For fintech startups, the year 2021 was a time of change and opportunity. Companies that were founded at the beginning of the decade saw their first major funding rounds or initial public offerings (IPOs), while others pioneered new technologies with huge potential for impact on financial services as we know them today. While there was much to be excited about in 2021, many people are asking what’s next for fintech as we enter 2023. What kinds of opportunities will arise as we go through another year?
Before we get into the top money-making ideas, let’s talk about funding. Unless you’ve been saving for a while, even the smallest startups need money to get off the ground. While you could look for investors, most might be reluctant to invest in an idea that hasn’t come to fruition. Researching business loans might be the better way to go. You can use the money to build a beta version of your idea. Once it takes off, you can then use any residual money to launch the final version.
Money Management Software
Money management software is a type of app that helps you manage your finances including your spending, savings, and other financial data. It can help you track your spending habits and make better decisions about how to spend your money. Money management software can also be useful for saving more money. If you want to save up for a vacation or a new car, the software would automatically remind you when it’s time to set aside some cash toward that goal. If a friend asks if they could borrow some cash, the app will let them know if they have enough in their savings account at that moment. This can prevent impulse spending and keep people from making bad financial decisions.
App-Based Stock Market Tracker
Imagine if you could access a stock market tracking tool on your phone that was like a news feed, social network, and game, all in one. Imagine being able to keep up with the markets while also connecting with like-minded traders. Sounds pretty good, doesn’t it? The thing is, there are many problems with existing online tools for tracking the performance of companies and stocks. Many of these tools are intended more as educational resources rather than as means of keeping abreast of current events in the marketplace. Even when they do provide information about what’s happening now, they tend not to be very accurate. The interfaces aren’t particularly conducive either to learning about financial topics or making informed decisions about which stocks might be worth buying today based on their current performance.
New Bank Accounts Tools
You’re running a small business, but you don’t have the time to spend on all the administrative tasks involved with running your own money. Entering your expenses into a spreadsheet, remembering what bills are coming due when, and making sure you have enough cash to cover payroll, it all takes up way too much time and energy. The good news is that there are some new innovations on the market that could help streamline this process for you. Some banks have started offering new products called accounts payable automation services, which essentially allow businesses to set up automatic transfers from their bank account into accounts payable (AP) software programs such as Intuit’s QuickBooks Online or Microsoft Dynamics 365 Finance and Operations. However, what if you could improve upon these and make things even easier? This would save businesses both time and money by eliminating mistakes caused by manual data entry errors while simultaneously reducing operational costs related to accounting staff salaries.
Better Credit Cards
The next decade will see the rise of a new breed of credit cards that make it easier for consumers to understand their options and use their cards responsibly. Credit card companies will offer more transparent terms and better rewards programs, along with more flexible payment options. They’ll also pay greater attention to improving customer service, including making it easier for users to reach someone when they call their bank or credit card company in need of assistance.
Improved Insurance Platforms
If you were to ask any insurance company what their biggest challenges are, they’d probably tell you that it’s getting customers to understand the products and services they offer, especially when it comes to online purchases. The average customer might not be well-versed in the ins and outs of insurance plans, so companies need to do an excellent job explaining how each plan works. In order for them to do this effectively, however, they need new technology tools, namely, an improved user experience (UX) design for their websites. Additionally, there is still a stigma surrounding installment payments when buying insurance; many people believe they have no other option but cash upfront or monthly installments over several months or years at a time, which can be quite costly depending on what type of coverage you purchase.