With the increasing use of mobile phones and dependence on the internet, the shift of the financial market towards creating an online presence was evident. The high consumer demands have led to the launching of various apps that cater to the different branches of finance.
The emergence of several fintech apps has brought relief to users who are completely baffled by the complicated jargon of finances. With the aid of these apps, you can now easily manage your finances, gain financial advice, make wise investments, and conduct digital transactions.
By knowing about the different types of fintech app, you can easily make a fintech app. The various types of fintech apps are listed below.
With digitization making its way into the finance sector, the payments industry has adopted it rather efficiently. The requirements for making digital payments are nominal and mostly necessitate the presence of a digital network. Using payment technology (PayTech), several apps have been launched into the market with great success.
Abbreviation of Regulatory Technology, RegTech is a sub-part of FinTech that uses creative technology to provide better compliance and delivery of secure and economic regulations. To be consistent with the digital world, regulatory models had to be re-assessed and structured to automate the compliance system. Some of the most prominent features of RegTech are risk management, compliance, regular monitoring, and transaction monitoring.
The application of Insurance Technology has dramatically changed the insurance market. With the help of InsurTech, consumers are now changing their views on insurance products. The availability of various benefits like customized approaches, online marketplaces, personalized profiting, etc. has garnered popularity for this particular finance sector. The integration of tools, which include machine learning, the Internet of Things (IoT), etc. has aided in increasing the interest of more and more people.
4) Personal Finance
The online presence of personal finance management has progressed rapidly. Due to the user-friendly interface and the integration of various tools like setting financial goals, keeping a track of expenses, expert financial advice, etc. the apps built to deliver this financial aspect have gained massive success. The use of wealth technology (WealthTech) has enabled integration into the finance industry by the aid of micro-investment, portfolio management, etc.
5) International money transfer
The days of using traditional means of transferring money internationally are long gone. With the use of innovative technology, it is now possible to transfer money across the globe without any hassle. The system is made while much emphasizing security, speed, and ease. The security aspect is the most crucial, and most app builders invest a considerable portion of their money. This ultimately attributes to the success of the app.
By utilizing the lending technology (LendTech), the apps provide lending solutions to the users. The integration of tools like Artificial Intelligence and more are used to assess and then verify the identity-related credentials and ensure that the results obtained are free from any errors. Using the technology has provided a wide array of benefits, including evaluation of collateral value, prediction of income prospects, evaluation of the borrower’s track record, etc.
TradeTech is simply the use of information technology to decrease the costs of information on international trade, improve trading operations transparency for consumers, business models, etc. To enhance the popularity of this particular finance sector, international coordination is essential.
8) Equity Financing
The traditional version of equity financing was selling shares of a business to investors, companies, or the public to raise funds. But, nowadays, with the assistance of suitable technology, it has become much easier to raise money through crowdfunding. Several apps use tools that connect investors with budding startups.
These are some of the different types of fintech apps that you can make. Before deciding the type of app you want to proceed with, you must know the different types in intricate detail. If you are unable to grasp the whole concept by yourself, take some professional advice. Only after measuring the pros, cons, and market demand for each of the types, you must make a decision.