Why 2021 is the best time to launch a fintech start-up?

Do you know that 2021 is the best time to launch a fintech start-up? If not, just spare a few minutes to know more about it in the article:

1. Demand

The modern electronic finances industry presents solutions that more and more people find extremely useful. Personal money management applications, insurance technology, and easy investment—fintech has gathered every niche imaginable under its umbrella, and this bubble keeps expanding. Users want to feel in control of their finances, and they want to do it through a sleek all-in-one interface that’s always in their pocket.
Launching a fintech company now means responding to the pressing needs of millions of potential users and getting the attention start-ups rarely receive on other markets.

2. Expertise

Building a fintech app will also be easier in 2021. Developers gain more expertise in designing this kind of software, and more specialized toolkits to integrate third-party products are released regularly. Programmers can also seek advice from fintech consulting services to get an idea of the inner workings of financial systems.
Furthermore, banks and governmental institutions in most countries support the digitalization of the finance industry and have gradually started tailoring their services and activities to help fintech businesses prosper.

3. Insurtech is also getting immensely popular

Among the fintech applications, insurance technology is receiving a lot of interest for its data-driven predictive capabilities. Insurtech uses artificial intelligence to process a person’s criminal and medical records whenever legally acceptable, as well as credit history, open social media information, and other factors to reduce the risks for companies and suggest the most cost-efficient options to customers.

4. Enterprise accounting

Enterprises have already made a huge shift towards online operations due to the COVID-19 pandemic, and the trend to rely on various technologies to boost operations is unlikely to die down. The niche of enterprise fintech software is highly competitive but also rewarding.

5. The rise of cryptocurrency

Digital currencies are no longer a buzzword—people trust decentralized applications to handle their money and seek the most convenient and reliable platforms to do so. Although the cryptocurrency market is overflowing with all kinds of trading and investment apps, none of them have 100% user satisfaction.
While it might be impossible for a fintech startup company to battle industry giants like Coinbase, a well-made, low-fee, sleek, and secure app can certainly attract users and help you gain customer loyalty.

How to get started?

The product discovery phase is the best first step you can take to lay a solid foundation for the development of your app. It includes a functional specification, UX/UI design, and a visual prototype that will give you a clear vision of the end product. On average, this phase takes 4-6 weeks.
The product discovery phase can help you:
  • define a full scope of work and develop a roadmap for the project
  • set a realistic budget for your MVP and plan your resources
  • test the waters with your audience using a visual prototype
  • craft a convincing investment pitch
  • get to know your team

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Chalgenius is not just a media site. It creates more business opportunities for you by connecting you with thousands of potential customers, investors, accelerators, and mentors across the country. Come grow your business with us. Contact us at 8910430165 or mail at gurvinder@chalgenius.com for further details.

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