How will Fintech Affect Your Business

Fintech IT Solutions are growing more and more popular.

As per statista, fintech’s digital payment or eWallet Development market is valued at US$1,801.00 Billion in 2022. Moreover, users put $73.89k on average through fintech solutions just in 2022. And the user base is expected to reach 307.8 Million users by 2026.

These market statistics clearly show that fintech or financial technology has huge potential. But is it really worth considering? If yes, how will it affect your business?

Well, these are the questions that most clients have. That’s why, in this blog, we shall be looking at answers to these two questions and looking at other things, giving you a clear insight about fintech. With this being said, let’s see what are the answers to these questions starting with the definition of the fintech app development:

What is Fintech Application Development?

Fintech is one of the trending fields in mobile app and web development. The name itself is self-explanatory, it abbreviation for financial technology. As such, fintech application development refers to the process of creating fintech applications that enable effortless financial activities.

These solutions are quite popular these days with many of them being used daily by a large majority of the population. Now, there are various different types of financial technology solutions in both mobile app development and web development.

Popular FinTech IT Solutions

One can say that fintech is an umbrella term used to denote a number of financial technology solutions that we are all too familiar with. Nevertheless, we shall be looking at these popular different types of fintech IT solutions. With this being said, let’s get right into it:

· E-wallet development

E-wallet app development is no new concept. Rather it is one of the most popular Fintech solutions that you can come across.

In fact, most of us use e-wallet solutions in our day to day activities. For instance, an app like PayPal and Google Pay is used to make payment online or even at vendor stores.

There are various e-wallet development solutions that you can choose from. But functionality to send money through the app to another user, carry out bank transfers, check balances, etc are common in all of these applications.

E-wallet solutions are definitely here to stay as they help you reduce the weight of your wallet all of this can be done through a mobile app.

· Cryptocurrency Development

Cryptocurrency mobile app development is yet another solution that is quite popular. Among the different types of blockchain development and within the fintech development itself. Again, there are various different forms of cryptocurrency apps.

It can be a trading app, a cryptocurrency wallet, and so on. So, let’s not get into that too much but you get the gist of it. This is a popular fintech solution that you will be seeing around quite often.

· Loan Lending App Development

Financial products like loans have been associated with headaches and stress just on the bases of how hard they were to avail. And it goes without saying at least once in our life we need a loan for big-time spending.

However, all of this changed when the loan lending apps were introduced to the market. These apps provide a speed and easy loan lending process that you can do through your mobile phone. This is one of the reasons why loan lending app development is so popular.

· On Demand Solution Integration

While on demand solutions aren’t a type of fintech mobile app, they are often combined with the same. You see, on demand, the industry works entirely around customers’ needs and instant delivery of services.

Thus, integrating a secure payment gateway into an on-demand solution enables the users to pay for their service right through the app.

· Mobile Banking App Development

Mobile banking app development is yet another example of fintech put to best use. The mobile banking app allows the user to do all they would at a normal bank but without ever visiting it. In fact, you can do anything and everything from the comfort of your home.

This includes checking balance, transferring money, and applying for and managing financial products without ever visiting a bank physically.

These are some of the best fintech solutions that you can come across in the market. With this done, we will be looking at reasons to consider fintech solutions for your business. So, let’s get right into it:

Why Consider Fintech Application Development?

The fintech industry is a booming one and there are no two say about that. But is it the right industry for your business to invest in? And as it turns out, yes it is, one of the best places you can put your money.

Some major reasons to consider fintech development services for your business are, as mentioned below:

1. Make Payments Easily

One of the first and foremost reasons to consider fintech solutions for your business is that it makes payment as simple as it can be.

There will be no need for tons of documentation or asking the recipient for their various bank details. All you need to do is add their ID to your fintech solution and you can start transferring money that instant.

This is a big relief as formerly bank transfers used to take days at ends. So, this is a reason to consider fintech apps for your business.

2. Risks Evaluation

Where there is money handling, there is a chance of high risk. And speaking of the financial industry, there is a lot of money handling. So, as you might have guessed, there is a lot of risks. In fact, there are entire departments for risk assessment.

This is another reason why fintech applications are so popular in this field. Imbedded with AI Solutions, fintech applications can predict and help avoid risks.

This is something that financial experts have been trying to do for ages and it is finally possible for ages. So, if your business is prone to risk and fraud, fintech can help you.

3. Lower Cost

Lastly, one big reason to develop a fintech app is the ability to reduce costs. In simple words, fintech solutions simplify a lot of complex processes thus reducing costs in the process.

As we all know, the financial industry has been associated with high costs, this is the reason why fintech solution is something you should consider.

Conclusion

These are everything you need to know about fintech application development and how it can affect your business. Now, if you have decided that fintech solutions are for you, all you need to do is contact a fintech app development company and start working on your project.