Top Financial Services Software Ideas that CPO Should Consider in 2023

The finance industry has undergone a complete transformation, with technology paving the way for finance at the fingertip with innovative features and services. The fusion of technology has not only added convenience to the ecosystem but also opened up new opportunities to cater to underserved segments. 

In 2022, the global financial services software market was valued at $118.65 billion and it is predicted to increase at a CAGR of 9.2% from 2021 to 2031, eventually reaching $282.71 billion by 2031, as per Allied Market Research.

With the immense potential of fintech, it has become a hot topic among inventors, entrepreneurs, and startup enthusiasts. If you’re considering capitalizing on a fintech app idea, this article will explore some financial services software products that can help you unlock opportunities in this rapidly growing industry. 

Financial Services Software Ideas to Consider

Let’s take a glimpse of some promising finance application ideas. However, keep in mind that this list serves as a mere framework for your distinct software, which must not only integrate all the cutting-edge technologies but also incorporate your unique vision. As you go through the list, you can brainstorm how to express your business ideology through it.

1. Peer-to-Peer Payment app

Source: Venmo

The practice of peer-to-peer money transfer has experienced a significant surge in recent years due to its ability to facilitate instant transfers between bank account holders without the need for third-party intervention or commission fees. According to LendingTree, 84% of consumers have utilized P2P services, with 44% of those users utilizing P2P services at least once a week.

With a consistent growth trend, this platform is poised for a bright future, presenting tremendous potential for advancement in the financial industry.  

Although there are big players in the market like Venmo, Zella, PayPal, and Google Play, there is still room for faster and more secure apps, especially since these apps have regional limitations when it comes to money transfers. You can further enhance the sophistication of the P2P payment solution by incorporating cutting-edge features such as NFC, voice-enabled transfer, and blockchain integration.

2. Regtech app

Source: Technavio

This is another highly sought-after financial services software. The application helps businesses to comply with both local and global standards, ensuring that they adhere to the appropriate practices in finance. It also streamlines critical processes like customer identity verification, transaction monitoring, report compilation and submission.

Many companies are searching for a robust accounting system that can effectively generate financial reports, visually present them, process bills and track cash flow without human intervention. In short, a RegTech app can be developed for: 

• Regulatory reporting: managing large amounts of data and automating compliance processes
• Identity management: verifying the identity of every client and ensuring the authenticity of their documents
• Transaction monitoring: preventing money laundering and identifying suspicious activity
• Risk management: identifying, mitigating and analyzing all potential risks

3. Money-saving app

The idea of a money-saving app has enormous potential and can be customized to cater to a wide range of preferences and financial capacities. One interesting approach could be developing an app that automatically saves or invests 1% of every purchase the user makes, thereby creating a source of passive income. 

To further enhance this idea, consider incorporating an intelligent virtual assistant that provides personalized advice to users on the most profitable investments or ways to reduce their spending. Adding a gamification feature can also be an effective strategy to help users save more easily, fostering trust and growth for your enterprise. 

4. Personal finance app (WealthTech)

As consumers become more conscious of their finances, this type of financial services software is gaining widespread acceptance, sparking increased interest from startups and investors. 

With features like automatic data synchronization and payment reminders, the solution empowers users to manage their income and expenses in real-time, providing valuable insights into how they can better control their finances. To ensure ease of use, it’s crucial that the app presents information in a visually appealing and intuitive manner.

5. Robo-advising financial app

Source: Bibit

In matters related to finance and investment, many people require guidance to make informed decisions, particularly those with limited knowledge of finance, stocks and trading. In response to this need, you can develop an app that provides easy access to financial advisory services. This concept especially appeals to younger generations, such as Gen-Z and Millennials, who are accustomed to utilizing mobile devices for various purposes.

Powered by machine learning, the robo-advising solution can analyze users’ spending habits and income, providing insights and advice on managing finances and optimizing spending. With AI/ML integration, the product can even offer investment suggestions and calculate tax returns. As automation is increasingly popular in the industry, such apps are expected to become more prevalent in the coming years, enabling users to better manage their finances and gain a clearer picture of their financial activities.

By entering their work information and connecting their bank account, users can access cash when needed, with the app tracking their working hours to determine the loan amount. The app deducts the loan amount from their next paycheck, ensuring a hassle-free repayment process. 

To ensure the success of your app idea, it's crucial to deliver a quick and easy loan application process with transparent fees and charges. Additionally, alerts and reminders for upcoming loan payments can help users stay on top of their finances and avoid potential late fees.

6. Payday Loan app

Source: Technavio

This financial services software provides users with a specific loan amount to help them in times of monetary crisis, such as bill payments, medical expenses, or loan repayments.

By entering their work information and connecting their bank account, users can access cash when needed, with the app tracking their working hours to determine the loan amount. The app deducts the loan amount from their next paycheck, ensuring a hassle-free repayment process. 

7. Crypto exchange platform

Source: Yev Ledenov

Finally, creating a cryptocurrency exchange platform can be a lucrative financial venture, especially given the current market value of $370.13 million.

These platforms enable users to trade cryptocurrencies in a decentralised market for other assets, such as fiat or digital currencies. In addition to reduced fees and faster transaction processing, users can benefit from enhanced security and transparency, making it an attractive option for investors and cryptocurrency enthusiasts.

Conclusion

The rapidly growing fintech industry has introduced numerous financial services software, but not all businesses are able to capitalize on these opportunities. Developing high-quality products that combine expertise, creativity, trust, and technology can be a challenging journey. That's where KMS Solutions comes in.

With over 14 years of experience in financial software development, our team of 1,600+ IT engineers has helped numerous financial institutions, including Prudential, ACB, MB Bank, TP Bank, and OCB, create MVPs to validate their product-market fit or build full-fledged products that integrate cutting-edge technology to stand out in the market.

If you're in need of a dependable and knowledgeable IT partner to manage your app development process, don't hesitate to reach out to our team of experts for strategic planning and development.