EXPLAINING WHAT IS FINTECH AND EXACTLY HOW IT HAS TRANSFORMED SOCIETY

Explaining what is fintech and exactly how it has transformed society

Explaining what is fintech and exactly how it has transformed society

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Countless countries are investing in the advancement and innovation of fintech solutions; continue reading through to uncover even more



In the year of 2024, everyplace we look there are brand new innovative fintech companies that are transforming the way in which people interact with the financial services sector. One of the most prevalent fintech examples in real life is mobile payment. Mobile payments have changed an entire sector by helping users to spend money using their mobile devices. Basically all they have to do is link their contactless bank account onto their phone’s ‘wallet’, intending that they can spend a certain amount of money without having to physically take out any physical notes from an Automatic Teller Machine. This makes life a lot more straightforward for individuals, especially if they end up in the unfortunate situation where they are only are a couple of notes short, or they have gone shopping and have genuinely forgotten to pick up their bag. Not only this, but mobile-payment technologies have considerably improved safety measures by allowing customers to make payments without disclosing their personal information. Additionally, another perk of mobile payments is that they have streamlined the transport industry. Individuals do not have to queue up at the box office to buy their train tickets if they do not really want to; instead, they can ‘tap on’ and ‘tap off’ with the mobile payment on their smartphone. For these reasons, it is easy to grasp why there has been a a substantial amount of investing in UK fintech businesses.

Prior to delving into the ins and outs of the fintech field, it is critical to realize what it actually means. Basically, ‘fintech’ is a combination of the words 'technology' and 'finance', which pertains to just about any modern day innovation that has digitalised a part of the financial services market. The fintech growth statistics are unbelievable; each calendar year we are seeing more and more fintech start-up businesses materialize from all over the world. Broadly-speaking, the sector that has shifted the most thanks to fintech is the banking industry. There are a great deal of fintech examples in banking, yet, one of the most distinguished and widely-used examples is mobile banking. Mobile banking comes with numerous features, like account management, transfer of balances and payment of bills, all by using a mobile application that can be accessed wherever and whenever users want, provided that they have WIFI. The most useful thing about mobile banking is that it has made it considerably easier for individuals to oversee their finances on a day-to-day basis. It has also made banking drastically more convenient; users do not need to go to the commercial bank or stand in a long queue every time they need to transfer some money. This is why investing in Malta, as well as various other countries, has been centered around the integration of fintech into the banking and finance industry.

In recent times, many of the top fintech companies are venturing out into the insurance industry, which has coined the phrase ‘insurtech’. So, what does this actually mean? To put it simply, Insurtech involves leveraging technology to make the insurance market much 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, firms and customers can rapidly distinguish and compare the most suitable policies by using advanced analytics. Going forward, we can visualize that investing in Sweden will be focused on refining insurtech, along with many other nations also.

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