# Back-end
Fintech App Development: Trends and Examples
Red Rocket teamJun 19, 20244 min read
In This Article
Why do I Need a Fintech App? 5 Successful Fintech Applications Must-Have Features for 2024 FAQIt's been decades since people started storing money in their smartphones instead of keeping it under the bed. Financial technology solutions have been meeting the customer needs of many companies for a long time. Fintech is an industry that is leading the growth rate on a global level.
Are you still not sure why you should build fintech app and how to do it in the best way? This article will tell you what a fintech app is, how it affects customers, features of a successful fintech app and much more.
Why do I Need a Fintech App?
Fintech applications are software, algorithms, mobile, and web applications that enhance and optimize online financial services such as bill payment, bank transfers, crypto exchange management, etc.
Before we discuss fintech app development services, you must consider the main reasons why your business needs such software.
- Fast growth rate. According to recent statistics, investments in fintech software will reach more than 900 billion US dollars by the end of the decade. Sounds great, doesn't it?
- Generate profits. The financial field is a great way to invest in 2024 because such software can bring you a stable and high income.
- Transparency of use. Remember the terms offered by traditional banking. With fintech applications, customers are offered transparent terms that make it easy to use the application.
Some predictions about the development of technology and the future number of users of internet services tells you that it's a good time to build fintech app. It is expected that around 7 billion will be making payments online in 5 years. We, Red Rocket fintech mobile app development company know all about this kind of software and will help you take your business to the next level.
5 Successful Fintech Applications
There are many types of fintech applications nowadays. At the moment, the leading directions are as follows:
Mobile apps of banks
Banks strive to be closer to their customers and simplify many transactions. That's why their apps continue to gain popularity. The pandemic has also accelerated their proliferation as the move online eliminates the need for physical contact and fintechs provide security. Today, all the best and most popular banks worldwide, including HSBC and Bank of America have mobile banking.
Online insurance
Insurance is a service that will be relevant tomorrow, in five years, and in 100 years. Here are examples of successful digital insurance companies: Root, Oscar Health, Next Insurance, and many others.
Payment providers
All of you have heard about such services as PayPal, ApplePay and Venmo. These are the brightest representatives of the group of online payment providers, which are used by hundreds of millions of users around the world. They allow you to make instant online transactions from your smartphone.
Cryptocurrency wallets
Digital currencies are gradually replacing fiat money from the global turnover. In a few decades, people will completely switch to transactions using crypto exchanges, so this is a great reason to create such an app right now. Just remember the success of Bybit, CoinBase and Binance exchanges.
Investments
Owning a complete portfolio of stocks of reputed companies is what every person dreams of today. Investment apps and platforms help users to conveniently make investments online and manage their stocks. What are some vivid examples of investment apps? eToro and Robinhood have made a real «boom» on the stock market.
Must-Have Features for 2024
Just building a fintech app is not enough to succeed in the market. You need to thoroughly analyze your competitors, look at their features and improve your own software. We have gathered a set of necessary features for a fintech app in 2024.
- Security. Here, it is important to remember to implement a security protocol and ensure a simple and secure process for logging into the service.
- Design. Remember that the end user appreciates comfort and simplicity. Do not overload the application with difficult design elements.
- Voice technologies. Include voice control in additional features. Customers will be able to manage their finances by simply sending voice commands on their smartphone..
This is just a small part of what you can add to your fintech application. We at Red Rocket provide custom software development fintech solutions for any field of business. We know how to create a mobile banking app, crypto exchange, or any other kind of financial platform.
Frequently asked questions
What areas of fintech applications are relevant in 2024?
Popular products include mobile banking apps, digital insurance, and investment platforms. However, one of the most promising groups of fintech products is crypto wallets. Implementing blockchain for fintech applications is a great solution for attracting a large number of new customers.
How to create a fintech platform from scratch?
The process of creating an application or web platform for the financial sector is quite complex. Beginners without knowledge will not be able to create a quality product on their own. Fintech software outsourcing will allow you to make all your dreams come true.
Is it possible to implement AI in a fintech platform?
Artificial intelligence is one of the areas of fintech that continues to evolve. AI helps to adapt applications to the needs of users, i.e. customers of companies.
