The market these days is flooded with management apps that are designed to help the customers to check their bank balance and track their spendings. These apps help the customers to make better financial decisions based on the data collected from your accounts.

Numbrs – A new unicorn!

 
The latest finance management app that has hit the headlines recently is a Zurich-based Fintech startup named Numbrs. The company provides financial services to its customers.

The company allows its customers to manage their bank accounts and finances. It also enables customers to buy any financial product from every provider at the best possible price.

Numbrs started its journey in the year 2014. Since then, they have been enabling their users to manage their bank accounts via a single app. They also allow their customers to apply for financial products such as bank accounts, credit cards, loans, and insurance directly within the app.

They have secured partnerships with some of the biggest banks and insurance providers like Barclaycard, Postbank, Santander, Bank of Scotland, Allianz, and AXA. There is an increasing number of customers opting for Numbrs app to manage their finances. The app claims to have more than two million downloads and more than €10 billion in managed assets.

The Fintech startup has raised €36 million making its total raised amount to go over r €200 million and its valuation to over €1 billion. It has made its place among Europe’s unicorn companies. It has raised fundings from private investors. The company will be using the raised amount for its expansion in Europe, mostly in the UK. There are around 50 families and private investors involved in Numbrs, including Josef Ackermann, former head of Credit Suisse and Deutsche Bank, Marius Nacht, co-founder of the Israeli firm Checkpoint, and the Sovereign Wealth Fund of Dubai.

History

 
The Fintech startup was founded by Julien Arnold, Dennis Just, and Johannes Hübner in the year 2012. The app was inspired by Mint app which was a bank aggregating app in the US. Arnold left the company in the year 2015. The company confirmed its app in the year 2013 at a financial technology conference. The app was launched in Germany in the year 2014.

When the company was launched the app could only be used for mobile banking and handling the banking transactions. However, it just had two stars out of five in the Apple app store in the year 2014. Later in the year 2015, it was given an ” unsatisfactory” score by the German magazine Finanztest as the company preserved customer’s data on its servers.

The company has generated $125 million from investors including Saidler’s family office, which was the majority shareholder as of January 2017. The company claimed to have entered 1.5 million accounts entered into the app. The company had dealt with three German banks, Postbank, Norisbank, and SWK Bank. This allowed the users to use their accounts in those banks so that they could compare the terms of various banking-related offers and apply for an account. They could apply for a loan or a credit card directly via the app.

The business strategy of Numbrs:

 
Numbrs had its business strategy planned in such a way that the company wanted to generate revenue by getting paid by banking partners when users generate new business through the app. These arrangements were the company’s first set of money-making strategies.

The company hired Oyvind Oanes as its CEO. It cut down about a third of its workforce in June 2017. The company changed its name from”Centralway Numbrs” to “Numbrs Personal Finance AG” in November 2017.

Numbrs Today:

 
» Number 1 Finance app in Germany

The app has a total of 1.6 million accounts through management.

Numbrs is one of the several commonly used banking apps in Germany. This platform enables users to aggregate all their accounts in a single application. This helps the users to manage better, interpret, and control their finances. The app is currently supporting more than 3,500 different German banks.

» The app uses machine learning!

Numbrs has exhibited an automated system that uses machine learning. It has helped the users to learn more about their financial situation. Moreover, the company has formed “Triggers,” which resemble under specific transactions in the timeline to make users knowledgeable of saving potential.

The fin-tech company uses analytics feature which presents more evidence for users while helps them determine the right bank products for their individual circumstances.

» Money store

The app has a money store feature with the help of which users can associate bank accounts, personal loans, and credit cards from top banks and finish the whole process without deserting the app.

Numbrs strictly complies with the German Data Protection Act and so the security of the app is perfect.

» Challenges ahead for fintech sector as initial excitement wanes

Customers from unbanked markets have often profited from the arrival of fintech companies. According to panelists at the Mint Fintech Summit held in Mumbai on 23 June, the fintech apps have proved very advantageous for most of the customers. Members in a conference on “How fintech is disrupting the financial sector”, spoke about the challenges that fintech firms will now meet as the industry evolves and the initial enthusiasm over the disruption wanes.

Scope of earning by developing Numbrs clone app or app like Numbrs with our Fintech App development service for startups

 
Despite the disturbance and the growth, the customer is king. There is potential for an articulation point. It may or may not be a wonder but a bulk of fintech start-ups are dubious to thrive and survive going forward. The consolidation and scaling up operations for more agile consumer selection is the only way forward for getting to the inflection point and that should be the center of concentration for the next two to three years for the fintech startups.

If you wish to build a fintech app like Numbrs, you can trust Coruscate to be your technology partner and we can build an amazing fintech app for your startup which can really prove beneficial for your customers. With the help of this app and the future scope of fintech, you can make life easier for your customers and help them in managing their money.

Connect with us to know about the cost of development and the features that you can include in the fintech app development.

The post Numbrs, a Swiss Fintech Startup earns itself a unicorn status : Fintech app development for startups appeared first on Coruscate Solutions.

Apple has redefined the FinTech industry by rolling out the credit card named Apple Card that strengthens users’ ability to pay for goods and services in a very hassle-free way. However, Apple hasn’t made it accessible for all. As of now, only those users who have signed up to be notified about the release of Apple Card are getting the opportunity to apply for the card straight from the Apple Pay app. They are even getting the option to order a physical Apple card.

Here, it is worth to mention that Apple will fully roll out their card later in August and it will require the latest version of OS (IOS 12.4 and up) to operate.

Apple isn’t the sole player who distributes credit card with the mobile app to the users. There are other financial institutes and FinTech startups like Revolut have already set the example of creating best shopping experience in the world with the robust FinTech mobile app and a smart credit card that connects with the mobile app and makes spending trackable. Then why everyone is talking about Apple Card? What is the big deal with Apple Card? Is it just hype or it is actually going to transmute the FinTech market landscape? Let’s find out.

What is the big deal with Apple Card?

 
The ‘thing’ Apple has rolled out today, has already had existence on our planet earth. And Apple knew it. So, rather than shaking it up, Apple brought innovation in the software part – Apple Pay app. They have redesigned the app and accommodated some of the most unique features into it. Following is the list of new features Apple has introduced. If you are an entrepreneur and planning to develop a FinTech app, then you have to chew over this list.

• One of the most prominent features of the Apple Card – enabled – Apple Pay app is the live heat map. As you can see in the following image, the clever mechanism gives users the live heat map of spending in different categories. The colour of this virtual card shifts according to the different kind of things you pay for. For instance, if you are paying at a restaurant using Apple Card, this virtual card on the mobile app screen takes on an orange hue. And when you pay for entertainment-related items, the card gets a mixture of orange and pink colour.

• In addition to the live heat map feature, Apple has also delivered a new reward program. Now, you can get cashback based on the percentage of the purchase you make in three categories. These three categories are Apple store (3% cashback), Apple Pay purchases (2% cashback) and paying through Physical card (1% cashback).
• The payment interface is also unique. They have designed it in such a way that it helps you to not pay interest or pays interest as minimum as possible. On the circle-shaped interface, it arranges 1-3 markers which exhibit the payment you need to pay off minimum, minimum with no interest and in full.

• Like all other products, in Apple Card too, they have successfully imposed the feel of the next-gen feature! To activate the Apple Card, users just need to take their mobile phones near to the cards. With the NFC technology (which is there in both Apple Card and iPhone), users cannot only activate the card, but they can pay without even touching the card. Watch the following video that presents the process to activate the Apple Card, to understand how NFC technology offers ultimate convenience to the users.
• After reading so far, hopefully, you successfully manage to find out that one unique Apple Pay’s attribute which is neither a feature nor a flawless UI, but a technology which makes features work. Yes, we are talking about NFC technology. It is one of the most noticeable technologies, fueling many top FinTech apps. You can also develop NFC enabled FinTech app to have 50% more usage rate than your competitors.

What is NFC technology?

 
NFC (Near Field Communication) technology is the communication protocol that establishes the connection between two electronic devices. In the FinTech industry, the use of NFC is flashy. It enables users to pay via phone by just taking it near to the merchant’s point of sale system. Most popular eWallets such as Apple Pay and Google Pay are armed with the NFC technology.

However, mobile phones should have an NFC chip inside to make contactless payment work. But it is no longer the major concern for NFC-enabled payment app owners as the majority of mobile phone manufacturers assemble mobile phones which are equipped with NFC chip.

Why you need to develop NFC enabled Fintech app like Google Pay and Apple Pay?

 
Following image clearly depicts that NFC transaction value is going to reach $50 billion in 2024. Do you know why? – Of course, because of its unique characteristics. You can also derive many benefits from these unique characteristics.

» More security

 
In the FinTech industry, security is still one of the major challenges. Many people still not prefer to use some sort of eWallet apps to make a payment over security concerns.

Meanwhile, NFC technology has risen as a ray of hope. It can make the online payment environment safer with its exclusive abilities.

An NFC -enabled eWallet communicates with the merchant’s payment system only when a user unlocks it and selects the payment card. If your hired FinTech app development company integrates secure thumbprint or facial recognition method to unlock the eWallet, it becomes more secure. Additionally, merchant’s point of sale system or NFC chip-integrated mobile phone connect with only a single device at a time. This mechanism makes sure that some nearby customers don’t pay for another’s purchase, accidentally.

» Convenient

 
If the underlying purpose to build FinTech app is to provide seamless user experience while paying for goods and services, there isn’t any better option available than NFC technology enabled FinTech app. It helps users to get rid of carrying multiple cards. It also enables users to pay without taking out cards. If the app is feature-packed, a user can even track his spending and make strong financial decisions. NFC is versatile. Users can pay from the NFC enabled eWallet to reserve the restaurant seat, buy the movies passes, book the train tickets and many more.

So, now when you know the benefits of having contactless payment feature via NFC technology in your eWallet app, let’s talk about how much does it cost to develop FinTech app which is compatible with the NFC technology.

How much does it cost to develop FinTech app with NFC features?

 
Coruscate is the top FinTech app development company which entertains numerous queries related to FinTech app development. Our developers and designers have already earned expertise to develop the most scalable and money-making FinTech apps. We even have successfully achieved an API integration with Nordic banks.

With our rapid app development technique, we can develop your FinTech app within 45-55 business days and under $10k. However, FinTech app development is not a single time process. You need to rewrite the app or update the app every time the government makes changes in the legal norms.

To know more about FinTech app features, and ask for a free demo with consultation, contact our app scientist and business expert.

The post Apple rolls out Apple Card: Know features of Apple Card and how NFC technology doubles the usage rate before going for FinTech app development appeared first on Coruscate Solutions.

The Important Finance Industries Disrupted by the Fintech App Development

 
The Fintech startups are getting their breakthroughs by using the brand new applications for their business. Recently, N26, a fintech startup made it big raising a series D round of $300 billion. The company is now being valued at $2.7 billion. N26 has proved how providing effortless but pleasing banking to the customers pays off in the end!

The new trends in banking bend towards being customer-oriented. Providing services is just not enough, the user should feel the experience. Engaging customers is the new style of business. The customer anticipates this elegance to come naturally to you. They are unable to digest when something doesn’t work out according to their taste. They want you to challenge all odds and emerge victorious like a hero.
 

HOW DID N26 GROW IN BANKING BUSINESS

To understand is more important than to have knowledge about something. Everyone has knowledge of how to do a banking business. But, to understand how to make a difference is what takes you forward.

Working of N26 is simple and smooth. They do it the customer’s way. By making the banking painless and uncomplicated, people at N26 turn their customer’s most frustrating experiences into a sheer delight.

N26 brought a change in the traditional world of banking which operated in a physical world. They made an effort towards reducing the piles of paperwork. They focused on the survey conducted by Viacom which showed that almost 90 percent of people across US, Germany, Switzerland and Austria didn’t want to visit banks and have accepted technology for their day-to-day functioning. People wanted their work to be done at the tap of a button.

N26 worked on their technology to provide a trouble free and happy banking experience. They are currently live in 24 European countries with 2.3 million customers. Are you pondering over how they could manage to come this far?
 

The interesting features that N26 adopted to build the fintech mobile app provide you with all the answers.

 
» Signing up made simple:  They made it possible for a person to sign up with only some pictures of ID proof that is required for the process. For the face-to-face identification, they made it possible through a video call in the comfort of your home.

» Login with Face ID: Login was made simple but absolutely secured with Face ID. No other person but you could open the account. So, it’s really safe.

» Unbeatable Control on your account: Security is most desired when it concerns money.They provided the in-app card settings that could be used for setting payment limits , locking your Mastercards and disabling abroad payments. All this, just at your fingertips.

» Letting Multiple accounts under one login: In the app, N26 lets one create upto 10 accounts under one ID, so that you can manage your finances easily. Transfering money in these accounts in just a simple drag and drop.

» Creating own peer-to-peer money transfer: They have created a peer-to-peer money transfer system for their customers to transfer money using just an email or phone number.

Isn’t is mind-boggling for your customers to find such awesome features in your app. You could think of some more features to make your app stand out in the killer competition. It did strike a cord inside you, didn’t it? Now, you must be wondering about the cost to build a mobile app for your fintech startup and where to hire fintech developers.

Recently the Fintech startup N26 has raised  $170 million a few months after raising $300 million. Though it is technically a new round of funding, they are considering it as an extension of the previous round. All the previous investors are involved in this round of funding too. They are – Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital and Greyhound Capital.

The company has raised its valuation by 30% and with this new funding, N26 has now officially reached $3.5 billion. The company is said to have raised $670 million as a total amount till today and is one of the highest valued Fintech startup in the world. N26 has recently launched its challenger bank in the US. They are also planning to expand to Brazil in the coming months. The company wants to launch more products to make it simpler for their clients to manage their money. The features that they are offering are based on Spaces. They are the sub-accounts that allow you to separate your money in various pools and ultimately share Spaces with other people.

While talking about the future of N26 CEO Valentine Stalf declared that there are different card colors and they are trying to differentiate the premium tier and mid-tier cards. People will be able to attach different cards freely to different Spaces. They are trying to build more flexible bank account for the users to live and think their way. 

While talking about the new design update, Stalf said that the visuals in the app timeline would be changes and it will be made smarter. They wish to integrate customer support and integrate transactions which never works before. They are trying to launch the functions and infrastructure like starting a customer service interaction directly from a transaction, straight to live chat.

Stalf also told TechCrunch about their opportunity to build a bank that has more than 50 million users all over the world.

At Coruscate, we have made it our mission to help startups like you expand and spread far and wide. We provide a supreme solution for all your technology-related problems which is also cost efficient. Our partnership can help you in developing your idea into a full-blown mobile app. We strive to build the bridge between success and you. We have developed many such fintech mobile apps and have helped a lot of companies to prosper. Give us a call to discuss further. We always aspire to deliver a product exceeding your expectations.

Our Recent Work:

» Bank2Grow

How Our Application Helped A P2P Lending Company With Customer Acquisitions?

Also Read :
» How Use Of AI In Fintech Enables P2P Lending For Better Customer Experience?
» How FinTech is evolving with money transfer service?
» How Business Intelligence Plays Game-Changing Role In Fintech Companies?

The post Want to Keep up With The Changing Banking Trends? Hire Fintech Developers for best Banking Solutions appeared first on Coruscate Solutions.