Living without technology in today’s world is almost impossible. That especially counts when we talk about Internet technology. It is hard to find a person that does not have at least one social media account. However, the Internet can be much more than fun and entertainment. The online world is the place where many entrepreneurs can turn their ideas into reality.
Starting a business today is a piece of cake. Yet, being successful is not as easy as it seems. You will manage to find a large number of software solutions that can be helpful tools and improve the productivity of your business. Still, do not forget that an opportunity like that is available to everyone. Because of that, you need to find the best possible way to use it.
Fintech stands for financial technology, and you can find it everywhere around us. The purpose of technology is to make different financial services more accessible to the worldwide population. Your customers should be everything for you because that is the only way to become and remain successful. Offering them the best possible customer experience will be valuable for them.
The technology is suitable for different industries such as investing, insurance, banking, etc. Despite that, it is a perfect choice for businesses that use different pieces of software to provide various financial services.
Also, we need to say that technology is making progress and following the latest trends. As you know, the crypto industry is one of the newest business fields we have today. One good example of development cases is BlockScout, the first open-source blockchain explorer for Ethereum-based networks. The purpose of the tool is to help people make the execution of smart contracts in a fast and easy way. You may want to read more about Fintech developers and get familiar with their work. Their developers can potentially help you create a fintech project from scratch and launch the safest solution.
You will manage to find a large number of examples of financial technology software solutions online. However, in this article, we would like to talk about the industries that are using them actively. Because of that, we will talk about uses and examples of fintech software to make things clear.
1. Insurance Companies Are Using Fintech
The most professional insurance companies regularly use different types of fintech (or insurtech) software solutions. These programs allow companies to encompass car insurance, data security, home insurance, etc.
There are a couple of reasons why these businesses decide to apply financial technology tools. First of all, the latest trend allows them to improve their efficiency and reduce costs. Despite that, it directly improves the risk assessment and delivers a better customer experience. As we said, you need to use different methods to improve the satisfaction of the clients. Following the latest trends is one of those methods. If you don’t show the desire to use technology innovations, you probably won’t remain competitive on the market.
2. Mobile Payments
Mobile payments seem like a good option for people of all ages. However, they are the number one choice for younger people. We do not have to talk here about different statistics and research. Every young person will confirm that they make payment transactions through mobile apps.
Traditional cash-based transactions have many disadvantages. That is the reason why digital transactions experienced popularity growth. Good examples of that are Apple Pay, Paypal, and Google Wallet. They are easy to use options for different purposes. That is the reason why different generations gladly use them.
3. Digital Currency and Blockchain Technology
Together with technology improvement, the world got a couple of interesting industries. The Crypto industry is one of those fields that was controversial for a long period. Many people believed that Bitcoin and other altcoins are nothing more than a scam. Indeed, almost every digital currency has a turbulent past with many ups and downs. Fortunately, the mentality of people changed, and digital currencies now became one of the first options for investors.
Blockchain technology made financial transactions safe and secure. There are many crypto trading platforms like Cash App, Gemini, Binance, and Coinbase that people gladly use. That is the reason why many successful digital industry companies invested in blockchain technology.
People look for different ways to improve their financial stability. That is the reason why many of them are looking for a way to ensure passive income. Stock trading is one of the ways to reach the goal that day have. Fortunately, financial technology software can help there as well.
Many people haven’t heard so far about Robo-advisors. It is a digital-based financial advisor that gives answers associated with investing. Their purpose is to help the customer trade more effectively at lower costs. For instance, they will give you information about current debt, personal assets, risk tolerance, etc.
There are many examples of Robo-advisors on the market that people actively use. For example, Wealthfront, Ally Financial, and Ellevest are some of them that gained popularity.
5. Digital Lending
Banks realized that they have to follow the latest technological trends. Fortunately, people can now lend money from the bank thanks to open banking technology. These programs allow people to share all the important financial data electronically. Despite that, that method of sharing data is safe because the process can end only under customer-approved conditions.
We can use Credit Carma as an example of that type of fintech software. The program allows people to check and compare different credit offers. They will manage to pick the best one for their needs easily.
6. Budgeting Assistance Apps
Budgeting apps are a perfect solution for people that struggle to track their spending. Lack of cash flow is a common problem for people around the globe. The salary you have won’t mean anything to you if you do not know how to spend money in the right way. These apps help you track everything from your monthly spendings to monthly income. There are many apps like Mint, PocketGuard, and Acorns that can help you with that.
7. Artificial Intelligence Virtual Assistants
Accessing services from financial institutions is now easy and available to everyone, thanks to AI virtual assistants. Believe it or not, you can now access your credit score whenever you want. Despite that, you can secure your money more effectively by setting up different alerts. For instance, you can get alerts about frauds and react promptly when something like that happens. Good examples of that are Capital One AI Assistant, Eno, etc.