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Types of FinTech Apps for Startups: Which One to Choose?

The finance industry is on its boom. The way it is growing, it is bringing futuristic approaches to serve consumers in a better way. Gone are the days when finance services required lots of paperwork. Now almost everything has gone digital.

From loans to insurance to other services, all you need to have is a smartphone. Many businesses offer services through a mobile application. Even some apps don’t require an internet connection to access some of their features.

As things are going, FinTech applications are the finance industry’s future. Thus creating a mobile app for your business is the need of the hour. By collaborating with a FinTech app development company in USA, you can develop an app for your business to witness growth.

Moreover, it has been observed many business owners fail to decide which type of FinTech application will be good for their business. Therefore to help those businesses, this post has brought some important information that one shouldn’t miss.

What Different Trending Types of FinTech Applications Should You Consider for Your Business?

Read the information below and get an idea to create a mobile app for your financial services to gain users and boost your business.

1. Insuretech

Insuretech has changed the insurance industry drastically. While getting insurance for any need was a hassle, everything is now just a few clicks away. Moreover, as technology grows, you can now access services on a smartphone. Furthermore, it offers:

  • Optimized Risk Management Features & Recommendations
  • Personalized Services
  • Dynamic Pricing Offers and more.

By leveraging the latest technology like data science, artificial intelligence, IoT, wearable, and mobility solutions, businesses serve consumers with top-notch services. So, there is no better option than using it for your FinTech app to grow.

2. Mobile Payment Solutions

We can see a drastic change in recent years in the finance industry through the integration of the latest technology. And it gives an equal opportunity to diversify the products and services. Moreover, the continuous expansion of the market offers an opportunity for the emergence of a mobile payment system. It facilitates the users to do transactions without physical currencies.

The term ‘Digital Wallets’ is coined for services enabling users to transfer money from one account to another. It seems easy to make transactions, but it takes many complex backend processes. And it requires an expert to handle such a high-end level of development. So, you must contact an experienced FinTech app development company to build a robust app for your business.

3. Blockchain-Powered Solutions

No one can deny that Blockchain is the future of FinTech. It paves a secure environment for online money transfers. However, it is an emerging technology; many businesses cannot understand its full potential. Nevertheless, it is one thing sure using Blockchain technology; you can build the safest online transaction environment.

Moreover, it is critical to have an expert with you while developing a system and building a mobile app for your FinTech business. Thus, connect with the best mobile app development company with prior experience building such an app. The given are the ways to implement Blockchain in your Fintech application:

  • P2P Services
  • Rewards and Loyalty Programs
  • Insurance
  • International Payments and others.

4. Data Aggregation, Business Intelligence, and Automation

Simply put, business intelligence is how you handle and analyze data to make crucial decisions. For this, you must acquire a vast database to store all information. Big Data can handle a high volume of data and process it accordingly. It rectifies the problems one system can face and automates the data without becoming a headache for a business.

Business intelligence can help you understand customer behavior, identify market trends, and detect loopholes in the security system so that action can be taken quickly. Moreover, with this, you can enhance the user experience. So, this niche can help you to grow as a business in this tech-driven world.

5. Chatbots

Chatbots are not new to the market, as everyone has interacted with a bot at least once. Back in 2020, when the pandemic was there worldwide, around 85% of consumer interaction was involved with a chatbot. It means that chatbots can be the next big thing to invest in. It takes requests, processes the information, and makes decisions consequently.

In the finance industry, when it integrates with the right technology, it gives you nothing but complete customer satisfaction. When you offer around-the-year customer support, it can deter undesirable consequences. Some of the processes that you can automate using chatbots are:

  • Micro investments
  • Financial advice
  • Customer support
  • Personal finance management
  • Redundant processes like processing refund requests, verifications, PIN changes, and so on.

Final Thought!

Apart from these top 5 types of FinTech applications, you can choose any of the application types to invest in a fintech mobile app. Since the application is something that can bring your more customers and help you grow your business, give it a thought and choose the most suitable type for your startup.

So, if you are looking out for a top mobile app development company in USA, Techugo is the name you must contact with. The app development company has delivered more than 750 applications to its clients worldwide. So, without delay, contact the experts to get an app for your business.