Innovative FinTech Ideas To Enhance Banking Experiences

Perhaps more than any other industry, the financial sector seems to have developed a wide range of interactions, opportunities across the globe like never before. In fact, there is no denying the fact that the development of financial systems has sincerely led people to conduct transactions peacefully and seamlessly and of course, within the shortest span of time.   

Recently, I happened to stumble upon an interesting article based on Fintech stating that Fintech companies are flourishing with innovations and there are newer ideas getting shaped into apps. Now, the role of Fintech has become more defined, reasonable, and vital. If you think you can’t keep up with all financial buzzwords from Ethereum, and Bitcoin to NFTs, then don’t panic, you are not the only one. The ever-growing spur of Fintech has been continuously innovating to develop customized financial software solutions. Speaking of which there are numerous companies and organizations that must be taken into consideration, these professionals can certainly assist you by addressing your needs and offering the best possible solution in regard to fintech software development. 

Introducing Fintech

What exactly is fintech? Well, fintech is basically a combination of finance and technology. In other words, when you start using technology to automate all the monotonous financial procedures and be able to focus on core competencies then it is said to be making the most of fintech solutions. Fintech is generally considered to assist business owners (irrespective of their size and industry vertical), consumers who are willing to manage their finances more precisely and so forth. If you want to gain a competitive edge or even survive in today’s competitive world, opting for fintech solutions seems to be the only way out here. Now did you know Fintech was introduced in the 1950s? And the concept since then seems to have evolved at a fanatic pace. You can see online banking systems now for example. Today, payments are done within the shortest span of time and you no longer have to stand in line to get your banking or finances related things done. Also, PayPal and Square or stock trading apps like Robinhood or Acorns have made our lives way easier than before. 

Further below I would like to mention certain benefits of using fintech services in today’s competitive and crucial times. 

How are Fintech Services Beneficial?

Today’s pace is pretty dramatic and dynamic and the financial or banking industry is no exception. Over the past few years, several countries seem to have embraced digital transformations and availed of their amazing bunch of benefits. 

#1 Easy Accessibility

Gaining accessibility and that too in today’s crucial times is pretty much difficult. Fintech companies tend to create specific algorithms and ecosystems so that businesses can conduct transactions seamlessly. Here by using these financial solutions, enterprises and startups tend to receive an array of resources, distribution channels, investment platforms and whatnot! For example, you can consider using an electronic payment technology or some kind of instant payment application to make a successful transaction take place. 

#2 Enhanced customer service

Another crucial benefit to consider here is you get to enhance or improve customer services and increase revenue to a great extent. As mentioned earlier, you are optimizing your work environment which eventually enhances overall efficiency and productivity. In addition to this, cyber theft seems to have gained a lot of popularity lately. Theft needs to be reduced to a great extent, and for that, you do require a fintech app. Tracking money in real-time can give rise to transparency and this surely assists you in increasing trust between you and your customers. Fortunately, big data, machine learning, and artificial intelligence are certain technological advances that can be combined with fintech solutions and avail the best, most user-friendly, highly-secured and personalized solutions like never before. 

#3 Reduced Cost

Last but certainly not least comes the reduced cost. Did you know that fintech itself is one of the most cost-effective solutions available around? Whether you are a business owner or a mere consumer, fintech solutions will be beneficial for both of you! You see here there are no hidden fees or additional costs. And whatever payment method you choose, physical or digital, both will ensure a unified experience like never before.  

Moving on! I am sure you know that all it takes is a small, vague idea to develop a multi-million dollar venture and fintech is no exception. And with all the benefits stated above no wonder, the fintech market will reach $ 309.98 Bn by 2022.

Let me assume that you are an entrepreneur and already you have decided to jump into this mushrooming market right away but are clueless about where to begin with or which idea to consider and which to dump right away. Well, fret not further I would like to shed some light on the top Innovative FinTech Ideas that can assist you in enhancing the banking experience for your end users. 

Top Fintech Ideas to take into account

Some of the top fintech ideas we can take into account are as follows:

#1 Peer-to-Peer Payment

Peer-to-peer services or apps are pretty much in vogue, especially in today’s times. As the name implies, peer-to-peer is mainly considered to send money to other people whether you just do it by NEFT or simply searching their phone numbers/email IDs, etc. And you know what’s the best part here, all this can be done free of cost. Whether you want to send a Diwali gift or split a mere dinner bill or anything else, peer-to-peer apps are worth considering. One of the basic yet amazing examples of such apps is PayPal. Right from personal money transfers to seamless online purchases, P2P money transfers, and eCommerce inventories, PayPal takes care of everything in one go! Also, it may quite interest you to know that Paypal can send up to $60000 and you can either send or receive money with a simple debit card, credit card, bank account and whatnot! Apart from Paypal, you can even take Google Pay as one of the best examples of a peer-to-peer payment app. Some of the core benefits of using these peer-to-peer payments are: 

• Widely used across the globe and comprises lots and lots of amazing features and functionalities
• Any currency can be transferred and high transfer limits
• You can send or receive money via your debit card, credit card, bank account, mobile number, email ID and whatnot! 

#2 Loan and Credit App

Another amazing fintech idea is creating a load and credit card payment application. Now by developing a credit card payment app, businesses irrespective of their size and industry vertical can surely gain a competitive edge. Now there was a time when businesses were compelled to incorporate a full POS system even if they did not need one. Well, the table seems to have turned pretty lately these days! Today, you can come across some of the most amazing, unique, robust loan and credit card apps which consist of amazing-looking features and functionalities such as better invoicing, digital receipts and accounting integrations. In fact, some of these even include Apple pay or Google pay.

Generally speaking a loan app or a credit card app is more like a P2P lending app that acts as one of the leading platforms for both lenders as well as borrowers. Now if you are planning to enhance your money management skills and create endless opportunities then this is your shot to do so. To make things work both parties must install the same payment app on their respective devices and then conduct transactions. Some of the best credit card payment apps developed to date include Square, Payanywhere, ShopifyPOS, Sumup, SwipeSimple and so forth. 

#3 Biometric authentication

With security breaches happening every now and then, the use of biometric apps seems to have increased a lot lately. The ultimate purpose of using this biometric technology is to understand who the users are and how to identify them precisely whether it’s by scanning their fingerprints or face or any other way.  Now further I would like to mention how is biometric technology beneficial: 

• Increased Security 

By using Biometric technology, customers are safe and secure since their physical features can be used to verify and access the app thoroughly. Instead of those boring passwords featuring birthdays or anniversaries, facial recognition or fingerprint can be quite interesting and way safer. I mean nobody can forge your facial recognition or fingerprint. So yes, security being a major concern is a major benefit here. 

• Enhanced Customer Satisfaction

With facial recognition and fingerprint, logging into an app has become pretty simple like never before. As a result, customers are pretty much happy that they get the best of both worlds here safety and user-friendliness. And not to mention here, customers no longer have to remember passwords and usernames every now and then. And of course, logging in using biometric technology is much faster and more efficient, after all, you no longer have to spend time typing unnecessary passwords. 

• Easy onboarding

I am pretty sure that the aforementioned pointers definitely ensure easy onboarding but did you know that the biometric technology has full potential for delivering high success rates? And maybe that’s the reason why more and more Government entities, the financial industry and other organizations have started to incorporate face biometrics just not to enhance customer experience or security but also to minimize bounce rate and eliminate unnecessary stress and anxiety.  

#4 Small ticket loans

Another interesting fintech app idea that should be included in the following list at any cost is the small ticket loans. Over a few years, small ticket loans seem to have gained an immense amount of popularity. Wondering why? Well, here I would like to mention a few reasons why everyone seems to be going gaga over small ticket loans and why should you as well. 

These small-ticket loan applications can assist customers in creating a precise credit history. By doing so, they can achieve high-value, loan-term loans in a pretty short span of time. 

Another interesting reason to consider small ticket loans is that everything today has become digital and transparent. Fortunately, to cope up with today’s fast=pacing world, these kinds of fintech app development ideas seem to be quite blissful. In fact, several new-age lending platforms seem to have gained popularity, all you need is a smartphone and internet connectivity. 

There was a time when people were compelled to plan way ahead of time especially if they wanted to buy something. Fortunately, today that’s not the case! Instant loan apps can offer around  Rs. 5000 to Rs. 5,00,000 depending on your potential and eligibility. Simply download the app, register and then choose the relevant loan option.   

#5 Digital wallets

What exactly is a digital wallet? Well, a digital wallet or an electronic wallet is your virtual wallet which can be used to conduct relevant financial transactions within a few minutes. These digital wallets tend to store your payment information and passwords and enable you to pay especially when you are shopping using your devices. Now you know what is the best part here, you don’t have to carry your physical wallet or any kind of cards around. What type of features and functionalities a digital wallet comprises?

• Credit card/debit card information
• Gift cards/loyalty programs/ membership cards
• Amazing discounts and coupons
• Hotel reservations
• Driver’s license
• Identification cards
• Coupons

Now digital wallets mainly incorporate these features that make it a cut above the rest. 

• QR codes - Quick response codes can be accessed simply using another device’s camera or the wallet’s scanning system. 
• Near field communication (NFC) - NFC is another interesting feature that enables different devices to connect and transform money with the help of electromagnetic signals. 
• Magnetic secure transmission (MST) - Lastly, MST is when you swipe any card through a specific slot.  

Some of the core examples of a digital wallet include PayPal, Apple Pay, Google Pay and so forth. So here you are bound to receive convenience, safety and amazing backup - all at the same time! 

#6 Payment gateways

Another interesting fintech idea that must be taken into consideration is the payment gateway. Now I am sure you must be buying more stuff online whether it’s apparel, accessories, or groceries, have you wondered who takes care of all your debit and credit cards online? It’s the payment gateway! The ultimate objective of using any payment gateway is to offer support and ensure that there is a seamless and hassle-free transaction occurring between you and your end clients. In fact. It may quite interest you to know that these payment gateways can assist well in several manners such as

• Safeguarding from credit card frauds - with an increasing amount of cyber fraud, you need payment gateways that double-check data and don’t offer services without the consent of the cardholder. 
• Apart from these frauds, chargebacks can certainly be quite a burden. Now there are two kinds of chargebacks: appropriation and shopper chargebacks. Now, generally, chargebacks of any kind tend to happen when the provider charges more than estimated. Now shopper chargeback is possible for any vendor that acknowledges all types of payments, especially credit card ones. In fact, such chargebacks can be genuinely disadvantageous for your business. After all, who wants to pay to hire unnecessarily? 

Now here payment gateways come to the rescue! Here you get amazing encryption, authorization requests and AVS checks, velocity pattern examination, Geolocation, computer fingerprint innovation, and so much more! 

#7 Capital Management

Another intimidating fintech app development idea is capital management. Wherever stage you are in whether you have just commenced a startup or an individual finding it difficult to deal with your ongoing finances, budgeting or managing your capital is way important. Now, what are these capital or money management apps? Well, they are personal finance apps which can be used to identify how much to spend, how much to save and of course, how much to earn! 

Some of the core benefits offered by these capital management apps include: 

• Minimal Resources  
• Amazing transparency
• Enhanced Productivity and efficiency
• Quick monitoring and planning

#8 Digital-only banking

Now when I speak of a bank, I am pretty sure that for most of you, it is a place featuring long-queues and traditional approaches, paperwork to take care of finances and banking needs. Well, a digital-only bank tends to offer facilities using different platforms such as mobile, tablet, and the internet. Real-time documentation, precise monitoring, and automated procedures are precise benefits offered by Digital-only banking. In fact, in today’s times, you will find more and more traditional banks offering digital services and encouraging more and more individuals to conduct cashless payments day in and day out.

No wonder these types of banks will surely thread a success story. If you are already planning to jump into the realm then this is it, you can gain a competitive edge in a very short span of time. 

#9 Stock Day Trading

Another interesting and amazing fintech idea that must be taken into consideration is stock day trading. No wonder, today stock trading has become pretty much common and for that, you already have several stock trading apps such as E*trade, Fidelity, TradeStation and so more! Now if you are willing to trade using the online app then there are certain advantages of doing so to take into account. 

There is no denying the fact that mobile applications have become pretty much popular due to their amazing comfort and convenience. There was a time when a few business minds tended to trade in stocks, bonds and securities and today all this has become pretty much a common thing. Further, I would like to mention certain benefits offered by these stock day trading apps: 

• Cost-effective
• Easy going
• Seamless and Real-time monitoring
• No need for any middleman
• Great control
• Quick transactions
• Better understanding

Overall, this is not it! A stock trading app can offer several other benefits all just you need to do is have the confidence of venturing into the stock market by making the most of them. 

#10 Augmented reality

The disruptive technologies keep on evolving every now and then and augmented reality turns out to be one of its best bets. Augmented reality or AR is pretty well known among several industries including eCommerce, manufacturing, retail and so forth. Now you must be wondering what Augmented reality has to do with fintech. Now, it is quite known that Fintech is one such place where everyone waits to gain an edge over their respective opponent. Further below I would like to mention different ways through which you can avail yourself of benefits in the fintech industry.

• Data visualization and Assessment
• Virtual Trading
• Virtual Reality Payments
• High-end security
• Enhanced customer service 
• Recruitment 
• Customer Acquisition 

Conclusion

Fintech software development services are gaining a lot of momentum lately and it’s time you should also think about jumping on the bandwagon so that you don’t lag behind much. We are fortunate enough to reside in such an era where technology keeps on evolving every now and then. Change seems to have just begun and we have no idea what the future holds. We have covered almost all the emerging and popular options above, and each one of them is worth considering. So how did you like our pick of the top innovative fintech ideas? 

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