Top FinTech Apps Popular In USA To Manage Finance - Moon Technolabs

FinTech apps are all the rage right now. If you’re planning to build one to help Americans manage their finances better, you should learn about the most widely-used ones in the USA first.

The concept of financial technology or FinTech has taken the world by storm. Mobile applications are contributing to this particular form of technology more than ever. Thanks to technological advancements, FinTech applications are currently helping hundreds and thousands of business owners, as well as households.

FinTech solutions have been around for some time, but they never received much attention. However, right after the events of 2020, folks started realizing the importance of maintaining the highest levels of finance management. That’s why FinTech apps started finding their spot among the mobile devices of innumerable folks in North America and other parts of the world.

Now, if you’re thinking about hiring a mobile app development company in California to build a FinTech application, you should know that this field is now highly competitive. Of course, you can get your foot in the door, provided you’re aware of the features and abilities of the apps that are already in circulation.

Understanding the term

As you’re about to cross the threshold and enter the world of FinTech for the first time, it’s best for you to start from the beginning. So, what is FinTech anyway? As already mentioned earlier, the term “FinTech” is an amalgam of “finance” and “technology.”

It primarily helps business owners and commoners to utilize technological solutions for building, improving, or automating financial processes and services. The term includes several things. Now that the industries are expanding rapidly, new applications and services are popping up every year.

Just think about it – things like cryptocurrency, InsurTech, investment applications, mobile banking are more are already here. All these systems are the different faces of FinTech. You shouldn’t make the mistake of believing that these technologies are popular among startups only. Conventional finance organizations are also using them.

While the concept of FinTech isn’t exactly novel, it’s definitely one of those industries that evolved extremely quickly. Then again, technological enhancements have always been a prime supporter of financial divisions. After all, everyone has been using ATMs, debit cards, credit cards, and internet banking facilities for a long time.

FinTech applications can differ significantly from one project to another. Nonetheless, most of them utilize data science, machine learning, and other cutting-edge systems like blockchain. By combining these technologies, FinTech applications carry out numerous tasks.

Top 7 FinTech apps in the USA

You have been going through this write-up diligently and patiently from the beginning. You should be aware of all the fundamentals of FinTech solutions. However, before you start looking for react native app development services, you should take a look at the apps that the people of America are already using.

By gathering more information about these apps, you’ll have an idea of what to build to be equally popular if not more.

1. Robinhood

Robinhood isn’t anything less than a disruptor in the online industry of brokerage. Currently valued at $11.7 billion, this free-of-charge stock trading solution based in the USA lets users invest in public business firms. They can also invest in funds for exchange trading present on the list of the stock exchanges of the country.

  • This app can provide users with an all-inclusive list of options for investment.
  • It can analyze market data in real-time.
  • It comes with tools designed for cash management.
  • No one has to pay commission for trading.

2. MoneyLion

MoneyLion is a FinTech mobile application in the USA with a current value of $1 billion. It gives users financial advice, as well as loan accessibility. It’s a startup that has been operating for the last 6 years in the spheres of savings, lending, and finance management.

  • It gives users the chance to avail of APR cash advances via direct deposits.
  • It facilitates swift transfers and no-free inspection.
  • It lets users track their credit scores.
  • It offers 12% in terms of cashback rewards.
  • It provides notifications in real-time for expenses.

3. Chime

The app of Chime is growing swiftly in the USA as a mobile-only banking facility. Based in the USA, Chime has a market value of $14.5 billion, and it lets users handle their expenses and save accounts without any hidden transaction fee. Providers of react native app development services believe that it’s one of the best tools for budgeting available right now.

  • There aren’t any hidden or monthly fees.
  • Users can transfer funds directly to their Chime accounts and receive payments within moments.
  • It works with all mobile payment applications.
  • It lets users send money to their family members and friends without spending anything extra to avail of this service.
  • Users can deposit instantly cashable checks.

4. Mint

The mobile app development cost of building a FinTech application like Mint is perfectly justifiable when you take a look at its abilities. Originating in the USA, Mint currently enjoys a market value of $140 million. Its specialities include gathering relevant data concerning the card accounts and transactions of its users.

  • This FinTech application supports the management of balances and bills.
  • It comes with free-of-charge credit score analysis with beneficial guidelines.
  • It helps users create budgets and check suggestions based on their individual spending habits.
  • The sign-up system is perfectly secure.

5. Coinbase

Coinbase, based in the USA, helps its users navigate the world of cryptocurrency and blockchain. With a current market value of $1 billion, Coinbase is now the largest online cryptocurrency exchange platform available in North America. Other than buying and selling recognized digital currencies, it keeps track of them in one centralized location.

  • It lets users manage their portfolios.
  • It protects the vault by enforcing withdrawals delayed by time.
  • It lets users invest in buying and selling cryptocurrencies in real-time.

6. Tellus

Tellus is yet another FinTech solution that definitely deserves a place on this list, as well as the attention of entrepreneurs willing to pay the associated mobile app development cost. Tellus fosters seamless environments for transactions for tenants and landlords. Users can collect or pay rent, maintain information of all tenants in one place, perform tenant screening, etc.

  • It facilitates personal finance management.
  • It comes with features required for wealth and property management.
  • This app is perfect for real estate investors.
  • It gives users functionalities to save smartly.
  • It also has in-app fund transference properties.

7. Plaid

Founded by William Hockey and Zach Perret, Plaid gives users a straightforward frontend module that has the power to streamline the whole experience of onboarding. Implementation is even easier with just two to three lines of code.

  • Plaid connects to various payment applications.
  • Through it, users can transfer funds from banks and track the same.
  • The company called Coinbase mentioned above is a client of Plaid.

The features

Here are the features your FinTech application will need.

  • Highly secured system for signing up
  • Notifications in real-time
  • Organizing and analyzing budgets
  • Transferring money to family members and friends instantly
  • Advice regarding investments and scheduling investment goals

The perks

Now, it’s time for you to take a look at how your FinTech app developed by the best mobile app development company in California will help your users.

The perks React native app development services - Moon Technolabs

They’re convenient

FinTech utilizes the connectivity-related abilities of mobile devices to augment the efficiency and convenience of making transactions over the web.

They’re customizable

Entrepreneurs or companies investing in FinTech app development usually incorporate data analytics systems. This feature allows users to track and manage their individual requirements. Businesses can also use the prowess of these apps to deliver customized experiences.

They increase the approval rate

FinTech applications can enhance the accessibility for users to reach various finance-related products. They can even increase the approval rate. By using them, it’s possible to complete some of the most complicated approval procedures within a day.


“Financial institutions must be able to deliver an easy to navigate, a seamless digital platform that goes far beyond a miniaturized online banking offering.”


They’re secure

All FinTech applications possess the power of security. Developers always prioritize this particular feature over everything else, and it’s quite obvious why.

They reduce expenses

A FinTech organization can bestow the advantage of fee reduction upon their customers because they don’t have to worry about paying rent or advertisement costs. Customers won’t get this feature from a conventional bank.

Statistical data

Here are a few pieces of statistical information to prove why it’s worthwhile to hire the services of a mobile app development company in California to get a FinTech app created.

  • According to researchers, the sector of worldwide finance will grow at a CAGR of 6% and increase to $26.5 trillion in 2022.
  • The most recognized FinTech agencies include about 48 participants. They had a market share amounting to $187 billion during 2019’s first half. This value represents a bit more than 1% of the entire worldwide financial industry.
  • 49% of all conventional banks and 60% of all credit unions in the USA have more than one reason to believe that it’ll be beneficial for businesses to work with FinTech companies in the future.
  • At the moment, digital payment is the most powerful FinTech product. It currently occupies 25% of the whole market of FinTech.
  • In terms of mobility, mobile transactions will increase by 121% within 2022. They’ll own almost 88% of all transactions with banks.
  • By 2022, consumers across the world will spend $157 billion in app-based stores. In other words, such purchases will go up by 92%.
  • Around 78% of all millennials in the USA will become permanent users of mobile banking platforms by 2022.
  • Between 2019 and 2023, the chatbot interaction for banking will go up by 3150%.
  • Due to chatbots, banks all over the world will be able to save $7.3 billion in terms of operational expenses.
  • This graph further bolsters the information provided above.

 

 graph further bolsters the information provided above - Moon Technolabs

Finance app types

The data provided above should be enough to prove the capabilities of FinTech applications. Now, you just have to decide on the kind of FinTech app you wish to build.

Mobile payment app

FinTech is dictating almost everything associated with the field of mobile payments. These applications can cross the barricades blocking conventional strategies. Among mobile payment platforms, mobile wallets are one of the most heavily used systems.

Regular payment app

Regular payment basically means paying inevitable expenses. Thanks to FinTech applications, users can pay their utility bills while sitting on their favourite couch at home.

Consumer banking solution

Most of the traditional banks are willingly embracing mobile technologies to improve their services. With react native app development services, you can build a FinTech app for a banking institution.

Finance app types of FinTech Apps Popular In USA - Moon Technolabs

Personal finance management

This particular section of FinTech solutions concentrates only on augmenting wealth management procedures for commoners and business owners.

InsurTech

The term “InsurTech” may not be familiar to all. It basically means the applications of FinTech for insurance companies. Hundreds of insurance firms are opting for digital solutions to take customer experience to the next level while increasing operational efficiency at the same time.

Also Read: Blockchain Revolution Accelerated Telecom And Finance Segment

Blockchain

Blockchain systems, such as smart contracts, peer-to-peer transactions, unchangeable records, trading platforms backed by blockchain, and decentralized ledgers are now crucial elements of the overall finance landscape of today.

Trading

FinTech is already rebuilding the sector of trading. FinTech solutions designed specifically for this field can reduce the expenses of trading internationally. Moreover, these apps can increase transparency and even contribute to trade finance facilitation.

Lending

This area is all about building different solutions that can provide lending abilities to consumers and businesses. The ultimate objective of this FinTech department is to streamline the whole process to give it a touch of accuracy and personalization.

RegTech

Another lesser-known term associated with FinTech is RegTech. The Financial Conduct Authority laid the foundation of RegTech 6 years ago. This subject focuses on building technologically enhanced solutions to improve the regulatory requirements of delivery.

The cost of development

What should the mobile app development cost for FinTech applications amount to? Something with the very basic functionalities and simplistic UI for just one platform will cost you about $20,000 to $35,000.

On the other hand, building a best-in-class solution will amount to almost $70,000, especially if it’s for Android and iOS.

Wrapping it up

Now that you’re at the end of this write-up, you probably have a theoretical idea of what to do to create such an application. Just remember that an idea isn’t going to be enough because it won’t contribute to the success of the app.

You need constant updates and new-age technological interventions to make it successful. You’ll also require services that only the best app development companies can offer.

Frequently Asked Questions

FinTech is basically an amalgam of “finance” and “technology.” The combination of the two allows people to keep tabs on their finances and supports them in finance management via their phones.
Some time ago, market researchers valued the worldwide FinTech market at $127.66 billion. They believe the industry value will increase to $309.98 billion by 2022 with a yearly rate of growth clocked at 24.8%.
FinTech applications, particularly the ones allowing users to track their funds, are perfectly safe. Some folks look at these apps with suspicious eyes, but a FinTech application will never discharge anything without the user’s consent.

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Jayanti Katariya

At the core, Moon Technolabs is driven by the vision, sharpness and flourished under the leadership quality led by none other than the founder & CEO i.e, Mr. Jayanti Katariya. His simple-approach & never-give-up attitude is the virtue or rather aptitude that the entire team tries to grasp and follow. From client relations to business development, from industry updates to floor walking, he does everything in his power to provide support to the team.

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