Top 5 Digital Banking Ideas from Today’s Most Innovative FinTech Companies

Nikunj Gundaniya — February 2, 2020

Digitisation has revolutionised every nook and corner of the industries and is gradually making inroads into the finance landscape. However, the finance industry poses as a critical industry given the number of security measures that one needs to incorporate when playing into the digital grounds.

Once the security concerns of the fintech are well taken care of, you will be left with only the lucrativeness of the business model. If you are looking to venture into digital fintech solutions, below are the top 5 of the digital banking ideas that you can implement:

1. Peer-to-Peer Payment Solutions Means Total Financial Independence

More than the banking app, the peer-to-peer payment mobile applications are gaining traction in the fintech landscape. Top peer-to-peer payment mobile apps such as Venmo, Square Cash, SnapCash, Paypal, and Google Pay are some of the popular apps topping the chart among the cohort in the Google Play and App Store.

What Makes Peer-to-Peer Payment Solutions Different?

These digital solutions are more convenient for users, as they do not have to log in to their bank accounts. The bank account is directly linked to these mobile apps and can be used to split the money among friends to paying rent and various bills.

2. Loan Lending Made Easy

Digitalisation has created a broader pathway for online businesses and startups. In order to operate on a broader scale, businesses seek for loans. However, the typical brick-and-mortar banks take longer time to grant loans. In some cases, loan processing takes time, and at the end of it, the aspiring businessman’s application is rejected. On the contrary, having a loan lending mobile application makes it easy for businessmen to know the status of their loan application.

What Makes Loan Lending Mobile Application Different?

Mobile banking solutions are turning sophisticated than they ever. These digital banking solutions leverage the prowess of Machine Learning and Artificial Intelligence. This data analytical solution assesses an individual’s credit history to determine his/her eligibility. With the help of machine learning, the data can be analysed efficiently, and customised loan options can be created for customers.

3. Keep a Tab on your Spendings

Millennials have no habit of saving money. They see the money coming in their bank account, and they have no control over where the money is going until they receive a ‘low—balance’ message in their bank accounts. The use of the word—broke–is more prevalent than it ever was. In such a situation, a finance management digital solution can be of optimum help, especially for the millennial populace.

What Makes a Digital Finance Management Application Different?

The digital solution for financial management can make an innovative app. You can incorporate features such as setting a monthly budget, calculation of the bills, splitting the bills, and an overall comparison of the spending in the last month and the current month. You can also integrate features to add the expenses in different categories, which will further make it easy for the consumers to analyse their expenses.

An example of this app is Moven, which enables consumers to keep track of the finances and cut down on the subscription that does not serve your interest. You can go the extra mile and even incorporate a debt tracking feature for your consumers to get rid of their debts efficiently.

4. Pocket Stock Market Advisor

Today, the millennial populace only knows the tricks and techniques to cut down on their expenses, but when it comes to the management of their finances, they are ignorant. Some of them are evincing high interest in the stock market investment. However, the dilemma of not knowing where to invest is preventing them from investing in the future. This can make a pocket stock market advisor mobile app useful for the millennial populace.

What Makes a Pocket Stock Market Advisor App Different?

You may find thousands of blog with varying opinions on different types of stocks. A newbie in the stock market may find it confusing and overwhelming to decide on a particular kind of stock. In such a case, having a mobile app that can suggest best stocks for investment can come handy for the new investors. In the subsequent upgrade, you can even ask the investors to link their Demat account and begin trading from the platform itself.

5 One App to Substitute All Banks

An individual may have a number of bank accounts. Given this influence, he may have to download all the apps of the bank to carry out a transaction. In the beginning, it may seem to be a simple process; however, as time goes by and the number of bank accounts further increases, the complexity could overwhelm the individuals. In such a case, having a single app that can direct to multiple bank accounts can make it easy for consumers to track their accounts and carry out transactions.

What Makes a Single Substitute Mobile App for Bank Different?

As discussed above, a single substitute for all mobile apps can make it easy for users to log in to your accounts directly from this one app. This particular app can offer all the features that different banking apps offer, in order to provide utmost convenience to the customers. Besides this, when a consumer needs to transfer money from one bank account to another, he can simply do it using this app.

Key Highlight

Be it an agency banking solution or a mobile banking solution; the essence of the fintech is to transfer the control from the bank officials to the consumers. Any digital banking idea that can make the consumers independent and offer them the convenience to carry out the function of their choice has the potential to rank well in the Google Play and App Store.

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