Top 5 digital banking ideas from today’s most innovative fintech companies

Advancing technology has taken all the industries by storm to bring digital transformation, and the BFSI sector is no exception! In fact, technological advancements are more useful in the fintech industry to ensure the security and accuracy of online transactions. It is fair to mention that the profitability and lucrativeness of the business model in the fintech sector depend solely on the security aspect.

If you own a fintech startup or want to venture into the digital solutions for the fintech sector, here we give the top five digital banking ideas.

P2P payment solutions 

These days, P2P payment app development gains ground in the fintech sector. Peer-to-Peer payment solutions go beyond average banking apps. Venmo, SnapCash, and PayPal are some of the big names in the peer-to-peer mobile apps. It is easy to get a higher ranking on the Google Play and Apple App Store with a seamlessly-performing and feature-rich P2P payment apps.

These apps facilitate users to transact online without logging into the bank accounts. The apps have linked all the accounts and users can readily use their money to pay bills and help friends.

Stock market advisor apps

Millennials love to invest and trade in the stock market. However, they have no idea of finance management and investments. The stock market advisor app can help them get insights into stock markets and assist them to park their money into various investment options.

These days, many blogs and content are available online that guide us about the stock market and various stocks. However, such huge stuff is sufficient to confuse a newbie or a beginner who wants to decide a particular stock for a medium to long-term investment. There, the stock market advisor app can suggest some of the best investment options and guide users to make a portfolio. The advanced version of the app can have features like a financial planner, Demat account linking, and online trading.

Banking app

People have accounts in multiple banks. How about having a single app that includes all these accounts? A banking app acts like an online substitute for all bank accounts. It enables users to get rid of downloading all the apps of related banks to make online transactions. Users can also eliminate the complexities result because of multiple accounts through this app. A single banking app can direct users to multiple bank accounts and users can easily track and transact from all their accounts anytime.

A single app for banks is a great substitute for banking apps. It facilitates users to log into multiple accounts directly. With features similar to other banking apps, the single mobile app for banks can enhance the convenience and save the time of users.

Money manager app

Irrespective of time and region, people want to manage their expenses wisely but most of them fail simply because they have no control over where the money is going. Talking about Millennials, they do not know how to save money. Irresponsible and random spending leads to bankruptcy like situation. There, the fintech company or startup can help people by releasing the finance management or money manager app. This digital solution can help people especially Millennials.

The financial management app can help people manage their expenses through innovative features like monthly budget, calculation of the bills, splitting expenses, and comparison of expenses between two to three months. Additional useful features can be expense classification into various categories. Moven is a highly useful money management app that facilitates the users to keep track of their finances and cut down on unproductive expenses. The fintech startup can also incorporate a feature like ‘debt track’ to attract more users.

Mobile loan app

Thanks to advancing technology and increasing digitization, many online businesses and startups have paved a way for success. But then, the fund is necessary to expanding any business. However, typical banks take a long time to grant loans and make funds available to the business. Also, it is possible that the business person’s application gets rejected because of some silly reasons. It can ruin the dreams of entrepreneurs to expand their business. Here, the mobile app for loans comes into the picture. It not only provides loans instantly but also enables entrepreneurs to track the status of their application. 

Mobile loan app solutions are designed to leverage the advantage of AI and Machine Learning. These apps can fetch and analyze the credit history of the applicant in a short time. In a way, the eligibility of the applicant is determined almost instantly and the applicant can get the loan accordingly. The machine learning enables the system to analyze the data and create customized loan options for the users. These apps save a lot of time and effort of entrepreneurs and ensure business growth. What’s more, the mobile-based loan apps can act as a useful source of working capital or operational expenses for a short to medium term. It fulfills the need for urgent funding to keep the processes running smoothly. 

Concluding lines

A mobile app development company that offers blockchain and AI app development services can help you come up with innovative digital banking solutions. It is better to consult a reputed app development company to know more about digital banking ideas or implement them to make a user-friendly digital payment app solution. All you need to remember that security and convenience should be the top priority while developing a digital banking app for the fintech company.

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(Featured image by CardMapr via Unsplash)

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