If your enterprise business is thinking about entering the competitive world of FinTech mobile apps, you should know which applications currently on the market are succeeding (or failing) and why. Chances are, you already have a good app idea, and this crucial pre-development stage is the time to evaluate and research the market, and how your app might fit into it. Let’s take a look at a few of the most innovative and disruptive financial apps out there now, and what you ca learn from them so that your app development phase is inspired.
App: Albert
Albert is a budgeting app for regular folks that don’t want to crunch numbers. It combines a simple but intuitive UX, plenty of human support, and a host of proprietary algorithms to help users plan their financial future. The user enters their monthly income, bills, and any other expenditures, and the app goes to work. It calculates how much you can save, where you can cut costs, and when and how to invest. Albert even watches for trial periods ending or fees increasing, and warns you that you may be paying more than you intend to that month. Pay the fee for premium service (up to the user, but most pay $6 or so), and you’ll have access to text real live financial experts to ask them any financial question that comes up. Albert can automatically transfer your money to savings or investment accounts depending on your monthly finances, truly taking the guesswork out of financial planning.
Key Takeaway: There’s a lot here, but, focusing on the niche of users that are neither financially nor technologically savvy while also offering them powerful software to comprehensively help them manage their budgets seems like the hot-button issue here. Albert solves this enormous problem, and providing constant support is a big part of this.
App: Tycoon
The freelance or gig economy is accelerating like never before; according to this report, around 36% of working Americans, or over 57 million people, have at least one freelance job. Partially fueled by on-demand apps like Uber or Peapod, many Americans work multiple freelance jobs, and this can make managing your finances tricky. Tycoon helps you keep track of pending and overdue payments, differing tax rates, and lets you export all this data to your accountant. It even lets you send email reminders to clients about pending appointments or invoices directly from the app. Managing multiple gigs is tricky, from estimating income to adjusting for foreign currency, and Tycoon helps you keep your independent lifestyle.
Key Takeaway: Recognizing trends in the economy and different lifestyles to target can result in tremendous success by cornering a niche. Startups, freelancers, and performers, for example, all have pain points within their specific niche, and providing solutions to that particular population is a wise choice.
App: Honeyfi
Never heard of this app? The name may give you a clue. Honeyfi gives couples the power to collaborate and manage their finances together with a uniquely personalized platform. You can link individual accounts, divvy up and assign certain bills and expenditures, and flag unusual transactions all within the app. You can also set certain savings goals for wish list items, like a boat or a summer cabin, and adjust what goes in those sections dependent on your monthly budget. It’s well-known that financial issues are a tough part of any relationship, and Honeyfi can help get everyone on the same page.
Key Takeaway: Personalization is what many app users crave, and Honeyfi delivers. In addition to focusing on a certain niche (like we mentioned above), Honeyfi lets couples set their own goals and share as much or as little about their finances as they wish, all while handily managing the household budget. Giving users the ability to create their own identities within the app is a very smart inclusion.
App: Robinhood
This stock trading app is a true disruptor in the FinTech app world. While there are multiple trading apps that have far more powerful software and predictive analytics to offer, Robinhood is geared toward the novice, who possibly might be apprehensive about entering this exciting but unpredictable market. Their big disruptor feature is a commission-free platform, where you can learn about and trade stocks, cryptocurrencies, and options without any fees for trades or purchases. It also lets you cash in any profits you may have after a day of trading, without the typical three-day waiting period. It does have plenty of market research and real-time tracking available, and there are, even more, features available if you move up to the premium level.
Key Takeaway: Robinhood changed the game in trading apps, letting novice traders learn and trade without losing any money on transaction fees. Finding that one pain point in an otherwise competitive field can be that one piece that sets you apart. Keep your eyes peeled on the current market to see what that one feature might be.
App: Venmo
Okay, so we all know Venmo. Peer-to-peer (P2P) money transfer apps are massively popular, and billions of dollars are sent via these P2P platforms every year. Venmo is owned by PayPal, one of the first P2P apps on the market, so you know all the security, utility, and hassle-free experiences are included. How Venmo set themselves apart was the inclusion of social connectivity as part of the user experience. Most P2P apps leave a brief space to leave a memo for what the money was for, similar to that space on paper checks you could make a note. Venmo lets you insert silly emojis, fond memories of an epic dinner, or trash talk after winning a bet on the game; not only that, but it’s all visible by all your contacts on a social feed similar to Facebook where you can scan through and see what your friends are up to. You can also instantly import contacts from your phone or social media platforms to make transfers easier.
Key Takeaway: Terrifically efficient and fast transfer service with all the sharing of a social media site equals tremendous adoption and retention rates, especially with the younger generations. Yes, most of us want our financial data secret and secure, but the ability to share the circumstances and fun of your transfer is a novel and attractive feature to Venmo.
Wrapping Up
We can distill all of these points down to a fairly simple rule of thumb: do lots of research, pay attention to niches and features that may be underserved, and try to provide solutions where needed. Articles like this help to identify which features users are needing, so read up and check reviews of existing apps to try to find that one thing people are wanting. You might just find that golden idea that the market has been longing for.
Do you have an idea for a FinTech app? Check out some of our work in this space and feel free to reach out to us for a free consultation to see if we’re a good fit to develop your app!
