Interesting Features Fintech App Founders Should Consider in 2023

Introduction

We are in the middle of the Fintech Wave. We all know, fintech applications development has completely changed the way we transact. Blockchain alone is expected to boost the global economy by 1.76 Trillion Dollars over the next 3 decades. 

What comes to your mind when you think of new features on your digital wallet? Most of us would say we already have quite much on the platter. 

The application allows you to make payments, insurance, installments etc. However, what if I say there are some interesting features that could change the world of finance for you? 

Hear me out for a minute more. In this article, I will share 4 interesting opportunities that fintech founders are blatantly missing out on. 

The world of business is crippled with copying others. Hence, all fintech capabilities offered worldwide have a very limited scope.

However, there is a sea of opportunities that wait to benefit who is bold enough to leverage the first mover’s advantage. 

So then, let’s begin without any further delay.

International Payments

Well, there are many fintech applications like PayPal/Zoom Payments, etc. However, today’s consumer wants a single wallet that empowers him to make all payments whether international or domestic.

Mortgage Loans

Many fintech startups like CRED are offering personal loans. However, there is a huge opportunity for fintech founders to collaborate with banks to process digital mortgage loans. For e.g., I own a commercial building. I can upload all the documents. The fintech application can verify land revenue records and based on the available data process mortgage loans in a few minutes.

Evaluation capabilities

Fintech applications can also offer AI-empowered evaluation services. Evaluation is a process of calculating the net worth of immovable/movable properties and individual persons.

Currency Manager

1. Many businesses worldwide have to bear heavy amounts in currency conversion. Especially businesses that deal in exports, international services, etc pay a very hefty amount in conversion. Many fintech founders are now trying to build a blockchain-enabled platform that can unify multiple payments to avoid repeated conversion charges. Let me explain this with a simple example. Suppose I am an Indian. I work for an American firm. The American firm pays me $ 100 per hour. In the course of my work, I take help from a Native American writer. Currently, I will charge the American company $ 100. I will pay conversion charges and then get my money in Indian Rupees. Now when I have to pay the native writer I will have to again convert it into USD and then pay. So I end up paying conversion charges twice. A currency manager can help us keep our funds in multiple currencies. 

To conclude, there are several features that fintech founders should scratch their heads around. Please make use of the comment box to add some more features that come to your mind.