Fintech App Ideas for Startups to Consider in 2024
Have you ever wanted to have a time capsule that allows you to travel back in time? We’re willing to bet that then you wouldn’t have waited and, when everyone else was fearing the consequences of the pandemic, you would have invested in fintech app development. Who would have thought that the financial industry, once so slow to adapt to technologies, would find itself at the forefront of innovation?
The good news is? With the knowledge you have today, it’s not too late to jump in. The fintech sector is moving rapidly, but there are still abundant opportunities to innovate and carve out a place in the niche. In this post, we’ll explore some of the best fintech app ideas that will thrive in 2024 and help you disrupt the market. Sit tight, and let’s get started.
A Quick Glimpse Into the Market
The fintech tech sector has emerged considerably in recent years. When half the world was shut due to pandemic restrictions, fintech companies stepped up to meet the demands of a changing world. It was in 2021–2022 when the rise of fintech apps was particularly remarkable, and since then it’s never come to a halt. Now fintech apps have become an integral part of our daily lives, with 60% of smartphone users relying on them to handle their finances.
As we look into the future, the adoption of fintech solutions is expected to continue its upward trajectory. According to a recent survey, the size of the global fintech market is projected to reach over $300 bn by the end of 2026 — a phenomenal jump from 2021 when it was valued at $112.5 bn. These numbers reflect the ongoing trend of digitalization and a growing user demand for digital services.
Don’t think there’s a lot you can offer because the fintech sector has already got numerous apps? Think again! The market is far from saturated, providing many untapped opportunities for those who are ready to step in. If you are, keep reading, as we’re going to discuss market-disruptive financial app ideas that are going to be big in 2024.
Top 10 Finance App Ideas for Fintech Startups
Whether you’re looking to start a fintech business from scratch or expand your offerings by tapping into mobile app development, the opportunities are vast and varied. We’ve put together the top 10 fintech startup app ideas to consider in 2024.
- Mobile banking apps
Among all, this is perhaps the most popular finance app idea for businesses that want to enter the fintech industry. People are so accustomed to paying for everything through digital banking that it won’t be long before we see a complete shift towards digital financial solutions. Even now, the statistics are quite startling. According to recent surveys, 71% of users would rather use a mobile app to manage their bank accounts than traditional banking services.
Considering the popularity of mobile banking apps, it shouldn’t surprise anyone that there’s such a variety of digital financial solutions now. We’ve already seen bank apps for kids, teenagers, and students, while some banks are offering more tailored solutions designed with different nations and religions in mind. A case in point is Islamic banking. Developed based on the concept of Mudarabah, this banking system prohibits interest and prompts profit-sharing arrangements, offering Islami an alternative to commercial banks. Similarly, we have Catholic finance institutions that take a biblical approach to managing banking operations. These are good examples of how a digital banking app can stand out in the market.
If you want to make moves in this direction, think about creating a niche product that can fill gaps not addressed by mainstream banking solutions. Through white-label solutions and API-based integration tools, you can build a compelling and competitive product that will let you enter the market with a strong offering.
2. Personal management finance apps
Same as digital banking, personal finance apps are gaining traction in 2024. These apps, just as the name suggests, serve as your personal manager, providing you with the tools to take control of your finances.
With a personal finance management app, users can categorize their expenses, see where their money is going, and analyze where they can save. Some of the most advanced apps also offer the functionality to set up budgets for different categories like groceries, transportation, or entertainment, and receive alerts when you’re nearing your spending limits.
As technology integrates into finance, many of these apps also leverage AI. By using AI algorithms and machine learning, they can track users’ spending patterns and suggest personalized recommendations that can help them make smarter financial decisions.
Personal management apps have a huge potential, making both startups and big players want to invest in this sector. In fact, this market is growing progressively. From $101 bn reported in 2023, its market share is expected to reach $450.8 bn by 2030, indicating the rising demand for these kinds of apps.
Think about the innovative features that you can bring to the table and what you can add to improve user experience, and you’ll not only be able to compete with established industry players, but also make your mark.
3. Robo-advising apps
A truly innovative fintech app idea that both startups and seasoned entrepreneurs may want to give a go is building a robo-advising app. Driven by machine learning algorithms, robo advisors are designed to provide tailored financial advice based on users’ goals and investment preferences.
The benefits of robo-advising platforms are numerous. First, they are much cheaper to use than hiring a traditional financial advisor, making them accessible to a broader audience, including those who don’t have thousands of dollars to spend. In addition, they can be accessed 24 hours a day, which means users can analyze their spending and investments whenever they want, be it during the day or in the middle of the night.
One of the key features of robo-advisor apps is their ability to continually monitor and adjust investments according to users’ financial goals without requiring any action on their side. Plus, many robo-advising platforms also help with things like saving on taxes and planning for retirement. Some even offer the option to connect you with a real person for personal consultation if needed.
What makes investing in robo-advisors a great finance app idea is that this space is still rather untapped. Moreover, it’s likely to see many innovations as technologies keep advancing. So if you’re looking for cool app ideas to kickstart a successful fintech business, building robo-advising software could be your perfect launching pad.
4. RegTech apps
Another great startup app idea to consider is building a regtech app. RegTech refers to the use of technology (cloud computing) to help emerging financial institutions comply with the regulatory requirements. With the help of RegTech apps, companies can automate a major chunk of their processes including tasks such as KYC (Know Your Customer) checks, AML (Anti-Money Laundering) compliance, transaction monitoring, and fraud detection. More importantly, they can get these insights real-time, enabling them to adapt quickly to remain compliant.
As regulatory standards become more complex, the demand for RegTech solutions is expected to increase. This provides a perfect opportunity for fintech startups to build an innovative product that meets the requirements of various industries. Obviously, building this type of application requires a deep knowledge of fintech regulatory and compliance standards, but with the right app development company, you can develop a powerful RegTech tool that will provide you a breakthrough in the market.
5. Insurtech solutions
Creating a mobile application for insurance clients is another great fintech app development idea. Insurtech, short for insurance technology, covers all kinds of software solutions that use AI, machine learning, IoT, and blockchain, as well as Open API, to streamline the insurance process. This includes everything from purchasing insurance policies to managing claims and identifying risks, all without the help of an insurance broker.
The scope of solutions that can be created is varied and large. For example, you could focus on health insurance apps that help people get reimbursements for their medical expenses. Similarly, you could create a car insurance app that collects data from connected cars to evaluate users’ driving behavior and offer them usage-based insurance policies at the most attractive prices. Anything related to insurance can be used as the basis for a software solution. The opportunities in this sector are limitless.
With the number of consumers looking for more efficient ways to manage their finances on the rise, and the overall insurance technology market heading towards expansion and growth at a CAGR of 52.7% between 2023 and 2030, building an insurance app could be your ticket to the world of fintech.
6. Crowdfunding apps
When everyone is thinking about what kind of fintech solution to create, why not go a different direction and offer them a platform where they can raise funds for their projects? Developing a fundraising platform, known as a crowdfunding app, is one of the trending fintech startup ideas that can help you build a successful business.
Crowdfunding apps may offer a variety of features like project creation tools, funding goal setting, and reward management. Startups can add detailed descriptions of their projects, upload images and videos, and share updates to attract potential contributors. Contributors, in turn, have the option to browse through different projects and choose to fund the one which they believe in the most.
The beauty of fundraising platforms is that they can offer several ways of collecting funds. For example, you can build a reward-based or equity-based platform to make profits. Alternatively, you can create a donation-based crowdfunding for charitable purposes and choose other ways to monetize.
Crowdfunding solutions are a relatively new startup concept in the fintech market but it’s already making waves, as the number of entrepreneurs is steadily increasing. If you want to get into this niche, focus on creating a secure platform and unique features, and you have all the chances to take the lead.
Are you looking for a professional team to kick-start your project? Entrust your ideas to our team.
7. Digital wallets
Another top fintech app idea to consider is creating a digital wallet. Digital wallets are growing in popularity, offering people a convenient way to make payments without the need to carry their physical wallets. Moreover, most of these wallets, in addition to providing information on the user’s account, also include lucrative discounts and coupons that can be used at various merchants.
Digital wallets may support a wide range of payment methods, including credit and debit cards, bank transfers, and even cryptocurrencies. The greater the choice of options, the more appealing the app is to a customer base. They can also include value-added features and services like loyalty programs, expense tracking, bill splitting, QR code payments, and personal finance insights, making them indispensable tools in our everyday lives.
The market of digital wallets is growing at a fast pace. In fact, it’s one of the fastest growing trends in the world of fintech solutions, with half of all e-commerce transactions being made through virtual cards. By 2027, this number is forecast to increase to 61%.
Digital wallets, widely used around the world, including in developing countries where traditional banking infrastructure is often lacking, as well as by businesses for cross-border transactions, are paving the way for financial inclusion, making this one of the most attractive niches for investment.
8. Peer-to-peer payment apps
Those looking for the top fintech ideas may want to consider building a P2P payment application. These apps are designed to facilitate people-to-people money transfers by allowing you to seamlessly send funds directly from your mobile phone, no matter which bank the recipient is registered with.
P2P payment solutions attract customers with ease of use. Not only do they cut down the need for middlemen, but they also charge no commission fee, making money transfers fast and cost-effective.
The security of these transactions is also an important advantage. P2P apps often employ NFC and biometric technologies to streamline transaction processing and ensure that users’ financial data is protected from unauthorized access.
If this is a sector you’re looking to invest in and launch a fintech startup, the good news is it offers huge potential for innovation. By including features such as currency conversion, integration with existing electronic payment systems, support for international transfers and social networks, you can build a fintech app that will allow you to outperform even experienced market players.
9. Cryptocurrency apps
If you want to make a breakthrough in the industry of fintech and gain recognition for building an app that becomes the next unicorn, you should look closely at cryptocurrency apps. Cryptocurrency applications have surged in popularity as Bitcoin, Ethereum, and Litecoin became mainstream, and they’ll become even more popular as more people choose to store crypto rather than traditional currencies.
Looking at the future prospects, investing in building a cryptocurrency app can be a smart decision. Crypto ownership rates around the world are increasing rapidly, with more than 560 million people using at least one crypto currency in 2024. Give it another year or two, and there won’t be a business that won’t accept payments in crypto. If you want to grab a share of this lucrative market, be sure to leverage blockchain. A million-dollar technology in the fintech industry, it will add a strong layer of protection to your application, ensuring robust, tamper-proof transactions.
10. E-mortgage apps
To crown our list of the best fintech startup ideas, let’s delve into e-mortgage apps, another solution that can have a big impact on the potential of the fintech sector. Those who’ve ever applied for a mortgage know how time consuming and complex the traditional mortgage process can be, to say nothing of the amount of paperwork involved.
This is where e-mortgage platforms are changing the game. They streamline the entire process by digitizing every step, allowing people to apply for a mortgage and get approved without the need for in-person visits to banks or filing stacks of documentation.
The best thing is, they also reduce the time it takes to get mortgage approval, making it possible to secure financing faster. Now if you look at the statistics and see how many mortgage applications are submitted every year, you can see that this market is doomed to bloom.
Bottom Line
To bring it to the chase, the fintech app market is still a rather untapped space, presenting numerous opportunities for those who want to start a fintech startup. We tried to cover some of the most innovative finance app ideas for startups, but with fintech being so great, it’s only a tip of the iceberg. By keeping an eye for the latest fintech trends and being creative, you can come up with your own groundbreaking financial app ideas that will change the future of fintech.
To help you get started on this journey and ensure a smooth ride, get assistance from app developers experienced in finance app development. Their extensive knowledge and expertise in the field will help you bring your most ambitious ideas to life!
