Applications of Fintech

Now that we know about fintech, let's learn about its applications.

  1. Crowdfunding Platforms - Crowdfunding platforms like Kickstarter, GoFundMe, and Patreon are the result of developments in fintech. The platforms allow entrepreneurs and early-stage businesses to raise funds from all over the world, allowing them to bypass geographical boundaries and reach international markets and investors.
  2. Mobile Payments - Mobile payment applications and gateways are one of the most prevalent uses of fintech. Such applications allow users to carry out banking activities without physically visiting a bank. For example, companies like Venmo and Interac allow customers to send and receive money through smartphones at minimal transaction fees.
  3. Robo-Advisors - Robo-advisors are online investment management services that use algorithms to optimally allocate assets and generate portfolios for customers. They allow users of all age groups to engage in investment activities at low fees with minimal manual effort.
  4. Insuretech - The term insuretech refers to the application of technology to the insurance model, which allows companies to provide tailored insurance services and data security. Insuretech helps streamline the insurance process through online claims filing and policy management.
  5. Regtech - Regtech (regulatory technology) focuses on the automation of compliance processes for financial institutions. It offers fast and cost-effective management of large amounts of data, including transaction records and compliance documents, such as corporate tax returns.

So, these were few of the applications of fintech...Hope you run across one of these someday!

Did you like our works?

We are known for Website Development and Website Designing, along with Android iOS application development in Mumbai, India. Please write us what you think, we would like to hear it from you