Today, everyone can manage their personal and professional work through handheld gadgets. Fintech apps are just a part of such facilities through which users can easily manage or control their finances, avail of a loan, trade stocks, invest in cryptocurrency, or manage their banking. To take the full benefit of the change of interest, the key is to hire experts for app development services to build remarkable fintech apps and further can power them up with the latest technologies such as Artificial Intelligence.
The growth in the fintech business is promising and numbers support this very fact. According to Statista, the industry is likely to touch a revenue of 188 bn. Euros by 2024.
Another report by research firm Valuates quotes the global fintech market size (present and forecast) hitting USD 124.3 million by 2025 with a striking compound annual growth rate of 23.84%.
These figures are enough to trigger all adventurous entrepreneurs to go for a fintech startup. If you are one of them with a question about how to create a fintech company, this piece of writing is for you!
What is a Fintech startup?
Simply put, a fintech startup is nothing but a company that utilizes the best of technologies to assist their customers with all finance needs right from handheld devices. A fintech company, today, compete (and probably wins) with traditional financial service providers because it offers everything with ease and quickness through a fintech mobile application.
Why is a fintech startup profitable?
If you think what are the business benefits of a fintech startup, there are many. Especially after the advent of the latest technologies such as artificial intelligence and machine learning, not just individuals but also retail investors and giant finance companies also prefer collaborating or taking the help of finance startups to accelerate various procedures they intend to do. Here are some benefits to mention –
- Revenue
- Reduced cost
- Convenience & faster approval
- Advanced security
How to start a fintech startup?
Fintech startup ideas need a lot of groundwork and carefully built strategies before software solutions are initiated. Here are a few crucial steps you must mind as they build the best global fintech startup apps –
There are a number of best fintech app ideas introduced by fintech app development companies, who are helping the existing financial structures and larger financial corporations that are less into technology.
fintech application development trends It is a multi-billion-dollar industry, still dominated by a number of fintech startups.
For fintech domain, the rise of fintech startups, stress on building best fintech apps for any type of financial business also has some concrete reasons behind.
In the earlier days, there were only a few data which the underwriters have while assessing the risk.
Visit: E-commerce App Development Company
But what they lack is a collaborative environment for which they need to get into an effective partnership with the traditional institutions, as per the Capgemini Reports 2018.
Few businesses are interested in creating the best fintech app for auxiliary financial services, which includes :
