App Concepts Fintech Startups Should Consider In 2023
Every year, the fintech world progresses. Improvements in regulations mean that it is easier than ever before to launch an app and generate profits.
Strangely, though, only a small fraction of startups are entering the sector. It remains relatively underexplored compared to other areas where competition is fierce.
Here, we explore app concepts on the horizon in 2023. Let’s take a look.
Bill Reminder Apps
People get into trouble when they fail to pay their bills on time. It tanks their credit rating and it makes it much harder to get a loan.
It can even lead to legal trouble and letters through the door. That’s not what people want.
Bill reminder apps are a solution. These connect to the user’s bank account and then schedule reminders based on due dates. All users need to do is read and respond to the notifications.
The best apps allow users to automate payments or press a single button to authorize them.
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Loan Lending Apps
There are plenty of people in society with money to lend, and many others who need to borrow. Getting them to meet each other, though, is difficult. Doing it the old-fashioned way is impractical.
Loan lending apps, though, could change all this. It would make it easy for lenders and borrowers to meet each other on a shared, monitored platform. They could then exchange at agreed-upon rates and timescales, without having to worry so much about admin.
P2P Payment Solutions
There are already many P2P payment solutions on the market, but are they using an open banking API for fintech app development? Probably not.
There’s a simple reason for this: most developers simply aren’t aware of the existing tools and systems out there. They believe they need to integrate from scratch when this is not actually true.
Blockchain Banking
Blockchain banking is very much in its infancy and there are all sorts of opportunities for startups entering this sector early. The reason is simple: there is only a handful of people in the world who understand the technology well enough to implement it and put it into practice.
Blockchain banking might be difficult to achieve, but the final result will be worth it. Protecting customers and eliminating the risk of fraud could change financial transactions for good.
Crypto Exchange Platforms
Another area in need of professional startups is crypto exchange platforms. While there are already several out there, they all have weaknesses. What users need is an app to rule them all that offers impeccable security.
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E-Mortgage Apps
Lastly, your startup might want to pursue e-mortgage apps. These pieces of software let users plan, manage and even apply for mortgages electronically.
E-mortgage apps are helpful because of the complexity of the mortgage market and the sheer cost of taking one out. The software can point users in the direction of the cheapest suppliers and help them keep costs down. They can even offer real-time advice through the app itself, helping users to make better decisions with their money and how they use it.
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