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Investing in fintech software development may be your shortest way to becoming a millionaire, as this market is growing by roughly 20% a year.
Are you wondering whether the global economic crisis will affect this growth? Or what type of fintech products is the best to invest in?
Today we are answering these and other questions regarding custom fintech solutions.
Fintech Software Development Benefits: Based on Industry Overview
According to data from Adroit Research, the size of the global fintech market has already exceeded $110 billion. It’s expected to be almost $700 billion by 2030 at the rate it’s growing. For business-minded people, that’s all the motivation needed to get into that market as soon as possible.
Of course, not all predictions turn out to be true. Moreover, some skeptics might notice (rightly so!) that the global economy is falling into a recession and that financial markets are volatile. In light of this, such a growth prediction seems too good to be true, right?
You are right. All these factors will definitely affect fintech, as well as every other market. However, some undeniable facts explain why fintech is necessary and will keep growing in demand. Therefore, even if the industry might not extend to $700 billion in a decade, it has an excellent chance of making it to $600 billion. Here’s why:
- Fintech solutions help businesses reduce costs.
It’s no secret that cost reduction is a priority for businesses in the current economic circumstances. Some types of fintech software can help manage funds more efficiently and cut costs in different areas of the company’s work. In fact, this specific direction of fintech software development is the most promising for investors.
- Fintech software can improve risk management.
Another way to save and safeguard funds for businesses and investors is through specialized fintech products that rely on data and predictive analytics. These custom fintech solutions can advise on the best decisions in volatile currency, crypto, and stock markets.
- Fintech can facilitate and speed up many business processes.
Fintech applications development for in-house use can produce solutions that will improve operational efficiency and promote automation.
Fintech Software Development: Types and Ideas
To better understand whether fintech software development is worth investing your money in, you should know what exactly you can create. Below is a list of popular technologies that exist right now. However, if you have an original idea, it might turn into a goldmine.
- Digital banking.
Regular banks are trustworthy, but most of their transactions take too long. Digital banking uses various fintech approaches to solve this problem and make transactions secure, instantaneous, and affordable. Note that this type of fintech applications development includes not only digital banks but different variations of payment processing systems.
Crypto is all the rage now, so custom fintech solutions that make use of this payment technology are getting more popular.
- Accounting solutions.
Small businesses and private entrepreneurs are the primary consumers of accounting apps. However, some high-level solutions can be attractive for enterprises as well. This type of fintech covers billing, payroll, invoicing, and other accounting software. In some ways, ERP solutions can also fall into this category, but their functionality is wider.
Fintech solutions that deal with insurance policies, pensions, and other similar payments are used to process applications and data. This software can make such services more personalized, fair, and reliable. Service providers can also use it for more effective data and document management. For example, insuretech can match doctors with patients, etc.
- Lending and debt management apps.
This type of fintech can help find the best loans. However, another idea for such fintech software development is to help people become more financially savvy and manage their personal or business debt.
If you are looking for more inspiration about apps you can invest in, check out our post about AI-powered app ideas.
In Conclusion: Who Should Invest in Fintech Software Development
Even with an untrained eye, it’s easy to see that fintech software development has a lot of investment potential right now. These solutions are versatile, and the demand for high-quality multifunctional cross-platform products is growing.
The niche is filling up with solutions fast, but there is still room for higher-quality specialized products. So if this is the kind of software you want to invest in, set up a free consultation with our developers and let’s talk!