Finance with a Twist of Technology – Fintech

Fintech, an abbreviation for financial technology, is a term coined very recently, describing Fintech mobile application development and other solutions related to Finance, serving areas like mobile payments, money transfer, loans, asset management and fundraising for causes.

Fintech is most evidently, disruptive technology for mobile payments, money transfers, loans, fund raising and asset management. Fintech is the technology that changes the way we live and work for sure.

Fintech Finance Application

Applications of Fintech Mobile Application Development

Fintech makes technology relevant for our daily needs related to finance. The term itself sounds too overwhelming, but the applications are the ones each can identify with without getting intimidated. It is not a surprise then that lot of investments are being made in the development of solutions and applications related to fintech.

  • Payments

Applications and solutions facilitating platforms to exchange funds are the most common example of fintech. And we all use it one way or the other. Paypal and Transpay could safely be the most commonly used payment platforms across the world, for personal transfers and fund exchanges between enterprises separated by geographies.

  • Cryptocurrency

Crypto currencies like bitcoin are a reality in today’s world. Steadily increasing interest of global communities in these safe and hassle free methods of holding assets sees a rise in fintech including cryptocurrencies under its folds.

  • Banking

Mobile Banking is the most commonly used of fintech based applications, much before this concept got christened. The world has been doing web based banking online and now this comfortable way of banking gets even easier and better with the familiar features we all know so well by now.

  • Account Balance Querying
  • Interest rates inquiry
  • Cheque Book Request processing
  • Mini/Full Statement Request and Submission
  • Supplier/Utility Bills payments
  • Personalized Prompts
  • Forex Rates Download
  • Internal / Interbank and International Funds

 

  • Crowdfunding

Innovators ‘Crowd’ about everything. Crowdfunding is probably the fastest and the quickest way of gathering funds circumventing long and complicated procedures of procuring funds from investors. Crowdfunding solutions enable entrepreneurs and organizations to meet the fast pace of the world using outputs from fintech mobile application development.

  • Asset Management

UK is the fastest growing region for Fintech investments with a growth rate of about a whopping 75 percent! Companies managing investments for patrons falling into the category of Asset Management companies, rely heavily on fintech to offer more efficient ways of working.

  • Cybersecurity

Cybersecurity would safely be the most critical and the fastest growing niche area for fintech. With sophistication of devices comes high risk vulnerabilities and unknown threats. Regulations and compliances are designed to safe guard the new ways of the world and with that open up a whole new area for software developed to cater to this domain for organizations offering their services.

The Top Few Fintech Ideas

The growing number of fintech companies is largely attributed to the rising demand from the finance industry, its clients and customers for various fintech based applications and solutions.

With better technology like Big Data, Business Intelligence to cater to these new generation applications fintech has no looking back.

Open source platforms and cloud based services make it easy for the startups, to enter the finance industry with a twist of technology

  • Mobile Payments
  • Investments Personal Lending
  • Asset Management
  • Fund-raising
  • Digital Currencies
  • Cyber security

Fintech Mobile Application Development – A Helping Hand to the Finance Industry

Various trending technologies mould the way we look at the world. Disruptive technologies like Cloud Computing, Open Software, Big Data, Business Intelligence and IoT propel multichannel approaches and make the world accessible with ease.

Banking, Financial Services and Insurance base companies, or the BSFI as they are popularly called need innovative measures to sustain in a world being transformed by innovations like peer-to-peer models, crowd funding, and contactless payments.

Fintech based companies have exploded in the last few years breathing in a fresh hope into this industry shrouded in a crisis of sorts across the globe.

Interesting Apps for Fintech, Besides the Usual

We have heard about them a lot. Starting from Paypal to Uber, basically any of the apps that touch financial services can be classified as a fintech.

A few fintech apps launched in the last couple of years catch the world’s attention.

 

Beep’nGo On Android

  • In April 2014, Mobeam launched its top-ranking mobile shopping app, Beep’n Go.
  • In November 2015, the company announced that it had surpassed 10 million installations of its app for Android.
  • Mobeam is changing the way retailers and shoppers interact through its mobile processing of more than 7 million unique retail loyalty cards from over 400 retailers.

Pay Finders on iOS

Pay Finders on iOS

  • Pay Finders is a new app that was launched last November which helps users easily find local merchants who accept Apple Pay.
  • People can also give their feedback on the Apple Pay experience at a location.
  • This crowdsourced feedback can help others to make a decision and also help stores to improve service.

Ledge on iOS and Android

Ledge on iOS and Android

  • A new player in P2P lending market was launched on September 24, 2015, with $900K in seed funding.
  • Mobile application Ledge, powered by Venmo, a pioneer in P2P lending market.
  • The new app, which is freely available on the App Store and Google Play, offers an easy and seamless way to borrow money from peers and family, solving the problem of the awkwardness of asking.

Hello Digit for iOS and Android

Hello Digit for iOS and Android

  • Hello Digit connects to a user’s primary checking account to analyze income, expenses and recurring bills to determine funds that can be set aside as savings based on a savings algorithm.
  • Digit Plus is a rewards program that pays the user for saving. The user will get five cents for every $100 they keep in Digit for three months. Bonuses are paid every week for as long as you keep saving.

On a Parting Note

Disruptive technology is the buzz word that rules the changing technologies. Fintech is a concept to look out for and is all set to change the BFSI works.

Click here for FREE POC to Test Drive our Mobile Application Development Services.

 

Author: SPEC INDIA


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