Digital Banking Ideas from Today’s Most Innovative FinTech Companies

The adoption of technology in the finance industry has changed the landscape quite quickly. Fintech has not only added convenience to the ecosystem, but has also made it more secure, quick, and profitable. Fintech is one of the industries that capture new technologies and provides better financial services to consumers. It empowers various startups and encourages them to compete with banks and leading financial institutions. Also, it brings innovative and sophisticated digital banking ideas for the digital generation using the latest technology.

If you own a fintech startup or want to venture into digital solutions for the fintech sector, below are some digital banking ideas that you can go ahead with.

1. Peer to Peer Payment Solutions:

Peer-to-peer (P2P) payment solutions allow people to send or request money from each other through just one application. It allows users to conduct online transactions, paying rent, and various bills without logging into bank accounts. Venmo, Square Cash, Google Pay, and PayPal are some of the big names in peer-to-peer payment apps.

These apps are growing at a tremendous rate due to their constant improvement. It is easy to make high rankings on Google Play and Apple App Store with a seamless-performing and feature-rich Peer-to-Peer payment app.

2. Mobile Loan Lending App:

Digitization and advancing technology have led to success in many online businesses and startups. To work on a wider scale, businesses seek loans.

Nevertheless, typical banks take a long time to grant loans and funds to the business and sometimes the applications get rejected with some silly reasons which can ruin the entrepreneurs’ dreams of expanding their business. Where, digital fintech software for loans comes into the picture, which not only provides instant loans but also gives the ability for entrepreneurs to track the status of their application.

Mobile loan application solutions are designed to take advantage of AI and machine learning. These apps can soon fetch and analyze an individual’s credit history to ascertain their eligibility. Machine learning enables the system to analyze the data and create customized loan options for the customers. These apps save a lot of time and effort of the entrepreneurs and make sure of the growth of the business. It fulfills the immediate funding need to sustain the processes running smoothly.

3. Finance Management App:

As consumers become more cognizant of their earnings and savings, finance, management apps are gaining traction in the market. The app allows users to categorize their expenses and income and track them in real-time so that they can manage their money smartly and efficiently. These apps give the facility to add all bank and credit card accounts to automatically update data, along with payment reminders.

Moven is a highly useful finance management app that allows users to keep track of their finances and cut down unproductive expenses. Consumers can then view their spending comparisons between categories to see which areas they need to improve so that they can adjust future spending. Fintech startups can include features like ‘debt track’ to attract more users.

4. Stock Market Advisors App:

Millennials prefer to invest and trade in the stock market. However, they have no idea about finance management and investments where the stock market advisory app can help them to gain insights into the stock markets and park their money in various investment options.

The stock market advisor app can suggest some of the best investment options and guide users to build a portfolio. Also, it provides a detailed and secure analysis of trading or investment data through business analytics and AI.

The improved version of the app may have features such as a financial planner, Demat account linking, and online trading.

5. Single App to Substitute All Banks:

A person can have multiple bank accounts. As per digital payment trends, Fintech companies have built a single app that can contain all bank accounts. This enables users to get rid of downloading all the apps of the banks to conduct online transactions. The user can also cut the consequences of troubles caused by multiple accounts through this application.

The app acts like an online option for all banks that can access a user across multiple bank accounts and the user can easily track and transact from all their accounts anytime. This mobile money payment solution can offer all the features that various banking apps offer, to provide the utmost convenience to customers. Furthermore, when a consumer needs to transfer money from one bank account to another, he can do it simply by using this app.

6. Agency banking solution:

Imagine your crowded, long queue bank going digital with no more hard paper works, no limited branches for transactions.

Here banks can adopt agency banking solutions, Where retailers become authorized bank agents and use the banks’ mWallet app to prepaid balance in it. Customers simply visit any authorized agent nearby with a valid ID and get his account open.

Now to deposit cash, customers simply visit a nearby agent and give him cash, and the agent transfers the same amount to the account from his mWallet. The same procedure is followed for withdrawal. Hence, banks save a lot by avoiding big infrastructure, huge manpower, and by getting better reach.

Concluding Lines:

The fragrance of the fintech industry spreading vastly to give control to the customer from bank and financial organizations. Be it a mobile wallet or agency banking solution. Discussed digital banking ideas will make customers independent and provide them convenience. Ultimately resulting in great success for fintech companies.

Author Bio:
Nikunj Gundaniya, Product manager, one of the leading ewallet app development, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.