Launch Your Next Big FinTech Empire With The Guide Inside

This is the news about Launch Your Next Big FinTech Empire With The Guide Inside

Launch Your Next Big FinTech Empire With The Guide Inside

In case you haven’t been paying attention to the latest financial solutions emerging on the horizon then Hollywood actor and comedian Will Ferrell’s investment in Fintech ‘Lunar’ this February will be enough to raise your eyebrows.

Well, readers, he is certainly not the first celebrity to jump on the investment wagon! Our beloved Ironman ‘Robert Downey Jr.’ invested $50M in fintech platform Aspiration last year. Also, how can we forget our JLo making headlines by taking up the floor to invest in the fintech firm Acorns.

Surprised?! Well, you have every right to be!!
But if you are one of the more curious human beings who wants to know more about the fintech platform then you are highly welcome to this blog.

First, let’s have a look at the current scenario of the fintech world!

Overview of Fintech: An Industry On the Verge of Disruption:

Fintechs have entirely altered how financial services are structured, consumed, and delivered. Whether you consider this or not, FinTechs have been defining an essential path of innovation across almost every sub-sector of financial services including financial value chains and stand-alone businesses.
Moreover, the predictions suggest that FinTech will play a crucial part in industry growth in the post-pandemic era.
Some of the important stats in terms of fintech growth are given below:

  • Fintech globally is forecasted to grow at a compound annual growth rate (CAGR) of 20% over the next four years. (GlobeNewswire)
  • Fintech market value is anticipated to reach $305 billion by 2025. (GlobeNewswire)
  • By the end of this year, mobile transactions are projected to grow by 121% comprising 88% of all banking transactions. (tipalti.com)
  • By 2026, the global fintech market will reach $324 billion.(GlobalTradeMag)

If you aspire to launch a fintech company by looking at these stats. Then you should also be aware of the regions with expedited fintech growth.

favorable-regions-to-launch-fintech-startup

Now, before you fasten your seat belt and set on the fintech solution or app development journey. Let us first tell you about the emerging trends of this year and some evergreen ideas for fintech app development.

Let’s start with the basics to consolidate your comprehension.

What is Fintech?

FinTech (financial technology) is a catch-all term pointing to any technology that provides financial services. The technology may include mobile apps and software.
Fintech can include everything from mobile payment apps to blockchain technology.

How does Fintech Work?

Fintech is a multifaceted concept that makes financial transactions more accessible and affordable. It can also apply to businesses and companies using AI, big data, and blockchain technology to achieve highly secured transactions among the internal networks.

Broadly speaking, fintech works to streamline the transaction process, eliminating unnecessary steps. For example, mobile services like PayPal and Venmo allow you to pay whenever, wherever to whomever you want.
However, if you give cash or check, the recipient would have to go to the bank to take the money.

Contrary to popular belief, fintech is not limited to transactions or bank activity. Rather it is also concerned with investment and saving options.

Fintech Related Services

With time fintech has evolved into something broad and big with a wide range of services under its umbrella.

fintech-services-infographics

Fintech has become a mandatory part of our everyday life in such a way that 77% of people now use fintech apps to make payments. Plus predictions are there that this trend is not going to abort anytime soon.

To read our step-by-step guide on fintech app development click here.

Fintech Applications To Keep In Your Back Pocket

As the finance industry is making its roots strong by attracting people with digital methods of financial utilization, fintech companies are coming up with innovative digital solutions to pique more customers’ interests. For instance, solutions that fulfill their financial concerns in a protected, efficient, and swift manner.

Following is the list of the fintech products that are designed to meet consumer finance needs with technology for ease of use across different areas.

Mobile Banking

Mobile banking apps allow customers to have easy digital access to their bank account details through their mobile phones. For example:

  • Chime

Chime is a mobile banking app that keeps your daily bank account balance safe with enhanced security features.

  • Ally Bank

Ally Bank is a mobile banking app that allows quick access to mobile banking and investment accounts through biometric authentication.

Payments

Payment applications are the type of applications that facilitate payment transactions over the mobile phone. Payment apps are also recognized as digital wallets that allow easier and faster transactions to anyone, anywhere, at any time. For example

  • PayPal

PayPal is an online payment app that facilitates faster and safer payments through online transfers. It allows users to make payments, shop, and transfer money effortlessly.

  • Remitly

Remitly is a digital remittance service that allows faster money transfers and makes the overall transaction process more transparent and affordable.

Investment and savings

These types of applications give users an easy way to save and invest their money. Moreover, it also helps users to learn more about the market and follow their accounts in real-time. For example:

  • Wealthfront

Wealthfront is the best application that allows users to expand their investment without any need to purchase a cryptocurrency or set up a wallet. It helps users to manage their portfolios to help them reach their goals.

  • Acorns

Acorns is an application that allows efficient savings to its users. It is best recognized as a micro-investing platform allowing users to set up an automated investment through round-ups.

Insurance

Mobile insurance apps have offered easy and quick access to insurance coverage to users without the need for any paperwork. It allows users to share, track, and access information during an insurance claim.

  • Oscar Health

Oscar Health is a health insurance application that offers a range of affordable and high-quality health insurance plans to its users.

  • Policygenius

Policygenius offers a range of different insurances including life, home, auto, disability, health, and renters.

Undoubtedly fintech apps and solutions have made the life of the masses easier, while also witnessing the robust growth of the fintech platform by 147% in the last year.

So, what does 2022 hold for fintech? Let’s peek at some of the emerging trends in this industry!

Explore the Tech-driven Finance World

The commitment to digital transformation in the finance industry has considerably changed the way people manage their finances. With technology unlocking new doors in the finance sector, fintech businesses are embracing innovative technologies to spruce up business standards.

Let’s take a look at the future technology trends of fintech that will help the fintech businesses to remain afloat.

Trend # 1: Blockchain technology contributing to transparent transactions

Blockchain is a rapidly evolving financial technology in the financial space. According to a Global blockchain survey conducted by Deloitte, it was reported that 76% of the survey applicants believe that digital assets might displace flat money in the coming years.

Distinct characteristics of blockchain technology including its distribution, encryption, immutability, and consensus make it undoubtedly, the most innovative technology. Blockchain technology is allowing companies to

  • Create transparency
  • Optimize operational efficiency
  • Streamline infrastructure
  • Reduce fraud

Moreover, as the data stored in the blockchain cannot be altered, it provides transaction transparency to all parties involved.

Curious about blockchain technology? Click here to read more!

Trend # 2: Big Data coming into the radar for improved financial processes

Big data in finance refers to the vastness of structured and unstructured data pools getting bigger and bigger excessively. The exponential growth in the data volume, variety, and velocity is helping finance organizations to derive useful insight from it.

The data that has become quite big in the finance industry is now predicting customer behavior through modern financial technology i.e. big data. However, the current state of big data in the finance industry reveals that big data is:

  • Helping companies in making informed decisions
  • Enhancing data security
  • Improving risk assessment

With all these benefits that big data offers, it is sure to change the future landscape of the finance industry.

Big data in fintech provides actionable customer insights. How? Click here to find out!

Trend #3: Frictionless security experience with Biometric Technology

As security threats are still prevalent in the finance sector, biometric technology is transforming the financial landscape due to its enhanced security and simplicity. Fintech businesses are taking their customer experience to the next level by integrating convenient and secure authentication processes.

To ensure a safer financial future, biometric authentication through biometric sensors has become indispensable for increased security. Different biometric authentication methods are being introduced into mobile banking apps to provide customers with secure and convenient banking.

Trend #4: Technology-driven customer experience with Artificial Intelligence and Machine Learning

Artificial intelligence (AI) is another emerging technology that is contributing well to shaping the future of the finance world. The AI-powered fintech innovation is improving customer experience and customer service with AI-assisted chatbots and banking apps.

Moreover, it is also assisting the finance sector with regard to fraud detection, risk assessment, and streamlining operations.

The usage of artificial intelligence and machine learning algorithms in finance are mostly acquired for:

  • Customer support
  • Financial decision making
  • Fraud detection and security
  • Insurance and loans

More and more companies in the fintech world are heading towards smart AI and machine learning technology to stay ahead in the game. Owing to this increased competition, finance companies are implementing AI technology that utilizes machine learning to gain a competitive advantage.

Trend #5: Empowered business growth with Cloud Technology

The cloud technology trend in the finance industry has become diversified as it is leaving more room for growth and innovation. Just in the finance industry, cloud technology is expected to grow exponentially in the future years as it is facilitating businesses towards steady growth.

The evolving cloud computing technology is enabling financial organizations to store their data more efficiently on remote servers.

Several advantages that come along with cloud technology for the finance sector include:

  • Reduced cost
  • Greater scalability
  • Enhanced security
  • Efficient processing speed
  • Improved customer experience

All these benefits are driving innovation and unlocking opportunities for growth in the finance industry. However, with the modernized infrastructure, finance organizations are embracing cloud computing technology as a way to become more efficient in meeting customers’ needs and business objectives.

The Rise of Fintech Features Taking the Industry by Storm

The technological advancement in the finance world is giving new shape to the finance sector thereby creating better opportunities for the organizations. Today, with an aim to meet customers’ financial concerns, fintech businesses are rapidly booming in the race to become customers’ priority.

The efficient and user-friendly services offered by fintech businesses have contributed well to sprucing up customers’ experience so far. However, technological advancement is not only bringing revolution to the fintech industry but also ensuring secured, efficient, and seamless services to customers.

Start scrolling down through the fintech features that are shaping the finance future exclusively.

Digital-only Banks

How is your experience going with traditional banks? Obviously, the very first thing that comes to mind is the hassle of waiting in long queues and the tedious process of paperwork.

To save you from these troubles, digital-only banks are emerging as the next new wave in banking by offering more ease to customers.

Virtual high-speed banking services that are just a click away are making people more attracted to digital-only banking. Convenience, speed, flexibility, and enhanced customer experience are the driving factors behind customers’ inclination to digital-only banking.

Mobile Banking

As mobile banking has become a modern way to transfer funds and perform other banking activities, users are no longer relying on traditional methods. This growing trend towards digitalization is giving customers effortless access to financial services through mobile phones.

Owing to the pervasive trend of mobile banking, Insider Intelligence’s Mobile Banking Competitive Edge study revealed that 89% of survey participants rely on mobile banking including 97% of millennials.

The mobile banking trend is allowing users to leverage maximum benefits including:

  • Strengthened security
  • Reduced transaction cost
  • Quick access to bank balance
  • Easy money deposits

Undoubtedly, mobile banking is driving innovation and will continue to lead the game in the fintech space in the coming years.

Robotic Process Automation

It seems like the era of traditional automation is near its end as robotic process automation is on the rise. Robots taking over the finance world by storm.

Robotic process automation is another evolving trend that the fintech businesses are implementing for improving the accuracy of financial analysis. The specialized software robots for automating repetitive tasks promote efficiency thereby reducing errors across financial operations.

The RPA bots have become the center of attention for fintech for streamlined efficiency and quality of daily processes.

In a nutshell, the implementation of RPA allows fintech companies to seamlessly automate operations without any error. If the RPA bots do not disrupt the financial operations and continue promoting efficiency, this trend will continue to grow in the coming years.

Voice-Enabled Payments

Can you expect voice interaction during payments? What is better than making transfers or paying bills through voice interactions?

Voice assistants are thriving in the finance industry as fintech companies are implementing voice-enabled technology to offer a more customized experience to customers.

The voice payment functionality allows customers to use their voice for bill payments to balance checkups and money transfers. Customers’ increased interest in voice banking seems to transform the fintech industry even more with more exciting features.

Till now we are pretty sure that you have grasped a good understanding of what is fintech? How does it work? Now it’s time for us to give 10 innovative fintech ideas that are trending now and going to be on top in this decade.

So now it’s time to move on to the part where we will tell you about the new ideas to develop your fintech startup. Because fintech startups are becoming unicorns now more than ever.

As per stats, the fintech market share across only 48 fintech unicorns is now worth the US $187 billion. So gear up as we are bestowing you with the new ideas so that you can join the fintech unicorn club.

10 Untapped Fintech Startup Ideas for 2022-2030

So here is the much-promised list of some trending fintech ideas and also the new ones which are going to create a boom in the fintech industry.

fintech-startup-ideas

Take a look at the best fintech startups so far!

Top Fintech Startups Till Now:

As fintech is continuing to evolve with the speed of light, the rise of fintech businesses seems to become more ubiquitous. Since it has become an emerging trend, a plethora of fintech startups with new products has shaken up the market with innovative solutions.

However, there is absolutely no doubt that fintech is in a continuous effort to help people manage their finances without any hassle.

Let us walk you through the most popular fintech startups in the market.

Lydia Series B $159.6M | Paris, France

fintech-startupSource: Lydia

Lydia is a mobile payment fintech platform allowing customers to make easy and instant transfers anywhere with its exciting features.

Wealthyhood Pre-seed US$ 686.5K | London, United Kingdom

 

wealthyhood-fintech-startup

Source: Wealthyhood

Founded in 2021, Wealthyhood is a pioneering DIY wealth-building app allowing long-term investors to build their wealth by investing the way they want.

Insoore US$ 6M | Rome, Italy

insoor-fintech-startup

Source: Insoor

InsurTech Insoore aims to help insurance companies to optimize their claim management process through photographic and video inspection.

Bitvavo Amsterdam, Neitherland

Bitvavo-startup

Source: Bitvao

Founded in 2018, Bitvavo allows customers to buy, sell, and store over 175 digital assets by offering transparent fees.

Clark Series C $128.1M | Frankfurt am Main, Germany

Clark-series-startup

Source: Clark Series

Founded in 2015, Clark has now become a fintech unicorn. Clark allows customers to manage their insurances easily and faster with just an application.

Stats suggest the continuous growth of funding for fintech startups. In just Q1 of 2022, the fintech startups have raised $32.4B. But according to some figures despite having sufficient funds, around 75% of all fintech startups crash within two decades.
But why??

Why do 75% of VC-backed fintech startups fail?? Well, the main reason is technology lag!

Yes, 75% is not just a mere number we are presenting, the report from the mighty Wall Street Journal indicates that up to 75% of the VC-backed startups fail.

There are certain reasons for this failure, majorly the technical ones. As per stats:

  • Complicated user experience makes 70% of the users abandon the app
  • Interface inconsistencies cause 58% of the users to leave
  • 53% of users uninstall the app because of crashes, freezes, or errors.

Also, astonishingly 98 out of 100 prominent and well-funded startups are highly vulnerable to phishing attacks.

Worried? Don’t Be, InvoZone Is Here For You!

Yes! Your top-notch innovation partner is here for you. With its first-class developers building cutting-edge fintech solutions. Our developers work closely to build beautiful iOS, Android, and hybrid mobile application solutions to enhance user experience.
Our dedicated group of developers is available 24/7 with their cutting-edge solutions.

In case you haven’t been paying attention to the latest financial solutions emerging on the horizon then Hollywood actor and comedian Will Ferrell’s investment in Fintech ‘Lunar’ this February will be enough to raise your eyebrows.

Well, readers, he is certainly not the first celebrity to jump on the investment wagon! Our beloved Ironman ‘Robert Downey Jr.’ invested $50M in fintech platform Aspiration last year. Also, how can we forget our JLo making headlines by taking up the floor to invest in the fintech firm Acorns.

Surprised?! Well, you have every right to be!!
But if you are one of the more curious human beings who wants to know more about the fintech platform then you are highly welcome to this blog.

First, let’s have a look at the current scenario of the fintech world!

Overview of Fintech: An Industry On the Verge of Disruption:

Fintechs have entirely altered how financial services are structured, consumed, and delivered. Whether you consider this or not, FinTechs have been defining an essential path of innovation across almost every sub-sector of financial services including financial value chains and stand-alone businesses.
Moreover, the predictions suggest that FinTech will play a crucial part in industry growth in the post-pandemic era.
Some of the important stats in terms of fintech growth are given below:

  • Fintech globally is forecasted to grow at a compound annual growth rate (CAGR) of 20% over the next four years. (GlobeNewswire)
  • Fintech market value is anticipated to reach $305 billion by 2025. (GlobeNewswire)
  • By the end of this year, mobile transactions are projected to grow by 121% comprising 88% of all banking transactions. (tipalti.com)
  • By 2026, the global fintech market will reach $324 billion.(GlobalTradeMag)

If you aspire to launch a fintech company by looking at these stats. Then you should also be aware of the regions with expedited fintech growth.

favorable-regions-to-launch-fintech-startup

Now, before you fasten your seat belt and set on the fintech solution or app development journey. Let us first tell you about the emerging trends of this year and some evergreen ideas for fintech app development.

Let’s start with the basics to consolidate your comprehension.

What is Fintech?

FinTech (financial technology) is a catch-all term pointing to any technology that provides financial services. The technology may include mobile apps and software.
Fintech can include everything from mobile payment apps to blockchain technology.

How does Fintech Work?

Fintech is a multifaceted concept that makes financial transactions more accessible and affordable. It can also apply to businesses and companies using AI, big data, and blockchain technology to achieve highly secured transactions among the internal networks.

Broadly speaking, fintech works to streamline the transaction process, eliminating unnecessary steps. For example, mobile services like PayPal and Venmo allow you to pay whenever, wherever to whomever you want.
However, if you give cash or check, the recipient would have to go to the bank to take the money.

Contrary to popular belief, fintech is not limited to transactions or bank activity. Rather it is also concerned with investment and saving options.

Fintech Related Services

With time fintech has evolved into something broad and big with a wide range of services under its umbrella.

fintech-services-infographics

Fintech has become a mandatory part of our everyday life in such a way that 77% of people now use fintech apps to make payments. Plus predictions are there that this trend is not going to abort anytime soon.

To read our step-by-step guide on fintech app development click here.

Fintech Applications To Keep In Your Back Pocket

As the finance industry is making its roots strong by attracting people with digital methods of financial utilization, fintech companies are coming up with innovative digital solutions to pique more customers’ interests. For instance, solutions that fulfill their financial concerns in a protected, efficient, and swift manner.

Following is the list of the fintech products that are designed to meet consumer finance needs with technology for ease of use across different areas.

Mobile Banking

Mobile banking apps allow customers to have easy digital access to their bank account details through their mobile phones. For example:

  • Chime

Chime is a mobile banking app that keeps your daily bank account balance safe with enhanced security features.

  • Ally Bank

Ally Bank is a mobile banking app that allows quick access to mobile banking and investment accounts through biometric authentication.

Payments

Payment applications are the type of applications that facilitate payment transactions over the mobile phone. Payment apps are also recognized as digital wallets that allow easier and faster transactions to anyone, anywhere, at any time. For example

  • PayPal

PayPal is an online payment app that facilitates faster and safer payments through online transfers. It allows users to make payments, shop, and transfer money effortlessly.

  • Remitly

Remitly is a digital remittance service that allows faster money transfers and makes the overall transaction process more transparent and affordable.

Investment and savings

These types of applications give users an easy way to save and invest their money. Moreover, it also helps users to learn more about the market and follow their accounts in real-time. For example:

  • Wealthfront

Wealthfront is the best application that allows users to expand their investment without any need to purchase a cryptocurrency or set up a wallet. It helps users to manage their portfolios to help them reach their goals.

  • Acorns

Acorns is an application that allows efficient savings to its users. It is best recognized as a micro-investing platform allowing users to set up an automated investment through round-ups.

Insurance

Mobile insurance apps have offered easy and quick access to insurance coverage to users without the need for any paperwork. It allows users to share, track, and access information during an insurance claim.

  • Oscar Health

Oscar Health is a health insurance application that offers a range of affordable and high-quality health insurance plans to its users.

  • Policygenius

Policygenius offers a range of different insurances including life, home, auto, disability, health, and renters.

Undoubtedly fintech apps and solutions have made the life of the masses easier, while also witnessing the robust growth of the fintech platform by 147% in the last year.

So, what does 2022 hold for fintech? Let’s peek at some of the emerging trends in this industry!

Explore the Tech-driven Finance World

The commitment to digital transformation in the finance industry has considerably changed the way people manage their finances. With technology unlocking new doors in the finance sector, fintech businesses are embracing innovative technologies to spruce up business standards.

Let’s take a look at the future technology trends of fintech that will help the fintech businesses to remain afloat.

Trend # 1: Blockchain technology contributing to transparent transactions

Blockchain is a rapidly evolving financial technology in the financial space. According to a Global blockchain survey conducted by Deloitte, it was reported that 76% of the survey applicants believe that digital assets might displace flat money in the coming years.

Distinct characteristics of blockchain technology including its distribution, encryption, immutability, and consensus make it undoubtedly, the most innovative technology. Blockchain technology is allowing companies to

  • Create transparency
  • Optimize operational efficiency
  • Streamline infrastructure
  • Reduce fraud

Moreover, as the data stored in the blockchain cannot be altered, it provides transaction transparency to all parties involved.

Curious about blockchain technology? Click here to read more!

Trend # 2: Big Data coming into the radar for improved financial processes

Big data in finance refers to the vastness of structured and unstructured data pools getting bigger and bigger excessively. The exponential growth in the data volume, variety, and velocity is helping finance organizations to derive useful insight from it.

The data that has become quite big in the finance industry is now predicting customer behavior through modern financial technology i.e. big data. However, the current state of big data in the finance industry reveals that big data is:

  • Helping companies in making informed decisions
  • Enhancing data security
  • Improving risk assessment

With all these benefits that big data offers, it is sure to change the future landscape of the finance industry.

Big data in fintech provides actionable customer insights. How? Click here to find out!

Trend #3: Frictionless security experience with Biometric Technology

As security threats are still prevalent in the finance sector, biometric technology is transforming the financial landscape due to its enhanced security and simplicity. Fintech businesses are taking their customer experience to the next level by integrating convenient and secure authentication processes.

To ensure a safer financial future, biometric authentication through biometric sensors has become indispensable for increased security. Different biometric authentication methods are being introduced into mobile banking apps to provide customers with secure and convenient banking.

Trend #4: Technology-driven customer experience with Artificial Intelligence and Machine Learning

Artificial intelligence (AI) is another emerging technology that is contributing well to shaping the future of the finance world. The AI-powered fintech innovation is improving customer experience and customer service with AI-assisted chatbots and banking apps.

Moreover, it is also assisting the finance sector with regard to fraud detection, risk assessment, and streamlining operations.

The usage of artificial intelligence and machine learning algorithms in finance are mostly acquired for:

  • Customer support
  • Financial decision making
  • Fraud detection and security
  • Insurance and loans

More and more companies in the fintech world are heading towards smart AI and machine learning technology to stay ahead in the game. Owing to this increased competition, finance companies are implementing AI technology that utilizes machine learning to gain a competitive advantage.

Trend #5: Empowered business growth with Cloud Technology

The cloud technology trend in the finance industry has become diversified as it is leaving more room for growth and innovation. Just in the finance industry, cloud technology is expected to grow exponentially in the future years as it is facilitating businesses towards steady growth.

The evolving cloud computing technology is enabling financial organizations to store their data more efficiently on remote servers.

Several advantages that come along with cloud technology for the finance sector include:

  • Reduced cost
  • Greater scalability
  • Enhanced security
  • Efficient processing speed
  • Improved customer experience

All these benefits are driving innovation and unlocking opportunities for growth in the finance industry. However, with the modernized infrastructure, finance organizations are embracing cloud computing technology as a way to become more efficient in meeting customers’ needs and business objectives.

The Rise of Fintech Features Taking the Industry by Storm

The technological advancement in the finance world is giving new shape to the finance sector thereby creating better opportunities for the organizations. Today, with an aim to meet customers’ financial concerns, fintech businesses are rapidly booming in the race to become customers’ priority.

The efficient and user-friendly services offered by fintech businesses have contributed well to sprucing up customers’ experience so far. However, technological advancement is not only bringing revolution to the fintech industry but also ensuring secured, efficient, and seamless services to customers.

Start scrolling down through the fintech features that are shaping the finance future exclusively.

Digital-only Banks

How is your experience going with traditional banks? Obviously, the very first thing that comes to mind is the hassle of waiting in long queues and the tedious process of paperwork.

To save you from these troubles, digital-only banks are emerging as the next new wave in banking by offering more ease to customers.

Virtual high-speed banking services that are just a click away are making people more attracted to digital-only banking. Convenience, speed, flexibility, and enhanced customer experience are the driving factors behind customers’ inclination to digital-only banking.

Mobile Banking

As mobile banking has become a modern way to transfer funds and perform other banking activities, users are no longer relying on traditional methods. This growing trend towards digitalization is giving customers effortless access to financial services through mobile phones.

Owing to the pervasive trend of mobile banking, Insider Intelligence’s Mobile Banking Competitive Edge study revealed that 89% of survey participants rely on mobile banking including 97% of millennials.

The mobile banking trend is allowing users to leverage maximum benefits including:

  • Strengthened security
  • Reduced transaction cost
  • Quick access to bank balance
  • Easy money deposits

Undoubtedly, mobile banking is driving innovation and will continue to lead the game in the fintech space in the coming years.

Robotic Process Automation

It seems like the era of traditional automation is near its end as robotic process automation is on the rise. Robots taking over the finance world by storm.

Robotic process automation is another evolving trend that the fintech businesses are implementing for improving the accuracy of financial analysis. The specialized software robots for automating repetitive tasks promote efficiency thereby reducing errors across financial operations.

The RPA bots have become the center of attention for fintech for streamlined efficiency and quality of daily processes.

In a nutshell, the implementation of RPA allows fintech companies to seamlessly automate operations without any error. If the RPA bots do not disrupt the financial operations and continue promoting efficiency, this trend will continue to grow in the coming years.

Voice-Enabled Payments

Can you expect voice interaction during payments? What is better than making transfers or paying bills through voice interactions?

Voice assistants are thriving in the finance industry as fintech companies are implementing voice-enabled technology to offer a more customized experience to customers.

The voice payment functionality allows customers to use their voice for bill payments to balance checkups and money transfers. Customers’ increased interest in voice banking seems to transform the fintech industry even more with more exciting features.

Till now we are pretty sure that you have grasped a good understanding of what is fintech? How does it work? Now it’s time for us to give 10 innovative fintech ideas that are trending now and going to be on top in this decade.

So now it’s time to move on to the part where we will tell you about the new ideas to develop your fintech startup. Because fintech startups are becoming unicorns now more than ever.

As per stats, the fintech market share across only 48 fintech unicorns is now worth the US $187 billion. So gear up as we are bestowing you with the new ideas so that you can join the fintech unicorn club.

10 Untapped Fintech Startup Ideas for 2022-2030

So here is the much-promised list of some trending fintech ideas and also the new ones which are going to create a boom in the fintech industry.

fintech-startup-ideas

Take a look at the best fintech startups so far!

Top Fintech Startups Till Now:

As fintech is continuing to evolve with the speed of light, the rise of fintech businesses seems to become more ubiquitous. Since it has become an emerging trend, a plethora of fintech startups with new products has shaken up the market with innovative solutions.

However, there is absolutely no doubt that fintech is in a continuous effort to help people manage their finances without any hassle.

Let us walk you through the most popular fintech startups in the market.

Lydia Series B $159.6M | Paris, France

fintech-startupSource: Lydia

Lydia is a mobile payment fintech platform allowing customers to make easy and instant transfers anywhere with its exciting features.

Wealthyhood Pre-seed US$ 686.5K | London, United Kingdom

 

wealthyhood-fintech-startup

Source: Wealthyhood

Founded in 2021, Wealthyhood is a pioneering DIY wealth-building app allowing long-term investors to build their wealth by investing the way they want.

Insoore US$ 6M | Rome, Italy

insoor-fintech-startup

Source: Insoor

InsurTech Insoore aims to help insurance companies to optimize their claim management process through photographic and video inspection.

Bitvavo Amsterdam, Neitherland

Bitvavo-startup

Source: Bitvao

Founded in 2018, Bitvavo allows customers to buy, sell, and store over 175 digital assets by offering transparent fees.

Clark Series C $128.1M | Frankfurt am Main, Germany

Clark-series-startup

Source: Clark Series

Founded in 2015, Clark has now become a fintech unicorn. Clark allows customers to manage their insurances easily and faster with just an application.

Stats suggest the continuous growth of funding for fintech startups. In just Q1 of 2022, the fintech startups have raised $32.4B. But according to some figures despite having sufficient funds, around 75% of all fintech startups crash within two decades.
But why??

Why do 75% of VC-backed fintech startups fail?? Well, the main reason is technology lag!

Yes, 75% is not just a mere number we are presenting, the report from the mighty Wall Street Journal indicates that up to 75% of the VC-backed startups fail.

There are certain reasons for this failure, majorly the technical ones. As per stats:

  • Complicated user experience makes 70% of the users abandon the app
  • Interface inconsistencies cause 58% of the users to leave
  • 53% of users uninstall the app because of crashes, freezes, or errors.

Also, astonishingly 98 out of 100 prominent and well-funded startups are highly vulnerable to phishing attacks.

Worried? Don’t Be, InvoZone Is Here For You!

Yes! Your top-notch innovation partner is here for you. With its first-class developers building cutting-edge fintech solutions. Our developers work closely to build beautiful iOS, Android, and hybrid mobile application solutions to enhance user experience.
Our dedicated group of developers is available 24/7 with their cutting-edge solutions.

/

Get updates everyweek

Subscribe below and we’ll send you a weekly email summary of all new Web Design tutorials. Never miss out

author.node.name

Abdul Karim is a content writer and campaign strategist at InvoZone. As a campaign strategist, he’s run numerous successful campaigns along with managing the content for the same.

Related Blogs