5 Types of Fintech Software to Watch in 2024
Development of fintech software is a powerful industry with billions of users and substantial revenues. Initially, the focus was on computerizing and optimizing processes in trading and banking. Today, fintech encompasses a vast array of products and services capable of significantly enhancing businesses and delivering tangible results.
This article will discuss the most promising and lucrative types of fintech software in 2024 that are worth considering for the development of your business.
Chapters
1. Digital banking
From the early systems in the mid-90s, such as Wells Fargo and Bank of Internet USA, to modern mobile apps from JPMorgan Chase and Barclays, digital banking has radically changed the way people interact with their finances.
Customer engagement
Initially, consumers were cautious about digital money and online payments. But over time, the convenience and security of online transactions became evident. Now, many prefer this method of managing their finances, especially noticeable among the younger generation, for whom technology is a natural part of life.
Development of digital banks
The potential for growth remains immense. New technologies such as contactless payments, voice commands, and micro-personalization of services are just beginning to be integrated into the banking sector. According to Statista, global revenue from banking apps is expected to reach $613 billion by 2025.
Despite the presence of established and large players, the market is still open to innovations and new offerings. This makes it an ideal arena for startups and innovative solutions.
2. Business planning software
Both newcomers and established players in the market should also pay attention to business planning software. It aims to simplify the process of creating business plans by offering step-by-step instructions and tools for data analysis and risk assessment.
For example, Light IT Global has developed a multifunctional cloud application for business planning. It helps users evaluate new business ideas and make changes to existing models. This software offers various monetization options. One way is through a subscription model, providing a steady income from customers who want to use advanced features. There is also a free version with limited functionality, attracting new subscribers and allowing them to evaluate the product before purchasing a subscription.
Modern business planning software is designed to be intuitive and accessible to people without special technical skills. The same trend is observed in other fintech areas, such as payment technologies.
3. PayTech
PayTech, or payment technology, includes all types of digital payment services, such as payment gateways, mobile payments, digital wallets, and many others. The main advantage of PayTech is streamlining the payment process. Technologies like PayPal and Venmo enable instant transactions 24/7, anywhere in the world and in any currency.
PayTech adapts to various business models, offering solutions for P2P transfers, processing different types of cards, and even integrating with cryptocurrencies. This allows businesses to integrate multiple payment systems into one.
PayTech provides access to the international market. For example, PayPal operates in more than 200 countries, supporting over 20 currencies. This demonstrates the growth and expansion potential that any business seeking international development can leverage.
4. WealthTech
The same global approach is observed in WealthTech, where technologies help people manage their savings, investments, pension funds, and other financial assets more efficiently and conveniently. The industry combines various tools, from budgeting apps to electronic wallets and tax services, providing comprehensive solutions for personal financial management on a global scale.
One prominent example in WealthTech is the Mint app, which helps users create and control budgets, as well as provides personalized advice. Electronic wallets like Apple Pay are also part of the WealthTech arsenal, offering secure and convenient ways to make purchases and manage funds. Integrating such systems into consumers’ daily lives simplifies many aspects of personal finance.
Tax preparation tools like TurboTax provide simplification and automation of the tax filing process, making it less labor-intensive and more accurate. Developers can create specialized apps or multifunctional platforms that combine several financial management tools. According to The Business Research Company, the global financial services market is expected to reach $28.529 trillion by 2025, underscoring the growing need for innovative financial solutions.
5. Financial social networks
This need is also evidenced by the explosive growth of financial social networks. These are digital platforms that combine elements of traditional social media with financial services. They often serve as hubs for financial advice, investment discussions, and professional networking in the financial industry.
Platforms like eToro and StockTwits illustrate this concept, combining social networking features with investment services. For example, eToro allows users to track and copy trades of experienced investors, effectively combining social networks with portfolio management. StockTwits provides a service similar to Twitter, where investors can share short updates, ideas, and reactions to market changes, fostering public interaction around trading ideas.
For businesses, financial social networks offer a unique opportunity to interact with a dedicated audience. They can promote their services, gather customer feedback, and increase brand loyalty by actively participating in these communities.
In conclusion, all the mentioned tools open up new avenues for growth. Stay abreast of the latest trends and leverage the opportunities of modern technologies to develop your business and personal finances.
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