Fintech (financial technology)is a fast-growing industry that provides all necessary apps, software, and services that make the financial area more accessible to the general public. You face its products every day. Mobile banking in your smartphone, buying and selling cryptocurrencies, investments, and online lending — these are just a few examples of Fintech.

What is Fintech?

New apps, processes, products, or business models in the financial industry are Fintech services. They consist of one or more value-added financial products and are delivered as an end-to-end process via the Internet.

Fintech is an innovation that includes the expanding integration of digital technology and finance. Such integrations are usually aimed at improving and automating the use and delivery of financial services to individuals and businesses. This term can also be used to describe a fintech software development company that creates and provides innovative financial products and services, helping improve and automate financial processes.

Fintech uses technology tools to help individuals and companies manage their financial transactions more efficiently. Initially, access to fintech services was limited only to desktops and laptops, but finance management via smartphones is a new reality today.

These tools are changing the way many consumers trace, manage, and simplify their finances.

Key Areas

    • Lending and personal finance: P2P lending, robo-advisors, financial planning services and apps, social trading, algorithmic exchange business, targeted savings services.
    • Crowdfunding and business finance.
    • Payments and retail transactions: online payment services, online transaction services, P2P currency exchange (transactions between individuals.), B2B payment and transaction services (transactions between legal entities), cloud cash registers and smart terminals, mass payout services.
  • Blockchain and cryptocurrency.
  • Digital banking.

Who Uses Fintech Services?

B2B Customers

Thanks to digital innovation, businesses can easily get access to a wide range of bank services such as finance, lending, investing, etc. Moreover, B2B fintech services enable companies to leverage their financial transactions to optimize productivity and total profit.

B2C Customers

Fintech offers individuals various business apps that allow anyone with a smartphone to easily transfer money and manage their finances.

What Fintech Apps Exist

There are several types of fintech apps, depending on the ​​finance area:

  • Digital payments. Fast and secure non-cash payments. Fintech apps with online payment systems, e-wallets, and digital currency facilitate the process of electronic payments
  • Digital banking. It is a convenient way for customers to manage their bank accounts, and for bank employees — the customer data.
  • Digital lending. Apps and software that facilitate communication and transactions between lenders and borrowers. They also simplify the management of lending processes.

Why Fintech Is Attractive

Fintech can quickly and with minimal effort on the part of users solve their problems and needs. And such corporate giants as Google, Apple, Amazon, and Facebook have not overlooked this. They added financial services to the list of their basic services: online wallets, money transfer via messengers, etc.

Consumers who have grown up with digital devices in their hands will actively use products of fintech companies. And companies and financial institutions that are just looking out for fintech tools will have to accelerate their implementation if they don’t want to lose their profit and customers.