In this digital transformation era, there is almost nothing that has not found positive impacts from modern technologies. The finance industry is no different. The advent of technologies in finance has given rise to numerous new fintech startup ideas.
In 2023 and years beyond, you will see an increasing number of startups and entrepreneurs investing in financial technologies. This is because the internet and smart devices have become mainstream today. People like to get things done within seconds and on their own. Today, they can make transactions of all types from their fingertips and accept minor to large amounts of payments without visiting banks or financial organizations.
Moreover, we are seeing a massive rise in the use of different sorts of fintech mobile apps, like cryptocurrency wallet development, stock trading, and digital wallets, to name a few. This specific write-up will explore some of the top trending and new fintech ideas that will be profitable in 2023 and over the coming years.
Before diving into the financial services startup ideas, let’s explore the current market scenario related to financial technology solutions. Moreover, we will see which applications are in demand and what would be the best idea if you want to kickstart your fintech mobile app.
Fintech Market Size & Growth Stats 2023
The market size of the fintech industry is undoubtedly growing at a fast pace over the last few years. Various types of research and reports show the further growth of fintech in the coming years.
- For instance, Allied Market Research says the global fintech market size was $110 billion in 2020. This will witness a year-over-year growth of more than 20% and reach over $698 billion by 2030.
- According to ResearchAndMarkets, the fintech market around the world will experience a growth of 26.87% CAGR from 2020 to 2026.
The report reveals that the catalysts behind this rapid growth of the financial technology market are the increasing use of digital payments, rise in investments in tech-based offerings, supportive government initiatives, and rising adoption of IoT (internet of things) devices.
In addition, innovative on-demand mobile app solutions such as digital wallets, mobile banking, paperless lending, and an increase in usage of eCommerce platforms are also contributing to the growth of the overall fintech market.
- In 2021, 113 fintech businesses were listed among the unicorns in the world. A business is considered a unicorn when its market valuation reaches $1 billion. This means that more than 100 fintech businesses have already achieved the milestone of becoming a unicorn.
Robust mobile app development solutions are also in demand today to build fintech app. If you are someone who is looking to grab opportunities from this fast-growing market, then this is the time for you. In 2023, you can bring your idea to action by exploring new fintech ideas and opting for an app development company.
Most Profitable & Innovative Fintech Startup Ideas in 2023
Here are some of the best and untapped app ideas to develop a fintech mobile application in 2023.
1. Cryptocurrency App
The development of cryptocurrency applications has risen, especially in the last five years. This is because people are moving more towards investing in cryptocurrencies like Bitcoin, Ethereum, and more.
The benefits people see in cryptocurrency investment are that the digital assets or the amount are stored in a distributed ledger. Blockchain is the technology used for cryptocurrency trading, the most secure tech, with no involvement of any central authority.
Because of these reasons, businesses and individuals are building cryptocurrency applications where people can buy, sell, or exchange different sorts of cryptos. For instance, you can use Blockchain app development to allow users to buy/sell Bitcoins. They can invest in Bitcoins and choose to sell when the value of this cryptocurrency goes high.
For every exchange, you can charge some commission from them. Moreover, there are several ways to monetize the application. This is one of the most profitable fintech startup ideas in 2023.
A few of the most popular cryptocurrency apps include:
- CoinDCX Go
2. Trading & Investment Tech App
Another fintech startup idea on the boom in 2023 is stock trading and investment applications. This business model will help you get the limelight this year and make huge profits.
As mentioned earlier, people are more into investment and trading today. The stock market is seeing rapid growth because of the arrival of fintech payments startups and mobile apps that allow users to invest within a few clicks.
They can explore the pricing of numerous stocks, check the stock history and current market trends, and decide which stock is the best for them to invest in. Earlier, when there was a lack of online platforms and mobile apps, the number of people showing interest in trading and investment was low.
In this digital transformation era, big data analytics and artificial intelligence (AI) have revolutionized stock trading. By opting for stock trading app development, you can make it efficient for users to invest in stocks, the share market, etc.
Some of the most popular stock trading and investment applications include:
- SoFi Active Investing
- Charles Schwab
3. Digital Wallet App
For those searching for innovative ideas for digital banking startups, eWallet app development is one of the best options. With a digital wallet mobile application, you can allow users to add balance to the wallet from a bank account, transfer cash to others, accept online payments, check transaction history, pay bills, and make more out of the features.
Digital wallet apps come with the best privacy and security measures so that users can make transactions with trust. If you are wondering whether ewallet app development is worth the investment, then let’s analyze some essential statistics.
In 2019, the value of the mobile wallet market was around $1043 billion. The market is expected to grow at a CAGR of 28.2% and reach $7,580 billion by the end of 2027.
This opens doors to new opportunities for building new fintech startups in 2023. For success, you need to develop a solid strategy and unique business model, choose a mobile app development company with expertise in this domain, integrate advanced features, and make your application stand out from competitors.
A few eWallet mobile apps that are dominating the market currently are:
- Google Wallet
- Cash App
- Samsung Pay
4. Mobile Banking App
Mobile banking applications have become an essential part of everyone’s lives for their convenience and benefits. Whether it is about online shopping, paying at grocery stores, or transferring money, m-banking applications are the way to go.
In addition, these apps allow users to check their bank balance, transactions, and statements and have an intuitive banking experience at their fingertips. All the banks that didn’t have mobile apps a few years ago have dedicated apps for their customers.
Customers no longer need to visit the bank to deposit, withdraw money, block debit/credit cards, open accounts, or add new beneficiaries. They can do everything quickly from anywhere using the mobile app.
It is because mobile banking app development has become a foremost and essential need today. In 2023, you can develop such an application and make the most out of this market.
The popular m-banking applications today include:
- HDFC Bank
- Axis Mobile
- Bank of America
- Ally Bank
5. Insurance Technology App
While the insurance market has been here for decades, the spike in growth was flat. However, things have dramatically changed in the last couple of years. It is because of the global pandemic that the demand for insurance has increased.
Today, fintech applications are focusing heavily on insurance plans for numerous purposes. Many businesses have focused on developing insurance applications so that they can provide users with the services in a convenient manner.
Insurance technology apps use modern technologies like AI, cloud, data science, etc. You can sell your own dedicated insurance policies or make it a marketplace.
With an online insurance marketplace, you can onboard multiple insurance providers. This way, you have numerous options to earn from your app. Whenever a user opts for an insurance policy, you make a profit from it.
This is one of the best ideas for new fintech startups in 2023. Not only is it an innovative idea, but also a highly profitable one. The demand for this sort of solution is only increasing, and it is an excellent option for the long term because people will always look for insurance policies.
Several top fintech startups in this domain are:
- General Auto Insurance
- Allstate Mobile
- GEICO Mobile
- Globe Life
- Ensurance Mobile
6. Lending Apps
For untapped fintech ideas in 2023, peer-to-peer loan lending apps are another excellent option. In the financial technology market, this is among the hottest trends.
The lending apps work like a marketplace where you can onboard money lenders and borrowers. People looking to borrow money are the borrowers. On the other hand, the individuals or businesses who want to provide money to borrowers are lenders.
On your lending app, the borrowers and lenders can connect and go through the requirements without any involvement of any financial organizations or banks. They can negotiate on the loans and get things done at the desired rates.
You can charge a nominal commission from both parties for providing the platform. These sorts of startups are in demand today because almost everyone needs loans. Some people want to increase the worth of their money by earning interest. Your mobile app caters to both parties.
Some of the well-known loan lending applications in the market are:
7. Personal Finance App
Another trending fintech startup idea or way to dive into this market is the personal finance app. Nowadays, people are conscious about where they spend their money and how to save it. A personal finance app is helpful for almost everyone today to manage expenses the right way.
These mobile apps help users divide their expenses and income, track where the money is going, check analytics, find personal finance tips, and understand how to manage their finances intelligently.
Some of the primary benefits of personal finance apps for users include intuitive experience, organizing finances effectively, having better accounting, gaining confidence in making financial decisions, learning how to meet financial goals, and reducing mistakes made in earning and spending.
Because of these benefits, personal finance app development is highly in demand. You can create such an app and cater to this growing market. Wondering how to start a finance app? All you need to do is understand the market by performing thorough research, understanding users’ expectations, deciding the features and functionalities to include, and then finding the best mobile application development company.
The choice of a reliable app development team is crucial to building a robust app that can entice users, work conveniently, and meet their purpose smartly.
Currently, the following are the top personal finance applications available in the market:
- Debt Payoff
- Clarity Money
- Personal Capital
8. RegTech App
RegTech, or Regulatory Technology, is an innovative technology based on artificial intelligence (AI) and machine learning (ML). It is meant for businesses to stay compliant with regulatory compliances, like GDPR.
This technology is very crucial, especially for financial organizations. It is because, in 2019 alone, these businesses faced a massive loss of nearly $17 billion due to identity fraud and account takeover. It happened as businesses had to shift online during the global pandemic.
While shifting online, there were several critical regulatory compliances to meet. Most of the businesses couldn’t meet all the regulations. RegTech is the technology to help businesses address such issues and prevent financial losses.
Regulatory technology’s demand has experienced a surge over the last four years, with the number of RegTech businesses increasing from 150 to nearly 450. Using this technology, businesses can stay a step ahead of different types of rules and regulations coming into play. This reduces the cost of compliance and avoids operational risks.
In 2023, you can take an important step ahead and invest in RegTech app development. The competition in this market is the lowest when exploring the best fintech startup ideas. Here, you can consider Android app development, iOS app development, or both.
9. Crowdfunding App
Crowdfunding applications and online platforms today are making it easier for emerging startups, budding entrepreneurs, and individuals to raise funds for their business ideas. Individuals and businesses have used online crowdfunding platforms to raise over $34 billion worldwide in the last few years.
There are mobile apps for different kinds of funds to raise. These apps make fundraising convenient because it is a tedious and challenging to find investors and convince them to invest in your business idea.
In addition, these applications allow users to list their business ideas where interested investors can browse them. If they find the business idea worth the investment, they contact the individual and communicate further.
Generally, the types of crowdfunding include debt, equity, and reward. When you build a crowdfunding mobile app, it’s up to you to decide which type of crowdfunding to allow on your platform.
For instance, in equity crowdfunding, a part of ownership goes to the investors or the people who provide funds.
Among the untapped and new fintech ideas in 2023, the development of crowdfunding applications is one of the best ones.
The top crowdfunding mobile applications in the market currently include:
10. E-Mortgage App
This is another trending fintech startup app idea that is gaining traction after the COVID-19 pandemic. When businesses shut down and people lost their jobs, they looked towards loans and mortgages. However, it had become almost impossible to get loan and mortgage approvals.
In such times, E-Mortgage apps became popular. There were not plenty of apps available in the market, but as the demand grew, the number of apps also increased. This fintech business idea is also not heavily explored and is an excellent option this year.
Such apps have intuitive features that users can apply for mortgage loans and calculate the mortgage based on income, employment data, etc. Depending on these filters, they can browse the opportunities and lenders available to offer the mortgage loan.
Some of the top E-Mortgage platforms are:
- NBKC Bank
- Quicken Loans
- Guaranteed Rate
- Fairway Independent Mortgage
- Reali Loans
Fintech has transformed how financial organizations, banks, insurance companies, and businesses work. Using modern technologies like AI, blockchain, IoT, Robotic Process Automation, Big Data, and cloud computing has given rise to numerous top fintech startup ideas in 2023. If you want to develop a fintech mobile app, the ideas mentioned above will be the most innovative, profitable, and fast-growing.
Arun Goyal – MD and Founder of Octal IT Solution. – A Leading Fintech App Development Company. Technology innovation and trends insight come easy to Arun with his thorough knowledge in the domain. A leader in his own rights, his grad friends see him as an avid researcher and a technology evangelist. See him talking about ideas, trends, and technology as an contributor.
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