Finance App Ideas for Startups to Consider in 2021

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Finance App Ideas for Startups to Consider in 2021
Finance App Ideas for Startups to Consider in 2021

In today's fast-paced world, it is difficult to stay competitive without the help of
technological advancements.

Many people are now preferring web and mobile apps to traditional methods of
access like desktops or laptops; this has led to the rise in the number of startups
operating in the finch (financial technology) sector.

The following list contains some popular finance app ideas that might be worth
considering for your startup, if you wish to ride along with this growth trend.
However, before we introduce these finance app ideas let us first look at why
investing time and money into developing a financial application is beneficial.

Why Should You Develop Fintech Apps?

Financial applications can improve company productivity by ensuring employees
work more efficiently, resulting in savings for the company.

They are also easy to use, which means that employees can access the
information they need at any time. This ability to provide real-time information
encourages users to make more informed decisions, reducing risks for the
company.

On top of that, developing a financial application enables startups to target a
large number of potential customers instead of limiting themselves to people with
high computer literacy levels.

Now let us look at some finance app ideas worth considering for your startup in
2021. The list has been categorized into four sections namely payment gateway
apps, P2P lending platforms, digital banking and cryptocurrency apps.

Payment Gateway Apps – These apps aim at helping business owners accept
credit card payments from international customers.

Market Size for Payment Gateway Apps

The global payment gateway services market is expected to reach USD 360
billion by 2021, at a CAGR of 13.2% between 2016 and 2021. This means that
there are growing prospects for payment gateway app development companies.
If you are looking forward to investing in this kind of finch app idea, these are
some things you must know before introducing your product into the market:

You need to establish yourself as a leader in the industry, which doesn't mean
just competing with other tech startups but also offering better services than
traditional financial organizations.

Your application should have many features that will encourage users to stay
engaged. The more features your application has, the more complex your
product will be. This means you will need to assign more developers and testers
to ensure the app is free of bugs and other issues that could affect user
experience. You might also want to consider user experience (UX) and user
interface (UI) experts if your startup doesn't have them in-house.

The application should allow users to perform multiple tasks without switching
screens too often. Users should easily navigate through the app with ease, which
can be achieved by using a one-page scrollable layout or designing the
application such that it has multiple tabs within a single window for different
features.

P2P Lending Platforms – P2P lending platforms offer opportunities for business
owners who wish to invest their money into lucrative ventures while earning high
returns on their investment.

Market Size for P2P Lending Platforms

The global P2P lending market is expected to reach USD 490 billion by 2021, at
a CAGR of 33.5% between 2016 and 2021. This means that the future looks
promising for people who are interested in developing finance apps related to
peer-to-peer lending. Most websites offering this type of service have a similar
layout, which makes it easier for entrepreneurs to figure out how they can stand
out from the competition during their launch. They should also consider these
tips:

To increase ROI (return on investment), you will need to establish yourself as a
leader in your industry. Users usually prefer sticking with applications they have
been using over those that are relatively new.

See to it that your application is easy to use. This means you will need a simple
user interface and a smooth registration process, which could prove challenging
if you don't have an employee responsible for customer support. You can also
make the application intuitive by designing the layout in such a way that users
will always know where they can find certain features.

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Digital Banking – Digital banking finance apps aim at helping customers manage
their personal finances better.

Market Size for Digital Banking Apps

The global digital banking market is expected to reach USD 1,040 billion by
2021, at a CAGR of 20% between 2016 and 2021. Businesses looking forward to
developing finance apps related to this industry should consider these tips:  Your
application should be able to help users save money while helping them achieve
financial goals. This means your application should have features that will allow
users to set up savings plans and keep track of their income and expenses.

Your product should also offer the ability for users to make payments from one
account to another, no matter where they are in the world. In some markets,
business owners offering this type of service usually partner with other finance
app development companies or providers of international payment services.

In order for your digital banking idea to be a success, you must target all kinds of
customers. If you come up with an innovative solution which only serves part of
the market, most users won't find it very useful. It is important you understand
who your target audience is and what problems they face in order to design an
app that best suits their needs.

Ecommerce – ecommerce finance apps allow users to make payments for
everything they purchase online, whether it's a subscription-based service or
tangible goods.

Market Size for ecommerce Apps

The global ecommerce market is expected to reach USD 4.5 trillion by 2021, at a
CAGR of around 13% between 2016 and 2021. If you're planning on launching
your own finance application related to the ecommerce industry, keep these tips
in mind:  You will need to offer more flexible payment options if you want your
app to gain recognition among competitors. Most of them are powered by third-
party applications which have already built a reputation for being efficient. Your
product must be different if you want to gain a competitive edge.

Your finance app should also provide more information on the items users are
planning to purchase. They need all the info they can get, not only on price but
also specific details about shipment time and payment options. Make sure your
application is fully optimized for mobile devices, since most of your target market
will access it that way.

Retail (B2C) – B2C finance apps allow business owners to sell their products
directly to customers, offering them flexible payment options which could include
yearly subscriptions or cash on delivery.

Market Size for Retail Finance Apps

The global retail industry is expected to reach USD 28 trillion by 2021, at an
anticipated CAGR of around 6% between 2016 and 2021. Retail finance apps
must boast these features to be successful:

Offer consumers a variety of payment options. This will help your application gain
more visibility and convince users to download it.

A user-friendly interface is also very important in order for you to stand out from
the crowd. You will need an employee dedicated exclusively to customer support
if you want their feedback on how you can improve certain aspects of your
application.

If possible, add innovative features such as "click and collect" or "pay in
installments". These could help increase your app's popularity among potential
buyers since they allow customers easier access to goods without having to pay
in full upfront.  Small Business – Small businesses finance apps aim at helping

entrepreneurs improve their business's cash flow and gain more visibility online.
Some of the functions included may include creating purchase orders, managing
inventory, or creating quotes for interested clients.

Market Size of Small Business Finance Apps

The global small business finance apps market is expected to reach USD 10
billion by 2021, at an anticipated CAGR of around 13% between 2016 and 2021.
Here are some aspects you may want to consider when designing your finance
application: Offer user’s quick access to information about their businesses. If
they have just started using your product it may be difficult for them to figure out
how it works if certain features are too complicated.

Your application should also allow business owners to create quotes which will
remain valid for a specific amount of time.

Contact Details

1910 Pacific Avenue, Suite No. 8025 – 8026 Dallas, TX 75201

website : finance app development companies

 

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