Fintech Apps brings stability to our everyday life

As technology spread through every aspect of our lives from social media to healthcare and money matters. You can transfer money to a friend online apps or deposit a check by snapping a photo of it with your smartphone. You can book a cab without handing the driver cash or even your credit card. Over the past decade, these cashless online transactions have blended well into the fabric of our day-to-day life. Everything from a startup raising money, getting a loan, seeking information, money transfer, investments are all undergoing a radical shift.

Let’s have a look at some of the areas where Fintech has transformed our everyday life:

• Payments

Fintech has helped to develop the next generation of payment systems. These include startups and even non-payment tech companies like Facebook, Apple, and Samsung. You can process various activities like inward remittances, processing salary, direct debits, electronic funds transfer to cheque imaging, etc. The payment industry is seeing rapid transformation due to the advancements in finance technology.

• Mobile payments

Nowadays, people prefer to get almost anything done from their smartphones. Making mobile bill payments has become the most visible form of Fintech. Not related to debit or credit card, cash, cheque or drafts, the solutions in the mobile payments space specialize in cashless transactions. Mobile phones have become a great tool to pay for all kinds of services and products. Mobile wallet are a good example of such payments.

• Insurance-

Traditional systems have meant insurers find it hard to reach and offer the right product beyond a certain threshold of people. With the help of Fintech people are able to find different types of insurances available in the market whether it is for their car, home or travel. Also, there are a lot of finance apps offering excellent services for insurance. One such app is the Finserv MARKETS app where you can apply for a personalized insurance plan and get access to a wide range of lifestyle products it has to offer.

• Crowdfunding

Crowdfunding is gathering small amounts of capital from a large number of individuals in order to finance a new business venture. Due to the easy accessibility of vast networks of people through social media and websites crowdfunding has brought in all the investors and entrepreneurs in one place. Crowdfunding has proven to be a great medium in raising funds for arts, social cause, and business ideas.

• Small business

Fintech has played a crucial role in helping small businesses grow. It has made it easier for entrepreneurs, startups and small businesses to secure loans, manage payroll, and process online payments. Payments and business services were one of the first areas of finance that new technologies touched with the help of personal finance apps  which enabled the secure online transaction of money for small businesses and avoid hardware and transaction fees that are required by major credit card companies. The use of machine-learning models and sophisticated analytics tools has helped companies manage their business and avoid risks inherent in payment platforms.

Due to the advancements in technologies have changed the banking perceptions of new enterprises. Financial technology has helped small businesses, which financial institutions view as high-risk, prove that they’re deserving of larger banks’ attention and lines of credit.