7 Fintech Product Examples for Your App Development

Fintech is clearly competing effectively with the conventional financial sector. On the one hand, it is difficult to state that fintech is an absolute replacement for them; in reality, this realm must be seen as a subset of the wider financial enterprise. On the contrary, some of the fintech solutions are capable of completely changing it, as well as replacing some of the conventional and critical components and functions, not to mention the financial institutions themselves.

In this post, we will look at some of the best fintech applications and explain how they work and make money so that you can choose the most lucrative and effective business plan for your fintech company. Because the most effective method to differentiate yourself in the market is to study what your rivals are doing and find a better way to do the same thing differently.

Examples of excellent Fintech apps

Carillon

Chime is a great example of fintech software development services – a universal mobile banking app. It also offers financial services, including a savings account, an investment portfolio and a checking account. Chime’s best-known product is the debit card, which offers no monthly fees or hidden costs. The app is available nationally and is not limited to a single bank as most other banking applications are.

Users can deposit checks over the phone, easily manage expenses and budgeting, pay bills using the Bill Pay feature, discover local ATMs and branches using the Find Locations feature, and transfer cash between accounts anytime with the Transfer Funds feature the fintech software.

PayPal

PayPal is one of the world’s most popular financial applications, and for good reason. With a few clicks, customers can make online payments, receive payments and transfer money. PayPal also offers a range of additional financial services, such as lines of credit, debit cards and merchant services.

Mint

Mint is one of the most accurate fintech applications for collecting customer information such as accounts, credit ratings, transactions and more. The app provides financial advice, bill and settlement reminders, and finds trends in consumption data to provide the most important ideas on how to save money. It has one of the most secure encryptions in the financial industry.

You can develop any fintech solution you want because Alty developers offer custom financial software development that you can control from start to finish.

Venmo

Venmo is a mobile payment software that allows you to send and receive money from friends and family. It has social networking elements like the ability to add comments and emojis to transactions, as well as a social feed to observe transactions between friends and family members, and it’s easy to use. Venmo is a popular fintech app among younger users and is one of the most popular available today.

Robin Hood

Basically, a broker’s offer and opportunities are continuously developed. Their main difference from rivals is that they bypassed online platforms and went straight to a mobile app. Initially, they offered stock market options, but as bitcoin grew in popularity, they introduced a marketplace for cryptocurrency assets within an app. Currently, they have expanded their service offerings to include, in addition to trading and investment capabilities, a digital wallet feature known as “Robinhood Cash Card” to users. In other words, they have converted their stock market offering into a multi-position fintech mobile app.

N26

N26 gives customers a simple opportunity to make financial transactions using their mobile phone. A user must provide their name, country of residence and email address to create an account.

Users will also be asked to submit a photo of a government-issued ID and answer three questions about their identification. Account holders and workers can also use the app to have encrypted conversations with customer support staff using end-to-end encryption.

Monobank

Monobank is Ukraine’s first neobank. It is one of the best fintech applications in this industry, combining essential digital banking services with a user-friendly design, fast payments, easy credits and a number of pleasant benefits such as cashback, stickers, free services, in-app achievements and other gamification components (to and with beer).

Monobank’s main characteristic is that it has no physical branches and operates entirely online. To identify Russian spies during the Russian-Ukrainian war, individuals often asked each other where the nearest Monobank branch was, so only Ukrainians knew the correct answer – just a fun fact.

Conclusion

In short, you learned about seven examples of fintech development and various implementations of this. As you can see, fintech is not only mobile banking, but also has many useful features that make the interaction between people with finance much easier.