What Is Fintech? Why It Is Important Author: Muneeb Sheikh Tech, Fintech, Marketing

One of the key factors driving the Fintech industry’s rapid growth is technology. Many firms are now discovering new potential to thrive as a result of advanced technology. We’re hearing a lot of fresh names of tech businesses creating Fintech apps that are gaining traction with users. While FinTech may appear to be an old concept to some, it is not as old as it appears. Read on to learn everything there is to know about Fintech and why it’s important.

What is Fintech and Why It’s Important?

New technologies are used and created in FinTech (Financial Technology) to improve or simplify financial services in general. Improving may require automating service delivery and consumption, as well as implementing new technologies to expand capacity.

Financial service providers of all types are utilizing cutting-edge technological technologies to develop new business models. Financial service providers of all types are using cutting-edge technology to find new ways to manage their businesses.

They’re working to improve client interaction and the way they trade while also keeping an eye on regulatory compliance. Transactions such as money transfers and payments, investment management, and the use of cryptocurrencies such as Bitcoin all have primary features that we can characterize as flexibility, speed, and individuality. Fintech technologies have the potential to boost the financial system’s efficiency and improve financial results for firms and consumers. However, the new technology may bring some dangers, such as unanticipated financial losses or other negative consequences. Furthermore, the issue of trust is seen as a big roadblock to FinTech acceptance.

Because consumers are not just wary of companies’ data-sharing offers, but also of the likelihood of their data being shared with non-industry organizations.

Examples of Fintech:

In the Fintech Industry, there are numerous examples of businesses that are successfully operating. Under the Fintech umbrella, there are three main categories:

Budgeting Applications:

  1. Mint

Mint is the first app on the list. This app is ranked as one of the best budgeting applications in 2021. The first is that it assists users in setting their own or personalized goals. Second, it is appropriate for beginners because it teaches everything from the ground up. You will also gain in-depth knowledge of several types of plans that are suitable for your requirements. Lastly, it is absolutely free.

2. Zeta

Zeta, the next budgeting app on the Fintech list for 2021, is another choice to consider. This app is ideal for families and couples looking for budgeting ideas to help them spend their money wisely. You can use joint cards or look into alternative options such as combined finance.

3. Trim

Trim is the third budgeting app to look for. This app is reliable, and it keeps your funds safe and secure. Trim’s most intriguing feature is that it assists you in negotiating your costs. Second, it provides you with the option of viewing numerous pricing comparisons. Finally, it looks for any unnecessary subscriptions you may have signed up for and cancels them.

Payment System Applications:

  1. PayPal

This app is one of the most widely used payment systems. It has recently implemented new features, including the ability to receive payments up to two days before actual payday for free. Similarly, you can pay bills from a single place, purchase, trade, and maintain cryptocurrency, and also earn interest soon.

2. Google Pay

Google Pay is ideal for friends who enjoy spending time together and discovering new places to visit. You may quickly share money with a pal via Google Pay and divide bills right immediately. It allows you to keep track of all your transactions while on the go and allows you to request or send money to friends in private conversations.

3. Apple Pay

This is for you if you’re an Apple user. Apple Pay is the greatest choice for you in this pandemic since it is safe, secure, and fully digital. The best thing is that it works on all Apple devices, including iPhones, Apple Watches, iPads, and more. All you have to do now is add your credit/debit cards and you’re ready to go.

Trading, Digital Wallet and Investing Applications:

  1. Binance

Binance is rapidly getting popular among those interested in cryptocurrency trading and investing. It is the most suitable platform for investing your funds. Not only that, but you’ll also learn a lot about money management and how to invest your money wisely.

2. OctaFX

OctaFx is an app that allows you to sign up and learn how to trade while also increasing your numbers. It guides the user through each step of the trading process by outlining all of the risks involved.

3. Blockchain

Blockchain is the last Fintech app on the list. This app is excellent for purchasing and selling bitcoins as well as collecting rewards. Second, it’s secure, with over $800 billion in transactions performed on the app alone. Blockchain should be your home of financing if you’re looking for a safe location to invest and grow your bank account.

Future of Fintech:

Every year, the Fintech industry expands, and the market is beginning to fill with financial services providers and early-stage Fintech firms attempting to meet customers’ requirements and create the future of finance. It’s revolutionizing finance with a wide range of applications and technology, including artificial intelligence and blockchain, as well as digital payments.

  1. Real-time payments
  2. Cross-border payments
  3. Digital wallets
  4. Digital Assets and Investing
  5. Banking-as-a-Service
  6. Buy Now Pay Later
  7. Super Apps

Leave a comment

Your email address will not be published. Required fields are marked *