Listed here are examples of the top fintech developments across a range of sectors
In 2024, everywhere we look there are brand-new innovative fintech companies that are modifying the way in which individuals interact with the financial services market. One of the most common fintech examples in real life is mobile payment. Mobile payments have revolutionised a whole sector by enabling users to spend money using their mobile devices. Virtually all they have to do is link their contactless bank account onto their phone’s ‘wallet’, meaning that they can spend a certain sum of money without having to physically take out any physical cash from an ATM. This makes life considerably more convenient for people, especially if they wind up in the unlucky situation where they are only are a couple of notes short, or they have gone shopping and have genuinely forgotten to pick up their bag. Not only this, but mobile-payment technologies have considerably improved security and safety by enabling customers to make payments without divulging their personal information. Moreover, another benefit of mobile payments is that they have streamlined the transportation industry. People do not have to line up at the box office to get their train tickets if they do not wish to; instead, they can ‘tap on’ and ‘tap off’ with the mobile payment on their smartphone. For these reasons, it is easy to grasp why there has been a considerable amount of investing in UK fintech businesses.
Prior to diving into the ins and outs of the fintech industry, it is critical to realize what it actually means. In simple terms, ‘fintech’ is a combination of the words 'technology' and 'finance', which refers to virtually any cutting-edge innovation that has digitalised a field of the financial services market. The fintech growth statistics are incredible; each calendar year we are observing more and more fintech start-up firms materialize from all across the world. Broadly-speaking, the sector that has changed the most thanks to fintech is the banking industry. There are an abundance of fintech examples in banking, yet, one of the most popular and widely-used examples is mobile banking. Mobile banking comes with numerous features, like account management, transfer of balances and payment of bills, all by using a mobile application that can be accessed whenever and wherever users want, provided that they have internet connection. The greatest thing about mobile banking is that it has made it notably simpler for users to control their financing on a day-to-day basis. It has also made banking significantly more effortless; users do not need to go to the bank or stand in a very long queue every time they wish to transfer a bit of money. This is why investing in Malta, as well as many other places, has been centered around the integration of fintech into the banking industry.
In recent years, several of the top fintech companies are venturing into the insurance field, which has created the term ‘insurtech’. So, what does this necessarily mean? In simple terms, Insurtech comprises of leveraging technology to make the insurance sector more efficient and customer-friendly. It utilizes the most recent technological advancements, like artificial intelligence and machine learning, to allow firms to make more accurate assessments of risk, which results in improved customer service and lower rates. These days, customers and firms can quickly detect and evaluate the most appropriate policies by using advanced analytics. Going forward, we can picture that investing in Sweden will be focused on refining insurtech, along with several other international countries as well.