Listed below are some examples of the top fintech developments across a variety of industries
Prior to diving into the ins and outs of the fintech industry, it is critical to realize what it truly means. Basically, ‘fintech’ is a combination of the words 'technology' and 'finance', which refers to any cutting-edge innovation that has digitalised a sphere of the financial services industry. The fintech growth statistics are shocking; each and every year we are witnessing more and more fintech start-up companies appear from all across the globe. Generally speaking, the field that has transformed the most thanks to fintech is the banking field. There are sufficient amounts of fintech examples in banking, but, one of the most visible and widely-used examples is mobile banking. Mobile banking features many features, like account management, transfer of balances and payment of bills, all through a mobile application that can be used whenever and wherever users demand, granted that they have WIFI. The very best thing about mobile banking is that it has made it notably easier for individuals to manage their financial situation on a daily basis. It has also made banking dramatically more handy; users do not need to head to the bank or stand in a lengthy queue every single time they want to transfer some money. This is why investing in Malta, along with various other countries, has been centered around the inclusion of fintech into the banking and finance sector.
In recent times, several of the top fintech companies are embarking into the insurance sphere, which has created the phrase ‘insurtech’. So, what does this mean? To put it simply, Insurtech comprises of leveraging technology to make the insurance industry more efficient and customer-friendly. It utilizes the most recent technological advancements, like AI and machine learning, to allow firms to make more accurate assessments of risk, which results in improved customer service and lower rates. Now, customers and firms can quickly distinguish and evaluate the most suitable policies by using advanced analytics. Going forward, we can envision that investing in Sweden will be focused on refining insurtech, along with several other countries as well.
In 2024, almost everywhere we look there are new innovative fintech companies that are modifying the way in which people interact with the financial services industry. One of the most well-known fintech examples in real life is mobile payment. Mobile payments have revolutionised an entire industry by permitting users to spend money using their mobile devices. Virtually all they must do is link up their contactless bank account onto their phone’s ‘wallet’, meaning that they can spend a certain amount of money without having to physically withdraw any physical cash from an Automatic Teller Machine. This makes everyday life significantly more convenient for individuals, specifically if they wind up in the unfortunate situation where they are a handful of notes short, or they have gone to do some shopping and have forgotten to pick up their purse. Not just this, but mobile-payment technological advances have improved security by allowing customers to make payments without divulging their personal information. Moreover, an additional perk of mobile payments is that they have streamlined the transportation sector. Individuals do not have to queue up at the box office to get their train tickets if they do not wish to; instead, they can ‘tap on’ and ‘tap off’ using the mobile payment on their phones. For these reasons, it is very easy to grasp why there has been a a great deal of investing in UK fintech firms.