Five Funded Software to Elevate Your Fintech Industry

Fintech, or financial technology, is all the rage now because of how it seamlessly combines the worlds of money and technology. With 2,196 deals closed around the world and international investment in fintech startups reaching $111.8 billion in 2018, this emerging industry is currently at the forefront of technological innovation.

The success of fintech can be attributed to the use of cutting-edge technologies to streamline monetary transactions. What once required physically visiting an establishment, waiting in line, talking to staff at length and studying the fine print can now be achieved with a few clicks of the mouse. When it comes to the good disruption fintech delivers, banking may be the most prominent example. Fintech’s applications, however, go far beyond the now ubiquitous mobile and online banking.

Commercial money lending software

This fintech tool is designed to streamline the selection of borrowers and the subsequent allocation of loans. In theory, it can be divided into the following classes:

Account access, form management and document storage are typical functions of this category of programs.

Powered by natural language processing and big data techniques, this type of fintech software collects and analyzes customer-related data to offer financial institutions a clear analysis of customer creditworthiness and potential risks.

These software categories are useful for both commercial and private users. Financial lending software helps businesses cut down on time spent approving loans, increase productivity and reduce risk.

Banking software

Online and digital banking are common fintech software types that improve banking experiences and time-to-value. Fintech solutions enable users to pay bills, move money between accounts and get financial advice online, making brick-and-mortar banks redundant.

Digital banking offers 24/7 service, reduces human error and account updates. Digital banking uses AI, biometrics, NLP chatbots and more.

Banking software falls into two main categories:

• CRM systems help insurance agents manage customer data. Documents, tasks, progress and customer interactions are generated by such systems.
• Insurance agency software streamlines processes from administration to customs paperwork. It handles billing, claims and the warranty lifecycle.
• Modern software delivers customized insurance solutions to customers. Thus, Allianz (UK) provides an AR service to detect hazards in the home. A mobile app allows users to check their houses for gas leaks and broken pipes and take immediate action. Other services analyze customers’ driving habits using IoT sensors including beacons and offer insurance options. Metromile, a customer-focused service, offers insurance based on driving.

Software for personal financial management

Financial technology (fintech) solutions are also becoming increasingly popular within private financial management. Due to digitization and trading assistance robots like bicodes, people no longer need to physically visit a bank, and the process of managing their own finances can really be enjoyable and educational.

One of the fastest growing areas of fintech is the provision of individualized assistance with financial management, budgeting, savings, online banking and support for a range of currencies, all accessible from mobile devices 24/7.

These types of fintech technology solutions are quite popular as they are useful in many ways, including providing timely payment reminders for loans and bills, as well as providing detailed balance records, charts and spending records to each user.

RegTech software

There are significant regulatory hurdles for banks to overcome as they go global. Compliance can be difficult because laws and regulations vary from country to country. By using Regtech software, businesses can ensure they are in compliance with all applicable laws and regulations, overcome compliance hurdles and protect themselves from legal liability.

As customers are increasingly dissatisfied with products of questionable provenance, this strategy also addresses reputational issues. In this regard, machine learning and analysis of large data sets are invaluable tools.

This program helps businesses make informed decisions by highlighting potential hazards. This class of software helps businesses with risk-based business financing by analyzing risks and the steps customers need to take to mitigate them.

Fraud detection software

This type of fintech program examines client records and actions to detect early warning signs of fraudulent behavior. Such apps usually have constant monitoring and alerts that sound the alarm whenever indications of fraud are detected.

Companies like Passfort help customers avoid fraud by providing an advanced monitoring and retention service for client credentials across multiple devices, while services like Suade are dedicated to helping businesses comply with applicable norms and regulations.

The choice is yours

There is a wide range of accounting software that can serve as the foundation of a thriving new business. The majority of the FinTech industry is rapidly expanding, led by Blockchain, health coverage technology plus mobile payments.

The most important factors for success in any industry are having a new concept that solves a pressing problem for your target audience, a competent team to execute the concept, and the necessary tools to make it a reality. If you’re interested in learning the steps necessary to bring your idea to life, make sure you’re on the right track to building a fintech startup that has the strength to thrive at greater heights.

Image by Gerd Altmann from Pixabay