Fintech is transforming the financial industry by cutting costs, improving the quality of financial services, and creating a more diverse and stable environment.
Financial technology is a fusion of finance and modern technology that can change the situation towards inclusive economic growth. This technology helps banks and companies manage the financial aspects of their business.
- business models
It encompasses a collection of complementary technologies – including mobile networking, big data, cloud computing, distributed ledger technologies, artificial intelligence, and data analytics – that collectively shape a wide range of transactions.
Previously, fintech was used exclusively for the internal development of financial institutions. Now it is as close as possible to the consumer of services since it is the basis of all online transactions – from money transfers to utility bills.
Fintech has created solutions that allow us to meet customer requirements with comfort, availability, and an individual approach.
Over several years of development of the fintech industry, more than a dozen categories have appeared in which companies operate:
- personal finance
- money transfers
- investment platforms
Neobanks are innovations in the sphere of banking services. Also, created in the form of mobile applications that replace the services of classic banks. They don’t have physical branches.
RegTech is the most useful business app. Automatically accepts business connections in legislation and market conditions.
InsureTech is insurance through automated products: mobile software, payment automation.
These are digital technologies that make life easier – they save time, effort, and money for both companies and customers.
These decisions help companies in many industries improve their customer experience and deliver safer faster services. With the development of fintech applications from Diceus, many companies have paved the way for a competitive advantage.
Fintech application functionality
These technologies boldly enter the market, organically penetrate the global economy, and challenge, being trend-setters in the niche. You can read more about the potential and opportunities in 2022 here: https://diceus.com/fintech-challenges-and-opportunities/
The use of machine learning and artificial intelligence helps financial applications clearly understand the wishes of users using our real data.
Integration includes two components: integration with other systems and synchronization between platforms. In most cases, you need to integrate a financial application that runs on other platforms, this technology is used so that all settings are common.
Everyone treats and cares about money and looks for safe applications.
Two-factor authentication is the best protection for your credentials. Other services may require confirmation via SMS or call.
- Embedded finance
The tools are immediately integrated into sites or service providers of payment, credit, insurance, investment services. All this happens without the tedious coverage of various questionnaires, endless interactions with bank members.
- Collect and analyze data
Consumers expect financial service providers to independently identify and block suspicious transactions in their accounts. Assessing the client’s cash flows and automatically offering a convenient loan product is one of the key areas in the fintech industry. It requires the improvement and development of new algorithms for the functioning of Big Data and AI.
According to Ernst & Young statistics, in 2020, about 65% of respondents worldwide have used fintech services at least once. For instance, in the last 12 months, this figure has reached almost 47%. Only 3 years ago there were half of them.
The real world is going digital by leaps and bounds. People who have grown up with smartphones in their hands are quicker to understand the essence of the matter and enjoy the benefits of Fintech with pleasure.
And business should take a closer look at these tools, with their use, profits will be achieved faster, customers will be won faster.