FinTech

Financial technology (fintech) is the industry where financial companies and banks using innovative advancements operate, and conventional financial organisations cooperate with tech companies. Primarily, modernisation or cooperation are essential for preserving competitive strength as other financial market players do.

Today, every third bank client uses at least one financial app. Concurrently, fintech startups emerged that offered previously-unimaginable solutions; moreover, they worked swifter than conservative bankers, never feared to experiment with money, and were generally closer to people than profit-dreaming sharks. This is how the market of fintech apps and service — including mobile — started to grow.

The business community believes technological startups are able to replace financial organisations. However, economists doubt this as market newcomers are not inclined to practise lending. Most likely, those parties will conclude more partnership agreements to win people’s attention: it is known that users want to continue enjoying one-button problem-solving.

Though, the partnership between fields that had never been related to each other at all, can be mutually beneficial. Finance handlers and bank owners have client bases, heavy capitals, and skills in thriving in a strictly-regulated industry. But this is what they barely greet internal innovations and cannot rapidly test new solutions. On the other side, high-tech enterprises need access to giants’ customer bases: in return, they offer development of added-value customer-inspiring services.

Fintech applications
Any bank or financial company striving to provide superior customer experience needs to consider developing B2C-targeted mobile and web apps. If traditional financial apps cannot retain customers and you want something more cutting-edge, then transform financial into fintech by adding the following:

Investment
– Stock/currency/rate monitoring and notifications
– Investment and portfolio diversification advisory bot
– Automated copy trading
– AI-powered asset management

Lending
– Chatbot facilitating loan arrangements
– AI-powered solvency assessment
– P2P-lending
– AI-powered automated lending.
– Payments and transfers
– Mobile or web wallet supporting electronic money
– Machine learning-inspired transaction risk assessment
– Smart auto-payments (regular or non-regular)
– Paying to several recipients at a time