Listed below are some examples of the top fintech developments across a variety of sectors
Prior to diving into the ins and outs of the fintech industry, it is important to grasp what it honestly means. Essentially, ‘fintech’ is a combination of the words ‘finance’ and ‘technology’, which refers to any contemporary innovation that has digitalised an element of the financial services industry. The fintech growth statistics are staggering; just about every year we are viewing more and more fintech start-up businesses materialize from all over the globe. Broadly speaking, the field that has modified the most thanks to fintech is the banking sector. There are lots of fintech examples in banking, however, one of the most visible and widely-used examples is mobile banking. Mobile banking features many features, such as account management, payment of bills and transfer of balances, all via a mobile application that can be utilized wherever and whenever users want, provided that they have WIFI. The most useful thing about mobile banking is that it has made it notably easier for people to handle their finances on a day-to-day basis. It has also made banking significantly more effortless; users do not need to head to the commercial bank or stand in a long queue every time they want to transfer some money. This is why investing in Malta, as well as many other nations, has been centered around the inclusion of fintech into the banking and finance industry.
In the year of 2024, just about everywhere we look there are new innovative fintech companies that are switching the way in which customers interact with the financial services industry. One of the most well-known fintech examples in real life is mobile payment. Mobile payments have revolutionised an entire sector by allowing users to spend money using their mobile devices. All they need to do is link up their contactless bank account onto their phone’s ‘wallet’, meaning that they can spend a certain amount of money without having to physically take out any physical notes from an Automatic Teller Machine. This makes daily life significantly more straightforward for individuals, especially if they wind up in the regrettable situation where they 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 technologies have considerably improved safety measures 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 easy to grasp why there has been a a substantial amount of investing in UK fintech businesses.
In recent years, many of the top fintech companies are embarking into the insurance sphere, which has created the term ‘insurtech’. So, what does this actually mean? To put it simply, Insurtech comprises of leveraging technology to make the insurance sector much more efficient and customer-friendly. It uses the most up-to-date technological advancements, like AI and machine learning, to allow firms to make more accurate assessments of risk, which results in improved customer service and lower rates. Nowadays, firms and customers can quickly detect and evaluate the most ideal policies by utilizing advanced analytics. Going forward, we can imagine that investing in Sweden will be focused on refining insurtech, along with several other nations also.