The financial industry has come a long way since the early days of calculators and receipts. Today, technology already plays a huge role in the delivery of financial services like offering Wealth Management Technology Solutions ensuring that all processes are streamlined and delivered smoothly to consumers.
What is now known as financial technology (Fintech), these advancements support both the back and front end of financial service delivery, and it now covers everything from double-entry bookkeeping to digital money to capital markets software. But what Fintech services have the most impact in the industry today?
Payments and money transfers
Sending money has always been a basic financial service and for a long time, consumers had to go to banks just to send money for payments and these transactions often involved charges that would have been saved had there been a more efficient way of transferring money from each other.
But today, Fintech software development companies are already introducing new forms of sending money through technologies that allow for processes to be done fast and without exorbitant fees.
Money transfers are also being benefited by these new Fintech services where consumers can save up to 8% in charges while making sure that money transfers are done fast and efficiently.
Borrowing money is a huge part of the financial cycle, but consumers have always faced challenges in dealing with banks and credit unions because they have to go through a lot of steps and fulfill a lot of requirements only to find out that they get rejected for a loan in the end. But Fintech services are now changing all that by bringing loans directly to consumers.
They don’t have to visit banks and financial institutions to borrow money because they can now apply online and get approved within the day. With the help of Lending software development companies, it’s easier for lenders to quickly check a borrower’s creditworthiness and accelerate the underwriting process, so loans are released quickly while protecting the interests of both the consumer and the lender. That is why lending software solutions are in great demand.
A lack of proper knowledge of personal finance has been one of the biggest reasons consumers fail at managing their money. This is due to the fact that they don’t have easy access to professionals who can offer them valuable financial advice when needed.
But Fintech software development companies are changing all that by offering apps that can help consumers with budgeting without having to create their own spreadsheet. Consumers can now also get professional advice from reputable experts whenever they need it.
Finally, Fintech’s latest venture is insurance where Fintech services now help more consumers get easier access to insurance through new technologies like apps that allow for faster transactions.
The bottom line
Fintech software development companies are definitely revolutionizing the financial services industry in a lot of ways.
It’s only the beginning. In the future, we will see more of Fintech being applied not only in banks and credit unions but also in other industries like education, investments and fundraising, and retail banking.