We cannot deny that we live in a digital world right now. Especially, after the pandemic hit, we have learned to digitize everything from getting food, groceries and medicines home-delivered to making payments online for all things big and small. Technology has helped us break down all the walls!

Amid this, we have been gifted with the power of Fintech, short for Financial Technology. Fintech is one of the few disruptive business ideas that has transformed the way of living for everyone. Let’s be honest, who really misses going to the bank or standing in line to be able to withdraw money from the ATM? No one! The financial services sector is not unaware of this successful disruption and has joined the race. The fintech application development has helped financial services organizations and other businesses in this sector stay relevant and catch up to the fast-changing market.

What is Fintech?

Fintech is financial technology where tech is used for automation and delivery of financial services. Fintech organizations are businesses that offer financial services using mobile phones, cloud or blockchain. Fintech is especially customer-friendly because it offers personalization.

Meanwhile, right now the easiest way to provide accessible financial services to customers is through an app, which is why it’s no secret that developing fintech apps has brought in a transformation in this sector. Since we have moved to a more customer-oriented market, it’s all about what the people want. Let’s look at what these apps offer to make them people’s favourite and the current choice of banking and financial services providers:

1. Digital payments: Aren’t we all using digital methods or net banking to make payments? Not only are they hassle-free but also secure as we can see where our money is and have sole control over all our transactions. Digital wallets and credit cards have become a norm. This reliability also earns the businesses and financial services organizations loyal customers.

2. Loans: How much of a trouble was it to apply for a loan earlier? One would have to run from pillar to post to acquire a loan. But now, the process has not only become easy but also quick. Not only can you submit the required documents online, fill forms online and sign digitally but also you will get the amount digitally transferred to your account without even venturing out. This ensures customer satisfaction and also helps in attracting more customers.

3. Investments and asset management: With a central management window, it has become easier and secure to invest and manage money from anywhere in the world. With data collection and analysis, financial services organizations and fintech start-ups through chat-bots are even suggesting apt investment plans to their customers.

4. Trading: Investing in stocks has always been risky and something that was considered almost inaccessible for common people. However, fintech has broken down that wall as well. Today there are several online trading applications not only suggesting investment ideas after studying and analyzing the market but also these apps can help you understand the market, present the best plan and help you invest and reap the benefits.

5. Insurtech: Even the insurance services firms are joining the race of digital first! To provide better customer experience, these firms are finding a digital way for customers to perform some of the activities including acquiring new services besides filling out claims using the app anytime.

6. Personal banking: Start-ups and even other businesses like retail websites are offering digital wallets to customers to manage and monitor their money and expenditure. Now using the app, the customers can change their spending limit or generate ATM pin or apply for loan, open deposit account or even apply for and generate credit cards besides managing and saving money using digital wallets. All this and more are just a click away.

Did you know that Fintech revenues worldwide in 2018 amounted to 92 billion euros, according to Satista’s global survey. It further states that the sector’s revenue was expected to grow at an average rate of nearly 12% in the following years and reach a value of 188 billion euros by 2024. Clearly, now is the time to go the fintech way. Choose superior customer experiences and maximizing operational efficiencies with Aspire Systems’ fintech software and application development services.