You’ve been thinking about starting a new business for some time, and your mind finally settled on the idea of entering the fintech app world. There’s an enormous demand for financial apps that use cool technology to help users with all sorts of things relating to their finances. You’ll see plenty of examples out there – but when it comes to the best app ideas that could fuel your next startup adventure, here are some of the big’uns.
Budgeting & Saving App
Everyone wants to budget better and save more money, yet they don’t quite know how to do it. Your fintech startup can develop an app that leverages AI technology to help users budget more effectively and set more money aside every week/month/year. As far as apps like this go, if you find the right technology for it, then it’s relatively easy. You’ll rely on great open banking solutions to help you access your users’ financial data, and then it’s a case of helping them see their expenses and where they can save money.
Subscription Managers
Some absolutely mind-bending research from Visa revealed that Gen Z spends an average of £305 per month on subscriptions in the UK. That is absolutely ridiculous and shows a demand for subscription management services – and that’s where this fintech app idea comes in. Users download your app, connect their bank accounts, and your app pulls information to bring up all of their subscriptions. They’ll have a birds-eye view of how much they’re spending – and what they’re spending money on. Take your app even further by letting them cancel multiple subscriptions at once to save money.
Invoice Managers
Not all fintech apps need to be aimed at the general public. An Invoice Manager app caters to the business market by giving self-employed people or larger companies a way of controlling their invoices. The app can automatically create invoices for users, send out reminders when an invoice isn’t paid within a certain timeframe and so on. Bad invoice management costs businesses valuable money and disrupts cash flow, so this type of app will be extremely valuable.
Credit Score Coaching
Integrate your app with one of the main credit reporting agencies to help users figure out their credit score and what they can do to improve it. Everyone wants a great credit score so they can borrow money when necessary, and your app can look at their financial record and pinpoint what can be improved.
Round-Ups Saving App
Create an app that lets users connect their bank accounts and save money based on “round-ups”. A round-up is when you take a transaction and round it up to the nearest whole number, moving the extra cash into savings. For instance, if a user spends £45.32 on Amazon, then 28p goes into your app. The same applies to every other transaction from any account they’ve connected. It can add up to a few quid in savings per day, and quite a lot every week or month. A simple way for users to save money, meaning your app will be highly popular.
All five of these fintech apps are brilliant if you want to venture into this industry and set up a new business. You won’t always need many resources to build these apps – and you can make money through one-off download payments or subscriptions.