Today’s technological innovations have helped become not just a part of our everyday lives, but have also changed the way we do things. Take, for example, phone calls, which, thanks to apps like FaceTime and WhatsApp, have now become a thing of the past. People are slowly saying goodbye to shopping malls as e-commerce is slowly becoming an enjoyable pastime. In fact, even dating is no longer done face-to-face, with many using apps like Tinder or other social media accounts before they meet in person.
The same applies to financial institutions as financial technology (fintech) startups are easing their way into the needs of business individuals and enterprises that require fast, efficient, and high-tech solutions to their monetary transactions.
It’s not hard to see why, however, as the age of information have pushed people and business entities to question both financial and government institutions with the way their systems are run, and how they conduct online money transactions.
This, in turn, led to people exploring new and exciting options. With the onset of fintech growing exponentially in the coming years, it is best to keep track of the various trends where financial technology could potentially dominate. After all, knowing early gives you the advantage of trend awareness and helps you identify lucrative opportunities even before they come in.
Fintech affects personal savings
For the everyday professional, saving is an all-too-common struggle. However, according to a Bank Rate article, there are new tools and apps that you can access to help you easily save up more.
Companies like Digit, Qapital, USAA, and Blast, for instance, offer convenient ways so you can transfer small amounts of your finances into a savings account without you even noticing it.
Aside from savings, fintech tools can also help in more serious financial needs, such as paying debts. ChangEd, for example, collects and takes into account loose change during transactions and puts it in an account that you can use to pay off a debt. Groundbreaking yet simple, these tools can easily help instill good saving habits for people who use them.
Numerous apps can also be used to help individuals pay bills or even save for favorite subscriptions like Trubill and Trim.
“It has practical implications on your day-to-day life,” says Radius Bank Executive Vice President of Virtual Banking Chris Tremont.
Full disclosure, though: some of these applications would require access to your bank account or may even require you to pay a certain fee.
Fintech can help protect senior citizens
Probably one of the best trends at the moment, fintech tools can also be quite useful for the elderly, what with some of them specifically designed to aid senior citizens in managing their expenses. Additionally, these tools are also designed to help guarantee their financial security, as well as prevent risks of people taking advantage of their advanced age.
However, these kinds of tools are actually not new. Fintech companies have been coming up with ways to prevent scammers, especially those targeting senior citizens, from getting into their accounts. For example, True Link Financial has been offering the elderly prepaid Visa cards with certain protection protocols, such as banning transactions with specific merchants.
Another tool, EverSafe, helps account holders keep track of transactions and alert them of any unscrupulous activities. What’s more, these tools can also be used not just by senior citizens, but also anyone who wishes to add another layer of safety to their financial security.
We always knew that the day would come when Siri and Alexa are no longer just for looking up certain recipes. Now, AIs are being utilized by financial institutions like banks when it comes to knowing an account holder’s recent transactions or purchasing activities.
Institutions like U.S. Bank, Capital One, and Mercantile Bank of Michigan, are already applying simple bank transactions with the use of voice banking. Although, there will come a day when analysts expect that transactions such as applying for a mortgage can be done through voice banking with AIs.
Fintech for insurance
According to Forbes, fintech is expected to grow in the world of insurance. This means that startups can now offer tech solutions for companies to upgrade its technology system which includes payment technology and infrastructure for tech set-up.
This is where blockchain technology comes in, which could play a big role in transforming a company’s tech system. One such example is Clic Technology (OTCMKTS:CLCI), which is set out to help businesses use blockchain, particularly cryptocurrency funds so they can streamline an easy payment system that would allow them to encash funds to dollars.
There are currently $200 billion-worth of crypto funds that can be accessed and used to a company’s advantage. This can be done through CLCI’s easy and efficient system that could make cryptocurrency payments easy, produce crypto wallet, engage in crypto mining and other cryptocurrency endeavors.
CLCI is a fintech company wherein all products are conceptualized and produced in-house by highly qualified developers. Furthermore, the company is PCI-DSS Level 1-certified, guaranteeing that client data is safe and guarded by the highest level of security available.
A leader in blockchain technology, CLCI operates as one of the first publicly traded companies that offered blockchain solutions and products to various businesses.
The group offers innovative blockchain solutions that allow merchants to accept bitcoins and altcoins as if they were using dollars or yens. Users can make payments using cryptocurrencies without going through a bank and with fewer fees and expenses.
Using proprietary technology, the company then introduced its flagship product iSwipe, which basically works like an ATM card, allowing users to convert bitcoins and altcoins into cash whenever an online purchase is made.
A revolutionary cryptocurrency payment platform, iSwipe takes the hassle out of accepting bitcoins and altcoins as a form of payment with automated settlements in user’s local currency. What’s more, the process is easy to set up and use, so creating a merchant account is not just fast, but also free, requiring only an email and a password to start doing transactions.
With these innovations, you know that the world of fintech is going to be an exciting solution industry to watch out for, especially with companies like CLCI taking full advantage of the rising fintech trend.
(Featured image by DepositPhotos)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
Nostoc Biotech closes a €1.5 million investment led by Social Stock Exchange
In 2015, Nostoc closed the first round of investment worth $296,000 (€250,000) through the Social Exchange's participatory investment platform. Since...
Tiscali enters insurtech with Upgrape: tailor-made policies for home and smart mobility
Tiscali enters the insurtech sector and focuses on demand policies. The insurtech on demand platform chosen by the Telco operator...
Why the demand of sustainable ETFs is increasing
The assets managed in sustainable ETFs could increase by six times to $1.2 trillion by 2030, according to Blackrock. The...
BPER Bank’s call for crowdfunding “The future at your fingertips” has selected 5 projects
The 5 projects selected by the crowdfunding platform Produzioni dal Basso will now be able to access BPER's co-funding opportunity...
The first national clinical trial of a COVID-19 vaccine is now underway in Chile
The clinical trial, led by the Catholic University, together with other universities and the Sinovac Biotech laboratory, already has funding...
Featured6 days ago
Supply@Me Capital ready to close the first securitization of the overall €970 million program
Africa6 days ago
Rwanda will build a nuclear research center
Cannabis7 days ago
Medterra enters into a strategic partnership with Megalabs
Business6 days ago
How to keep people on your website longer