Our stronghold over SaaS and other leading technologies enable your financial business in securing, streamlining and digitizing operations for improved efficiency. Through our agile, robust and customer-centric solutions, financial businesses can delight customers in a better way.
The finance industry generates around 20 to 25% of the worldwide GDP. With the market growth achieving 7.4 trillion euros in the first half of 2021 from 5.6 trillion in 2016. The finance industry is a rapidly growing sector. It plays a critical role in the global economy by providing the financial products and services that individuals and businesses need to manage their finances.
With economic growth, technological innovation, government regulations, and increasing investment opportunities, the industry is expected to grow steadily in the coming years. The finance industry encompasses various segments like banking, insurance, wealth management, investment management, fintech, and more.
Statistics show that the global financial services market is predicted to achieve USD 28,529.29 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 6% from USD 22,515.17 billion in 2021. Further, it is predicted that Western Europe has the most significant domain worldwide with a 40% contribution globally; on the other hand, the US ranks number two with a 27% share.
According to the Boston Consulting Group, global payments revenue is estimated to achieve 7.3% growth between 2020 and 2025, with revenue predicted to reach $2.9 trillion by 2030.
According to Forbes, the contactless payments market will reach $18 billion by 2025. In addition, according to a recent Mastercard study, Digital gig work is predicted to make $455 billion by 2023.
Amazon and Apple can make up to 40% of the $1.35 trillion in US financial services revenue from their digital products, such as Amazon Pay and Apple Card.
According to a report by the World Bank, global financial assets reached $297 trillion in 2018. The banking sector is also expected to continue to grow. According to a report by PwC, the global banking industry is expected to reach a value of $10.8 trillion by 2022. The insurance industry is also growing rapidly. According to other industry reports, the global financial services market grew from $23,319.52 billion in 2021 to $25,588.3 billion in 2022.
The finance industry is closely tied to overall economic growth, as an expanding economy creates more investment opportunities and drives demand for financial services. As a result, the finance industry is likely to grow as the global economy continues to grow.
The finance industry constantly evolves, with new technologies and innovations always emerging. For example, the growth of fintech has led to increased competition. On the other hand, it has driven growth in the finance industry, as more and more companies are using technology to provide financial services in a more efficient and accessible way.
Digital transformation
The finance industry is undergoing a digital transformation, with more and more financial services being delivered online and through mobile devices. This has led to increased efficiency, reduced costs, and improved customer experience, which has been a key driver of growth in the industry.
Stay ahead in the fast-paced financial industry with the latest innovations in mobile app development. At Nichetech, we specialize in creating secure, user-friendly, and feature-rich finance apps that cater to the evolving needs of businesses and consumers.
Focus on Open Banking and Financial Wellness:
Seamless Data Integration: Open Banking APIs are being increasingly utilized to allow secure data exchange between financial institutions and finance apps. This enables comprehensive financial data aggregation, providing users with a holistic view of their finances across different accounts.
Personalized Financial Management: Leveraging aggregated data, finance apps can offer personalized financial insights, budgeting recommendations, and tailored investment opportunities for users.
Improved Financial Wellness Tools: Open banking allows for integrating features like automated debt tracking, cash flow analysis, and personalized savings goals, promoting better financial well-being.
Focus on Embedded Finance and Banking-as-a-Service (BaaS):
Non-Financial Businesses Offer Financial Services: Embedded finance allows companies outside the traditional financial sector to integrate financial services like payments, loans, or wealth management tools directly within their app or platform.
Enhanced User Experience and Convenience: Embedding financial services within existing apps streamlines the user experience and offers greater convenience to customers.
New Revenue Streams for Businesses: Offering embedded finance solutions can unlock new revenue streams for businesses through transaction fees or commissions.
Rise of Embedded Investing and Robo-Advisory Solutions:
Fractional Share Investing and Micro-Investing: Finance apps are offering fractional share investing and micro-investing capabilities, making investment opportunities more accessible to a wider audience with smaller capital.
AI-powered Robo-advisors: Integration of AI-powered robo-advisors provides automated investment management recommendations based on individual user risk profiles and financial goals.
Focus on Financial Education and Literacy: Finance apps are incorporating educational resources and gamification elements to help users make informed investment decisions and improve financial literacy.
Enhanced Security Features and Fraud Prevention:
Multi-Factor Authentication (MFA) and Biometric Security: Finance apps are adopting robust security measures like MFA and biometric authentication for secure access and transaction authorization.
Advanced Fraud Detection and Monitoring: Advanced fraud detection algorithms and real-time transaction monitoring are being implemented to identify and prevent fraudulent activities.
Focus on Data Privacy and User Control: Finance apps are prioritizing user data privacy by implementing transparent data practices and offering users control over their information.
Continued Growth of Decentralized Finance (DeFi) Integration:
Exploring DeFi Applications: Finance apps are exploring the potential of DeFi by offering functionalities like peer-to-peer lending, decentralized exchanges, and access to DeFi investment opportunities.
Focus on Security and User Education: With the inherent risks associated with DeFi, finance apps integrating these functionalities ensure robust security measures and educate users about the potential risks and benefits.
Regulatory Landscape for DeFi: As DeFi continues to evolve, finance apps are navigating the evolving regulatory landscape to ensure compliance and user protection.
At Nichetech, we combine cutting-edge technology with deep industry knowledge to deliver finance mobile app solutions that drive innovation and growth. Our expertise ensures that each app we develop meets the highest standards of security, usability, and functionality.
Embrace the future of finance with Nichetech's advanced mobile app development services. Contact us now to explore how our solutions can enhance your financial offerings and deliver exceptional value to your users.
I received timely and thoughtful work at all stages - scope, wireframe, build, and post-launch updates. All for the costs scoped. Will be using the NT team again.
CEO of NowArchive, USA
Been almost 8 years since we started using the services of Nichetech computer solutions. They are proactive in their approach to provide new digital solutions and simultaneously help us resolve any issues on priority.
Founder of Gifttouch, Gujarat, India
SIHL is associated with NicheTech from last 5 years... Nichetech Team is very professional in everything they do for our software requirement. They have customized everything which we need in our web application and mobile application. They are always ready to take new challanges & thier response time to any query is very less...:)
CTO of SIHL, Gujarat, India
I am professionally attached with Nichetech in capacity of CA since inception of the company. I work with founders very closely, I can definitely say that you can rely on these founders, they are professionals to the utmost extent 👍
Chartered Accountant, Gujarat, India
We have been associated with Nichetech from Day 1 of our business and they are the best Digital Strategists one could ask for! The insight and experience of the founders and a very agile and dynamic team make a very good combination for clients! If you are looking for a one-stop solution for Digital marketing-strategy and IT support for your business-This is the place to go!Cheers Team Niche Tech-Keep soaring higher!:)
Chief Pathologist, Gujarat, India
As a Founder I need a tech dev team who can hustle, but not sacrifice the quality of work. Nichetech worked hard on my MVP and if I pointed out issues, were quick to address them.
Founder of Noww Social, USA
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IT Director at Maple - US
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We been very pleased with NicheTech service and support for all our projects. We have started their service with very small project and today they are our preferred vendor and journey has been excellent and we will will continue with NicheTech in times to come.
CEO of Wajabaty, Kuwait
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CTO of collabera - USA
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They are with us from concept to reality . At every stage of SDLC, we were quite amazed with their technical capability and product was built on MVC platform at very early stage of MVC launch. NicheTech really believes in.
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