Experts globally note the intensive growth of the world’s finance industry today. E.g., Statista reports that this branch is developing by over 11% nowadays and will continue to rise until at least 2027. As a result, increasingly more entrepreneurs strive to launch their own companies in the mentioned sector. Analysts claim the simplest way to establish a finance business is to set up a FinTech-app-based company. To succeed, you should order financial software development from reliable IT agencies, such as Keenethics, though.
However, some entrepreneurs face issues when choosing suitable types of FinTech applications for their future firms. That’s because businesses worldwide employ numerous kinds of finance apps presently. Furthermore, new types of such software appear regularly. Therefore, experts decided to come up with a list of the most popular financial app kinds for now and those applications’ use cases. This will help one select the FinTech software they need. So, let us plunge into it.
What Should You Know About Insurance Financial Software Development?
The InsureTech app sector is probably the most intensively developing branch in the finance application market. PR Newswire states that the mentioned field develops by more than 34% annually today. Of course, numerous large and powerful insurance enterprises do business on the market. Many of them miss great opportunities to decrease client-attraction process expenses, though. So, that’s a perfect chance for startups to come into play.
Let’s use the example of a US medical insurer, Oscar Health. Presently, it provides telemedicine insurance to about 529,000 clients and is valued at approximately $9.5 bln. Their corporate software allows for the following things:
- looking for a physician and booking appointments;
- viewing medical test results;
- obtaining a treatment authorization.
The possibilities above are incredibly convenient for those needing medical care. Moreover, all that enables you to track current insurance company clients’ necessities. As a result, the agency can provide more relevant offers to prospects along with the people it already serves. At the same time, InsureTech apps are able to bill and invoice as well as track agent commissions through automated payment reconciliation features. Also, such applications allow chatting with employees and sending instant notifications to clients.
Startups Based on Accounting Systems
VMR claims the financial reporting software industry was close to $14 bln in 2022 and will hit nearly 36.55 billion by 2030. The great popularity of bookkeeping services is because almost all businesses needing to track their revenues as well as spending employ bookkeeping applications.
What Are the Most Widespread Types of Accounting Systems?
The development of the mentioned financial software implies making the following kinds of FinTech apps:
- Wage calculation applications. The specified software can assist in timekeeping, automating salaries and hourly payrolls, as well as simplifying tax management.
- Core bookkeeping apps. Such applications include bank reconciliation features and standard tax options. Furthermore, the mentioned software allows for keeping track of accounts receivable as well as payable.
- ERP (Enterprise Resource Planning) systems. They help manage all the assets of large companies. This involves material, human, and financial resources. Typically, the described software consists of a few modules that operate as a single system.
- Invoicing and billing apps. Such tools assist businesses in managing receivable and payable accounts across their different departments. The specified applications enable you to eliminate errors related to manual data input as well as robotize time-consuming operations.
As you may see, the types of financial software above can both be the basis for a separate bookkeeping firm and become an efficient tool for improving the productivity of a newly established company.
Essential Features of Accounting Apps for Startups
Apart from the already-mentioned key functions, it’s worth noting the following ones:
- funds management feature – helps produce cash flow statements using automated currency converters;
- forecasting and budgeting functions – assist in analyzing past spending as well as earnings, making precise projecting of a company’s financial capabilities, etc.;
- asset management feature – allows for tracking depreciation expenses of tangible inputs like manufacturing equipment or transportation.
You may find further details about the main possibilities of bookkeeping application at thematic blogs (for example, on keenethics.com).
Financial Software for Providing Payment Processing Services
People worldwide are using digital platforms to make transactions more frequently. That’s why creating a payment gateway is a spectacular basis for a profitable startup launch. This idea’s reasonability has been proven by analysts. According to Mordor Intelligence, the global payment gateway sector is currently worth approximately $13.97 bln and will reach $29.89 billion by 2028. So, it’s rising by over 16% annually today.
Can You Really Benefit From Basing Your Startups on Such Apps?
Among the successful companies that use the mentioned financial software is Stripe. The firm was launched as a small yet prospective startup in 2009, and nowadays, it’s valued at $95 billion. It gained such hefty capital by acting as a secure intermediary between sellers’ and customers’ bank accounts.
Key Payment Gateway Functions
As a part of the specified financial software development, specialists recommend implementing the following features:
- anti-fraud functions – this includes comprehensive filters for risky regions, billing discrepancy errors, etc.;
- dispute resolution options – such features assist in settling chargebacks and controversies;
- instant payments – this function enables one to avoid the necessity of inputting their credit/debit card data every time they purchase something online.
Qualitative payment gateways provide high security for ongoing transactions. Moreover, such apps ensure safe login processes and wide personal account management capabilities.
Other Good Ideas for Startups Based on Financial Software
Here, it’s worth noting the following business concepts:
- Launching mobile wallets. Experts claim payments conducted using gadgets are becoming increasingly popular nowadays. For example, specialists from prnewswire.com state that the mobile payment industry is growing by more than 30% annually.
- Running blockchain apps. Crypto is employed by loads of people worldwide. That’s because of the high volatility of fiat money. Furthermore, analysts consider that cryptocurrency popularity is only going to increase in the future.
- Establishing crowdfunding platforms. Fortune Business Insights claims the mentioned industry will intensively grow by almost 14% a year until at least 2030. This makes the crowdfunding business an incredibly attractive startup idea.
One can gain more information about the specified business concepts, in particular, and financial software development, generally, by contacting skilled specialists, for instanc