Every industry is going through digital transformation. After demonetization, the finance app industry has also evolved, and the economy has shifted to cashless options for money-related operations and transactions. These digital instruments have driven convenience, robustness, and transparency to the finance world.
By 2027, 5.5 million users are expected to shift to digital finance platforms for everyday transactions and operations. Nowadays, people are making bulky bank transfers, bill payments, investments, and local invoices through fintech apps.
By witnessing the trend and demand of digital payment or fintech apps, android app development companies plan to shape innovative fintech solutions.
Top Trends to Watch in the Fintech Industry
Mobile app development companies follow emerging trends and technologies to keep the fintech landscape more resilient, transparent, and bug-free. These fintech apps generate massive amounts of figures and elevate business growth. Furthermore, it enables the accessibility of stock trading, investments, loans, financial tips, rewards, savings, etc. Moreover, it offers integration with payment gateway, biometric authentication, blockchain, AI, bitcoin, etc.
1. Neobanking
Like the virtual shopping stores, the virtual banking trend is emerging in the fintech industry. It inherited the operation just like the traditional physical branches but in virtual mode. Everything is managed virtually, from account opening, transaction, and budgeting to card holding. It is a new norm popular as Neobanking across the fintech app development industry. By 2026, in the upcoming 3 years, it will have a market coverage of USD 1394 648 M.
2. Biometric Authentications
Most apps offer high-level security standards for fund transfer and account protection. 2FA and biometrics are widely integrated features across these apps. It vanishes the scary thoughts of security threats and makes the virtual finance ecosystem more secure.
3. Blockchain Impact in the Fintech App Development
Blockchain has vanished the influence of third- parties, infusing transparency at its center. It has managed secured node-to-node transactions safely. It records all the past and ongoing transactions like a ledger book.
4. AI and ML Influence in Fintech Industry
AI is empowering the industries, and the fintech industry also got valuable results. It has cut down the time and effort of swapping things manually for automated. Nonetheless, it has improved the customer’s journey progress, elevating the satisfaction. Users are getting quick responses even at odd hours through chatbot support. AI evolution has tackled most of the crucial tasks in its control, infusing security in the center. There’s no scope for any error. Everything is managed with the utmost quality.
5. IoT
IoT is gradually expanding its reach across the fintech industry through internet-integrated devices and software. It can capture the real time data and insight quickly and keep the credit scoring, operations, and transactions fully secured and authenticated. There’s no scope for fraud or theft.
6. P2P Lending
People want credit faster with convenience at their fingertips with unconventional lending models. P2P is exactly based on that approach. With the tech influence, the global lending market will touch the milestone of $ 400 billion in upcoming years.
Dive into the world of FinTech with these top apps!
Innovation is at pace, and android app development companies leave no stone unturned to ease the customer experience. They are putting their efforts into building the best products to escalate the financial operations efficiently.
- MoneyLion
Lend, save, and invest are 3 main parts of this US-based fintech app. It enables the user accessibility to manage personal finance by taking expert financial advice for loans, investments, and savings. It’s evolving due to the market dynamics to enhance the user experience and satisfaction. The app offers 12% cashback rewards to engage a large customer base.
The app is associated with many premium banking solutions, credit builders, and advanced financial facilities. These are the direct sources of revenue generation. MoneyLion App Plus members can liquidate their savings by accessing the exclusive banking loan facility.
More Features:
- Every time users make any expenses; they get a notification update.
- Quick credit score checking
- Enables quick transfer
- No charges to track the savings and expenses
- Hassle-free access to APR cash advances
Prices vary for each version core and membership. Users can access it as per their preferences.
- Chime
People need help to track and manage their expenses and savings. They often have the thought of no savings after the paychecks. It’s one of the most trending financial apps across the USA to organize finances with zero transaction charges.
It automatically deducts a 10% share of the paycheck as a savings deposit. Moreover, it vanishes the toll of account management without keeping the minimum balance. Furthermore, it has a better traditional banking deposit mechanism for early money transfers. However, it offers low-interest rates and modest checking through a savings account. It also has a limit for withdrawal.
More Features:
- Free of cost large ATM networking and overdraft facility
- Convenience of money transfer to friends & family
- Real-time transaction alert.
- 38000+ free money pass and visa plus alliance ATMs
- Access Chime Direct Deposit for quick deposits
- Compatible with online payment apps.
- Mint
The app keeps your finances in one place in a hassle-free manner. Track and manage the stats of banks, credit/ deposit accounts, loans, and investments. Do quick analysis and monitoring for the deposits and expenses at your fingertips. It inspires people to get control over their accounts and investments, keeping things organized and focusing on savings. Data security is paramount to avoid any awful situations through 128-bit SSL.
More features:
- Quick insights into accounts, credit scores, investments, and savings
- Track expenses and deposits easily
- Get alerts for monthly bill payments
- 256-bit Data encryption standard
- Easily customize and categorize the income and expenses
- Calculate the net worth of non-movable and movable assets.
- Revolut
This outstanding personal finance app manages ATM withdrawals and spending in 120 currencies. Additionally, it enables mobile banking facilities and money transfer in 29 currencies in a few taps. It makes creating accounts and managing the different operations with fiat and cryptocurrencies easier.
More features:
- 120+currency holdings
- No transaction fee for account creation and transactions.
- Manage personal finance expenses for different categories.
- Buy, Sell, and hold quickly.
- Get alerts for every spending.
- Bill split among friends and family.
- Get perks and subscriptions.
- Access fintech accessibility, crypto trading, virtual card disposal, and more.
- Robinhood
It’s the Robinhood of the stock market—people who want to make money without stepping out of their comfort space. The app sets the stage to get the place as an investor and enables accessibility to create wealth. It’s a dedicated app allowing investment accessibility across various financial instruments, such as ETFs, cryptos, stocks, etc. It’s a great companion for all beginner and intermediate-level traders, assisting them with effective investment strategies for profitable outcomes.
More features:
- Zero fee commission on investment in crypto, ETFs, IPOs/stocks, etc.
- Self-clearing system
- 3500+ bank networking
- Two days Early deposits
- Stay up to date with stock market news
- Top-notch security with 2-factor authorization
- N26
The app has a decent image worldwide as a money transfer app holding a banking license. Many top-news website platforms have featured this app with positive reviews and remarks. It has a suite of intuitive tools to manage and track personal finance.
More features:
- 5minutes account setup process
- No maintenance charges
- Set the goals and manage the finances effectively
- Seamless in-app security control
- Keep an eye on the real-time investment and payment action
- Auto-invoice generation for spending.
- Face and fingertip security
- Premium perks and subscription
- Coinbase
Blockchain is a trending vertex in the fintech industry, captivating individuals with its charm. Coinabase enables the stage to trade cryptocurrencies and monitor all the live investment activities and portfolios. The app offers online and offline security. Users can quickly sneak peek at market trends, insights, prices, and charts and invest quickly.
More features:
- Instant crypto transfer
- Enables Vault protections
- Top-notch security with 2-factor authentication and multi-signature.
- Online and offline mobile wallet accessibility.
Wrap Up:
New visions and ideas of entrepreneurs have raised the bar of the fintech app development industry. Developers spend hours shaping up the best fintech app, leveraging the latest trends and technologies to transit the entrepreneur’s expectations. If you want to accelerate the fintech business, consult with our android app development team now!
Author Bio
Erma Winter is a seasoned blockchain developer and the driving force behind Quokka Labs Blockchain Solutions, a leading Blockchain app development company at the forefront of technology. With a wealth of experience in creating secure and decentralized solutions, Erma is passionate about revolutionizing industries through innovative blockchain applications. As a thought leader in the field, she regularly contributes insights to publications, sharing her expertise and guiding businesses toward the future of decentralized technology.