As we can see from the data in the previous section, there's a substantial market for finance apps and for organizations in finance to shift their in-person tactics towards something more digital. Products in this space can vary greatly, but we've included some of the most popular app types that you'll find being built today, below.
Payment Gateway App
A payment gateway app is a software application that allows you to accept card payments for your business, and it works by creating a virtual lane between your computer and your bank account. When a customer makes a payment, the card details are sent to you directly from the customer's bank. The payment gateway does not store any card details in its system. The most popular payment gateway apps are Stripe and Shopify Payments.
Examples of payment gateway apps include Stripe, Google Pay, and PayPal.
A budgeting app helps you keep track of your monthly financial expenditures. It might use an intuitive interface to track your expenses, visualize your financial progress over time, and alert you to any negative trends. The best budgeting apps are incredibly customizable, allowing you to tailor them to your specific financial needs.
Examples of budgeting apps include Expensify, Mint, and YNAB.
Investment App for Buying and Selling Stocks
An investment app for buying and selling stocks is an app that provides access to the stock trading market for individual investors. These apps are usually designed to be used on mobile devices. They make it easy to buy and sell stocks online, follow the performance of your portfolio, and keep up with market news.
Examples of budgeting apps include Robinhood, Acorns, and Stash.
Retirement Account Management App
An app for managing retirement accounts automatically calculates a user's projected retirement balance based on a set of input variables. It then recommends a series of actions that the user can take to increase the amount of money that they will have available for retirement.
A retirement management app might include a series of questions for a user about their projected retirement date, their current income, their current savings, and their expected investments. These questions would be used to calculate a retirement balance. The app would then make recommendations about which assets the user should sell, which assets the user should purchase, and which assets the user should hold on to.
Examples of retirement account management apps include Vanguard (online), Envestnet (online and mobile), and Betterment (online and mobile).
Financial Forecasting App
A financial forecasting app is a tool used by businesses and investors to predict the future value of their money. It is essentially a structured set of assumptions used to estimate future revenue and expenses. They help users estimate revenue, expenses, and profits. Users can also track the financial metrics that are important to them, such as total number of customers or total revenue.
Examples of financial forecasting apps include PocketSmith, Float, and Jirav.
Loan Lending App
A loan lending app is an application that helps customers to apply for and manage loans. It allows customers to apply for loans, track the progress of their loans, and review their loan details. They are typically used by people who need help financing college, home improvement, or car purchases. These loan apps are typically accessed by the public through a mobile app, and after a user applies for and receives a loan, the app helps the user manage the loan and repay it over time.
This app type also generally provides users with the option to get an advance on their paycheck.
Examples of loan lending apps include Earnin, Dave, and Brigit.
Bookkeeping software is a computer program designed to manage the financial transactions of a company or a government organization. The most common bookkeeping systems are designed to track the spending and income of a business. The software also tracks the company's debt and assets, and it creates reports based on this information.
Examples of bookkeeping software include Quickbooks, FreshBooks, and Xero.
Online Banking App
An online banking app is a web application that allows users to manage their accounts and make money transfers through their smartphones. A banking app typically includes features such as account balances, balance history, account alerts, portfolio history, and a transaction log.
Examples of online banking apps include Chase, Bank of America, and Wells Fargo.
Tax Management App
A tax management app is a piece of software that helps people manage their taxes. This type of app can use a variety of forms to capture data, and it should also be able to generate reports. The reports can help the user see where the money went in the previous year and help them figure out what their tax liability is going to be in the next year.
Examples of online banking apps include TurboTax, Chetu, and H&R Block.
Peer-to-Peer (P2P) Lending and Investing Software
Peer-to-peer lending and investing software, commonly called P2P software, is software that enables individuals to easily invest in or lend to other individuals or small businesses. In P2P software, an individual can browse investment opportunities and the software will automate the investment process. These projects have been around for a while, but they have recently become more popular because they appeal to a younger generation of investors who are disinterested in traditional finance.
Examples of peer-to-peer apps include LendingClub, Prosper, and Payoff.