See here for a list of fintech products, technologies and services

See here for a list of fintech products, technologies and services

Blog Article

Listed here are good examples of the top fintech developments across a variety of industries

In 2024, just about everywhere we look there are new innovative fintech companies that are improving the way in which people interact with the financial services sector. One of the most typical fintech examples in real life is mobile payment. Mobile payments have transformed a whole industry by allowing users to spend money using their mobile devices. Basically all they have to do is link their contactless bank account onto their phone’s ‘wallet’, meaning that they can spend a specified quantity of money without having to physically withdraw any physical notes from an Automatic Teller Machine. This makes life considerably simpler for people, specifically if they end up in the unfortunate situation where they are only are a couple of notes short, or they have gone to do some shopping and have completely forgotten to pick up their purse. Not just this, but mobile-payment technological innovations have improved security and safety by allowing customers to make payments without disclosing their personal info. Furthermore, an additional benefit of mobile payments is that they have streamlined the transportation industry. Individuals do not have to queue up at the box office to obtain their train tickets if they do not wish to; alternatively, they can ‘tap on’ and ‘tap off’ utilizing the mobile payment on their cell phones. For these reasons, it is very easy to understand why there has been a a substantial amount of investing in UK fintech businesses.

Prior to diving into the ins and outs of the fintech business, it is crucial to grasp what it honestly means. Basically, ‘fintech’ is a combination of the words 'technology' and 'finance', which refers to just about any modern innovation that has digitalised an element of the financial services industry. The fintech growth statistics are shocking; every single calendar year we are seeing more and more fintech start-up businesses appear from all over the planet. Generally speaking, the sector that has changed the most thanks to fintech is the banking industry. There are lots of fintech examples in banking, but, one of the most pronounced and widely-used examples is mobile banking. Mobile banking provides countless features, like account management, transfer of balances and payment of bills, all through a mobile application that can be used whenever and wherever users desire, provided that they have internet connection. The most useful thing about mobile banking is that it has made it considerably simpler and easier for people to organize their financial circumstances on a day-to-day basis. It has also made banking dramatically more handy; users do not need to head to the commercial bank or stand in a long queue every time they wish to transfer a bit of money. This is why investing in Malta, along with various other countries, has been centered around the integration of fintech into the banking industry.

In recent years, several of the top fintech companies are embarking into the insurance arena, which has spawned the term ‘insurtech’. So, what does this necessarily mean? In simple terms, Insurtech comprises of leveraging technology to make the insurance sector more customer-friendly and efficient. It uses the most current technological advancements, such as AI and machine learning, to allow firms to make more accurate assessments of risk, which results in improved customer service and lower rates. These days, firms and customers can quickly identify and compare the most suitable policies by using advanced analytics. Going forward, we can picture that investing in Sweden will be focused on refining insurtech, along with several other global nations also.