Fintech software development services grew way more rapidly than other industries (except medical) when COVID hit hard. To manage the ‘social distance’ and deploy contactless payment methods, fintech software solutions have climbed the stairs. And it has changed in a way, where there is no going back.
Senior banking executives reported that non-traditional financial companies had a significant impact on ‘wallets and mobile payments’ internationally in 66.7 percent of cases. So, if you are thinking of launching your own fintech software, there cannot be a better time than now.
To choose the best-suited fintech software kind, let’s first acknowledge the types of solutions available and are profitable.
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Types of Fintech Software Solutions That Are Profitable
Speaking of fintech software solutions, the industry has a lot to offer. By combining financial practices with tech innovations, these solutions aim at fulfilling the required goals. But which ones are actually making money? In this article, we’ll take a look at a few different types of fintech software that are actually generating revenue.
First, we have investment management software. This type of software helps people manage their investments and make money off of them. There are a number of different companies that offer this type of software, and they’re all doing quite well.
Next, we have personal finance software. This type of software helps people manage their finances and make better financial decisions. It’s a growing market, and there are a number of different companies that are doing quite well with this type of software.
There are a number of personal finance software programs on the market today. Some are more comprehensive than others, but all of them can help people manage their finances and make better financial decisions.
Let us understand the types that are providing solutions to the corporate needs that are profitable.
E-banking solutions are so far the most common type of fintech service. Yet, people were a bit suspicious at first. But as it got exposed, eventually the consumers understood the comfort and ease of using digital money. Now abiding by the Statista report, by 2025, the over-banking app revenue will be worth $613 billion. Now we are speaking numbers!
Budgeting apps are technically merged with e-banking apps (mostly) so that it gets easier for one to tackle their cash-flow and saving goals. When it is connected to one’s bank, it works as an open banking approach to directly and thoroughly get the debit and credit statistics.
Tax Management Software
Tax sometimes gets hefty, let’s agree on that. With the right solutions, forms, trackers, and reminders, managing taxes gets easier. Hence the origin of tax management software. Accurately powered by AI this software is one of the most powerful fintech software development services that the industry offers.
Robo-advising software does exactly what it says – gives financial bits of advice. It is an algorithm-based software where a robot, checks and suggests the best economic solution for a smooth flow and businesses reach the desired goal. It also manages clients’ reputations based on customer portfolios. It is a rich investment but gives greater efficiency.
Utilizing financial technology, such as APIs, to assist lenders in making quicker, more informed loan choices is known as fintech lending. This can involve weighing loan risk using different data sources and linking digital platforms to increase the pace of data sharing.
By offering an alternate source of capital, fintech lending empowers historically underprivileged P2P and business borrowers and aids in enhancing their financial well-being and freedom. More data is available to lenders, enabling them to safely lend money to a broader variety of borrowers.
Currently, the FinTech sector is growing at lightning speed. The public has an interest in it and they want to embrace cutting-edge solutions. The good news is that fintech software development companies equip and upgrade themselves every day to meet consumer demands.
There are many apps in the industry, for example, Quicken, Mint, YNAB, TurboTax, and a lot more to come, that is for sure. Before you think of such custom fintech software development, consider researching the market and choosing reputed companies. If you want to use revolutionary software to build a strong company presence and improve revenue, a fintech development company can make your dreams come true.
However, before hiring, don’t forget to look at their references and portfolios. Last but not least, your plans and budget must coincide. Otherwise, good luck with your next major Fintech software.
Pratik Mistry is a rare mix of technologist and vice president in sales at Radixweb. His passion lies is in helping companies to grow revenues by delivering top notch fintech software development solutions and build value-based partnerships