Even though there is a lot of competition in this area, there is a lot of demand for FinTech solutions. The general purpose is that main a few organizations offer subjective and helpful programming for working with installment instruments. We can see what software for financial services should be by looking at the Wallester platform as an example. You’ll be better able to compete in the market and meet the ever-increasing demands of your customers with this solution.
Experts say that financial technology will keep getting better and better. With an annual growth rate of 19.8%, this market’s capitalization will exceed 330 billion dollars by 2028. If you’re thinking about starting your own fintech company, this is a great sign. They have a chance to make a difference in the coming years. In order to make use of this window, you must follow a few straightforward steps. This short guide to starting your own fintech business contains a list of them all.
Before starting your own fintech business, you must first decide on the business model it will follow. Let’s look at the most successful and well-liked projects in this field.
A digital bank is a neo-bank. Unlike conventional banks, it does not require a banking license. Only by phone can this financial institution be contacted online.
There are no physical branches or representative offices for non-banks. As a result, there is no requirement to hire a large staff or rent space, equipment, or transportation. Neobanks are able to provide customers with comprehensive services at prices that are affordable and on terms that are advantageous to them because of this.
The availability of online transactions for the majority of global currencies is yet another advantage of neobanks. They make it possible for businesses to become more adaptable and competitive by making payments that are quick, secure, and profitable.
To make it simpler to pay for goods and services using cryptocurrency, it can be exchanged for fiat or other digital currencies. There have been developed distinct platforms for trading, buying, and selling cryptocurrencies. The most well known of them are Coinbase, Binance, and Crypto.com. Numerous asset and cryptocurrency pairs are available for exchange at each of them.
Additionally, Wallester has partnered with KuCoin Exchange Exchange in the past. Consequently, Visa’s KuCard physical and virtual card will soon be available on the EU market. This gives cardholders in general and those who have chosen a cryptocurrency earning platform new opportunities.
In recent years, cryptocurrency has seen a significant rise in popularity. Numerous brand-new digital coins have emerged in addition to the conventional bitcoin, lightcoin, ether, and other well-known cryptocurrencies. There won’t be a shortage of cash when your centralized digital platform goes live. The security of the platform is the first thing that needs to be carefully taken care of when launching such a project because the main issue is constant hacker attacks. Without proper protection, these attackers can easily steal money from customers’ wallets. You need to use a dependable fintech platform that is well-protected against hacker attacks to stop this from happening.
Apps for managing one’s personal finances assist users in making wise and effective financial decisions. The recent rise in demand for such advancements is not surprising. Any user can achieve the following objectives with their assistance:
complete financial security; proper allocation of funds; spending money on entertainment; establishing and growing a company using your savings.
These applications come with a lot of useful features. You can manage your accounts, forecast your expenses, and track the flow of money with their assistance. It’s more than just an app; it’s a unified financial platform from which all banking services can be accessed from a single window.
To start a startup, you must first devise a strategy for its development. Let’s take a look at the first things you need to do to make this plan.
It is necessary to establish the precise objectives you want to achieve by launching a startup in order for it to begin making a profit as quickly as possible. To begin with, you want to settle on the specialty in which you need to work. It could be a lending company or a neobank. You can also give personal finance management, trading, crowdfunding, and mobile banking a shot. There are numerous choices. The most important thing is to choose one with seriousness and balance.
After selecting a particular niche, you must identify your target audience. You will be able to create marketing and advertising campaigns as well as customer offers based on the answer to this question. It’s best to start with a small demographic and only try to enter global markets after the project has begun successfully.
You need to be familiar with and adhere to the various regulations and documents that specify the rules and standards required to operate effectively and legally in the financial markets:
The General Data Protection Regulation, or GDPR; Policy against money laundering, or AML; The requirements for "Know Your Customer" (KYC); The payment card industry's data security standard is PCI DSS.
Digital certificates, licenses, and other documents may be required to operate legally in the financial market, depending on the specifics of the project. To run a Neobank or an application to manage your finances, for instance, you need licenses for the EMI and API.
The financial sector is subject to numerous regulations and laws. It is essential to comply with all of these regulations in order to succeed in this field. To alleviate this burden, it is best to turn to providers of fintech platform. They handle all administrative matters and guarantee that the software complies with the law.
Modern providers’ white-label solutions are relatively simple to set up and seamlessly integrate with an organization’s existing system. Therefore, they are a lot quicker to showcase than conventional financial items. A fintech provider only needs to specify the particulars and requirements. After that, they will create an open API-based, ready-to-use fintech application or multipurpose platform for gaining access to the software system.
Working with traditional banking institutions is more expensive than working with fintech providers. Finding a trustworthy and secure service provider among the many options available to put a customer’s business idea into action is the main obstacle.
If a company offers a custom product, it will first provide you with a trial version before talking about the project’s costs and details. A prototype will be made, coding will be done, and the solution will be tested based on the client’s wishes.
Any startup’s promotion necessitates a well-planned marketing strategy. The advertising campaign ought to be carefully planned and targeted at a specific target audience that was identified in the initial stage. Before launching an advertising campaign, thorough market research is required if you want your startup to go viral.
Let’s say that the right fintech provider was chosen in the first step. If this is the case, you won’t have to worry about advertising the finished product because doing so will help get the platform or application out there. You will be able to launch a ready-made solution in just a few weeks with his assistance, significantly expand your customer base, and obtain a new source of income.