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 below are good examples of the top fintech developments across a variety of sectors

In recent times, many of the top fintech companies are venturing out into the insurance industry, which has coined 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 lower rates and improved customer service. Nowadays, customers and firms can quickly detect and evaluate the most appropriate policies by utilizing advanced analytics. Going forward, we can imagine that investing in Sweden will be focused on refining insurtech, along with many other nations also.

Prior to delving into the ins and outs of the fintech business, it is necessary to understand what it actually means. Fundamentally, ‘fintech’ is a combination of the words ‘finance’ and ‘technology’, which refers to just about any cutting-edge innovation that has digitalised a component of the financial services market. The fintech growth statistics are astonishing; each calendar year we are viewing more and more fintech start-up firms appear from all over the world. Generally speaking, the industry that has changed the most thanks to fintech is the banking sector. There are plenty of fintech examples in banking, yet, one of the most visible and widely-used examples is mobile banking. Mobile banking comes with various features, like account management, transfer of balances and payment of bills, all via a mobile application that can be used wherever and whenever users like, granted that they have internet connection. The number one thing about mobile banking is that it has made it notably simpler for people to oversee their financing on a day-to-day basis. It has also made banking considerably more effortless; users do not need to go to the commercial bank or stand in a lengthy queue every time they need to transfer some money. This is why investing in Malta, along with various other countries, has been centered around the incorporation of fintech into the banking industry.

In 2024, everywhere we look there are brand new innovative fintech companies that are switching the way in which individuals interact with the financial services industry. One of the most prevalent fintech examples in real life is mobile payment. Mobile payments have revolutionised an entire sector by permitting users to spend money using their mobile devices. All they have to do is link up their contactless bank account onto their phone’s ‘wallet’, implying that they can spend a certain quantity of money without having to physically withdraw any physical cash from an atm machine. This makes everyday life considerably simpler for individuals, especially if they end up in the unlucky situation where they are a handful of notes short, or they have gone to do some shopping and have completely forgotten to pick up their bag. Not only this, but mobile-payment technological innovations have considerably improved security by enabling customers to make payments without disclosing their personal details. Additionally, an additional benefit of mobile payments is that they have streamlined the transport sector. Individuals do not have to queue up at the box office to get their train tickets if they do not really want to; instead, they can ‘tap on’ and ‘tap off’ using the mobile payment on their smartphone. For these reasons, it is very easy to grasp why there has been a considerable amount of investing in UK fintech providers.