4 Fintech App opportunities that founders should leverage in 2023
We just entered the most challenging year so far as the Fintech industry is concerned. The Fintech wave is at a very interesting juncture. Let us look at some interesting signals.
In 2019, 64% of the world’s population used a fintech application. In the first quarter of 2022, 1482 fintech companies closed a round of funding. This is a hike of 20% as compared to the same quarter in 2021.
What does this mean?
More than half of the fintech industry feels that Fintech will be cluttered in 2023.
However, this article will reveal four interesting spaces where Fintech is still undiscovered. If you are a Fintech founder or planning to become one – “This Article is for you.”
So then, let us begin without any further delay.
All countries have private players that operate wallets for the citizens: E.g., Paytm and PhonePe in India. However, international payments are the biggest challenge, especially after the recent digital revolution posts covid. These payments normally take 7 – 10 days. To add to this, these payments attract high amounts of conversion charges.
Fintech founders can leverage this opportunity to use Ai in the international payments space where two transactions or more can be neutralized by each other.
E.g., “A” in India wants to pay “B” in the United States a sum of $ 100. On the other hand, “B” in the United States wants to pay “C” in India $ 100. Using Ai “A” can directly pay “C” in India. This becomes a domestic payment. Hence it can happen immediately without any transaction charges.
Fintech in Education Space
This is another huge opportunity for Fintech founders. Students worldwide seek education loans. Today, there are many lending automation tools available worldwide. However, there isn’t any great fintech application that helps students know education loan opportunities based on the program/country they seek.
This isn’t a new thing. However, funding analytics is of great value for the person spending the money. Also, it has a very high value for advertisers. Spending analytics can help understand the consumer’s buying behavior. Fintech app operators, especially wallets, should focus on profiling customers based on the transactions they make on their wallets.
Again lending automation isn’t something fintech founders haven’t heard. However, lending automation can be clubbed well with spending analytics. In that case, marketing campaigns can be modulated so that relevant ads are served to the audience based on buying behavior and borrowing capabilities.
To conclude, the fintech industry has a lot to be discovered. Innovation is the key to taking the Fintech wave a step forward every year.
This blog covers a few areas that haven’t been explored or are less explored. The real idea of fintech is to be innovative. The objective of the innovation should be to make people’s lives better.