Fintech apps got their recognition after the tech giant Google introduced GPay in 2011. Eventually, Apple and Samsung joined the e-wallet venture with Apple Pay and Samsung Pay. Ever since then many e-wallets have generated unexpected revenue on a global scale while many have failed with their unappealing business models. We have also provided an app development guide for beginners.
This blog aims to help you understand the types of Fintech Apps that one can invest in and the budget required to build the same for different platforms respectively.
Types of Fintech Apps
Let’s have a look at the various fintech apps that have shattered the conventional financial practices and acquainted themselves with the fintech revolution in recent years.
Mobile Banking Apps
The first banking app made its way to the market almost 10 years ago. Little did the banking companies know that they are going to face high competition in their own game. The arrival of fintech apps forced the banks to collaborate with successful fintech startups and amp up their technological support.
Peer-to-Peer Payment Apps
The peer-to-peer or p2p payment apps have taken the digital money market to ‘another level. P2P apps allow making payments to different users in their e-wallets or bank accounts through a dedicated platform. The pandemic has helped people understand the benefits of making online payments and helped e-wallet companies like PayPal, Google Pay, Paytm, etc. gain recognition.
Insurtech Apps
Insurance companies have always had an operational relationship with the finance sector. Now, with finance transforming into fintech, insurance companies are also joining the party.
Wealthtech Apps
Wealthtech apps offer varied solutions like semi-automated or automated Robo-advisors, self-learning investment platforms, investing tools for advisors or investors. You should choose the right app development frameworks for your app.
The wealth tech apps can serve the wealth tech industry under the following seven categories.
- Robo-advisors
- Robo-retirement
- Micro-investment
- Investing tools
- Digital brokerage
- Financial service software
- Portfolio management
Trading Apps
The trading apps have also introduced themselves to the tech world with commission-free apps that allow you to trade stocks, shares, exchange funds, and much more. Users have rewarded these platforms, as they provide them with knowledge on stocks, shares, funds, and investment strategies in a few clicks. Traders appreciate accessing the gathered and processed data related to different companies that empower them with insightful investing opportunities.
Blockchain Apps
Blockchain technology when broken down is essentially referring to digital information (the “block”) that is stored in a public database (the “chain”). An innovative tech that stores and transmits information in a sequential chain of transactional blocks. Blockchain has received this popularity as it supports decentralization i.e. absence of a “main server”.
Blockchain apps can be designed for a myriad of applications. Some of them are:
- Blockchain is the backbone for exchanging cryptocurrencies. Exchanging funds and cryptocurrencies are convenient through blockchain.
- Paying for transportation once the delivery once has reached its receiver.
- It acts as a decentralized autonomous organization (DAO) that can locate its members anywhere in the world. DAOs determine how funds, tokens, or costs will be exchanged, what business activities are they allowed to do, and who their members can be.
P2P Lending Apps
P2P lending apps are also gaining traction eventually. These are platforms that connect borrowers and lenders. Borrowers have verified profiles that can be viewed by lenders. Lenders can choose the type of loan and period for which they want to lend money.
App Development Cost
The cost of building a mobile app solely depends on what features you want to add and the technology you choose to add the same. As we provide our service from India, we charge anywhere between 25 USD — 50 USD respectively.
A basic feature app would cost anywhere between 2000 USD to 10,000 USD if made using native technologies and relatively less using hybrid platforms. While a relatively complex and advanced feature app can cost anywhere between 10,000$ — 50,000$.
