Artificial Intelligence (AI) has introduced major breakthroughs as fintech solutions in the finance industry. Risk management, customer segmentation, credit scoring, personalized banking, process automation, etc. are some of the advantages of AI and its technologies that are leveraged by the finance sector.
In the Banking, Financial Services, and Insurance (BFSI) sector every single transaction is of significance. Fintech solutions that allows the tracking and management of expenses, revenues, inventories, and personnel must be highly reliable. That is why financial institutions invest in Document Management Systems (DMS) or Enterprise Content Management (ECM) systems as a priority, so as to keep a secure record of each financial event and activity.
The personal financial planning software market is witnessing the entry of a new generation of planning software. While many existing clients of the leading financial advisory firms are reasonably satisfied, there is a need for fintech software solution that helps serve more specific client needs. Incorporating uncertainties and building a robust financial plan are not the only requirements for reliable financial planning software.
Individuals and companies have been changing the way they manage their finances through WealthTech or wealth management technology. A digital ecosystem of finances consisting of technologies such as AI, big data, and SaaS, is governing the global flow of money. The trends surrounding this set of technologies are transforming and being reimagined continuously to meet global changes in financial governance.
The modern tech-savvy consumer has a horde of on-demand utility services available directly on their smartphone. A natural byproduct of the market demand for such services is the app-based money lending app, Brigit. Brigit is a payday loan app on a mission to combat unfair loan lenders who trap borrowers in a vicious cycle of debt.
Aspiring entrepreneurs from third-world countries and underprivileged communities often find it impossible to fund their dreams by applying for loans. This is because of their lack of credit history or sometimes even little to no access to formal financiers. However, fortunately, microlending apps such as Kiva are here to change the state of small businesses in dire need of funding. But how does the US-based online microfinance company Kiva really work?
The most wholesome and altruistic innovation to come out of the FinTech, or financial technology domain is that of microlending apps and platforms. Micro lending platforms leverage peer-to-peer (P2P) technologies to offer loans to small businesses as well as personal microloans to individuals without a standardized credit history.
The COVID-19 pandemic caused a surge in demand for contactless payments. The shift from cash to digital payment options eventually lead to increased downloads for peer-to-peer (P2P) payment apps like Venmo, PayTm, Google Pay, AliPay, etc.
The COVID-19 pandemic made us witness drastic changes in the way consumers prefer to pay for products and services, inclining more towards cashless transactions. Digitization is certainly a huge step in making payments a quick and seamless experience for customers. That is why digital payment players out there are leaving no stone unturned in bringing innovative modes of payments for businesses and consumers.
The smart customer of today needs convenient and safer ways to access, spend, save, and invest money. That is why banks are trying to go the extra mile for an improved customer experience. ATM machines, card payments, mobile banking, etc. exemplify how the banking sector is continuously evolving and believing in technological advancements like never before.