to 2019, its revenue grew from USD 98.5 million to USD 496.9 million.
Think you are ready to channel your knowledge in the right direction, namely fintech startups? Here are a few ideas, which can be converted into a highly profitable software application with the assistance of professional FP programmers. Check all of the ideas to choose the one that will lead you safely and profitably into the financial technology industry:
- Lending apps
Loan applications greatly simplify the process of issuing a loan. Artificial intelligence, engaged in fast data processing, determines who can issue a loan. MoneyLion is a great example of a savings and loan application. It can be used as the object of investigations when you plan a similar app. The market is big enough to have a dozen more players, dismissing the banks, and removing the middleman. By introducing peer2peer technology, you can provide better financial terms both for the lenders, and the borrowers, and provide the transparency of operations, based on blockchain technology.
- Electronic mortgage apps
E-mortgage apps now offer contactless mortgages, which has simplified the application system. This progressive solution can be your next project. Better.com is an app for buying houses and recalculating existing mortgages is a competitive example to think about your own solution. Evaluate if it has any weak sides to build your competitive advantage based on their client’s feedback.
- Insurtech apps
Applications in this segment target different areas of insurance. Such applications use artificial intelligence to identify associated risks and facilitate the insurance process. Be the next Uber in the insurance industry, create your fintech application and remove the middleman. Let the customers get better services, which do not depend on the view of one company, but are based on the distributed ledgers.
- Mobile banking apps
Getting fast and hassle-free access to banking services is provided by these applications. As a rule, they open access to almost all monetary transactions. Set your own solution to provide opportunities for more protected banking operations with the integration of smart contracts.
- Personal finance apps
Fintech beginners and pros alike need to have a holographic view of their personal finances at all times; this is the backbone of any startup. Financial advisory services are considered to be one of the finest financial technology startups.
- Peer-2-Peer payment apps
These applications are designed to transfer money between individuals. This application is like a fresh start-up idea representing a peer-to-peer payment. Venmo and Zelle can be guided to create such an application.
- Trading and investment apps
Also, as in other programs, this one has artificial intelligence and instantly reacts to changes in the market situation, which allows traders to trade from several accounts at once. Robinhood is a great example on the subject, investing and selling stocks using this app is very common.
- Crowdfunding apps
Such apps are a great basis for entrepreneurs to raise money for their projects. Also, startups can post their ideas on the platform and see if investors are interested in it. Kickstarter is a great example of first-graders in a crowdfunding app.
- Regtech apps
In addition, you can create an application to help companies with the law. A kind of set of rules for eliminating risks. This will be useful for both the subject and the subject. Cappitech is an Israeli fintech startup of its kind.
- Digital payment apps
Tapping into the digital payments niche is also a great option. This category includes e-wallets and all other money transfer apps. Revolut – money (and cryptocurrency) transfer apps in most countries
- Cryptoccurency apps
Take advantage of the blockchain to create cryptocurrency trading applications. Coinbase is the world’s best multi-currency trading app.
The guarantee of profitability with your choice can be established only if there is a clear plan and understanding of what is needed and that is needed.
How to organize a fintech startup?
There is no exact description and sequence of actions, so this is a complex and, in a sense, even a creative process. But there are several questions that beginners need to answer.
- Do you have what it takes to be a successful entrepreneur?
This means both finances and the necessary important knowledge and ability to think in the field.
- Do you have a unique business ecosystem?
You need to prioritize and try to anticipate risks using thinking or the right applications and make a plan.
- What key competencies are you missing?
It is very important to know what is missing in the plan and the process as a whole, then the startup idea will be crowned with success.
Once you have the answers to all of these questions, you can start implementing your plan. Allowing every negative and positive detail.
- Determine if you need investors. People are one of the most important components in the success of a project inhabited by the same people. Include as many faces as possible, but it is important that they are reliable. In case of failure, you will lose everything you worked on and it will go into the hands of investors.
- Create a safety cushion for yourself with government support and hire someone with experience in the industry. This will be a huge plus for you now and let you avoid a headache in the future.
Do not be afraid to begin, it all starts with confidence, and your success is fueled by determination and responsibility.