What Are Financial Technologies Or FinTech?
Financial tech is tools that help financial services and companies manage the financial aspects of the business. These include software, apps, processes and business models.
Financial tech is a large industry, where companies – both mature and start-ups – use new financial solutions to compete with traditional financial institutions. Most often these are technological startups and organizations that implement modern tools in order to improve their services and reach more customers.
The 4 Best Technologies Used in the Industry of FinTech
Previously, FinTech, was perceived solely in the context of the internal development of a monetary institution. Now it’s as close as possible to the direct client of a monetary service, since FinTech has become the basis of all online transactions – from personal money transfers to paying utility bills.
Rapid technological progress has become the lever that has had a great influence on the fast-paced development of FinTech and its many areas. These include crediting, deposits, personal finance, individual investments, payments, research, crowdfunding, cryptocurrencies, accounting systems, monetary advice, non-bank loans, and more.
Let’s take a look at the most popular modern solutions used in the industry of FinTech in recent years that have been successfully integrated around the world:
- Blockchain technology.
Blockchain is a chain of numerous information blocks that follow each other in a certain sequence. Blockchain allows service providers to transparently manage risks that are associated with transferring funds, share capital, describe obligations in the form of smart contracts, and even create new complex products. - Agile development.
Agile development is a complex set of innovative modern methods of developing software products. Agile development is not a technological solution itself, but a set of modern methods and practices designed to manage and create products. - Bid Data.
Bid Data is, in simple words, structured and unstructured data of huge volumes and significant variety, processed by special software. In a broad sense, Big Data can be described as a socio-economic phenomenon associated with the emergence of technological capabilities to analyze huge amounts of data. - Machine learning.
Machine learning has just begun to take root in the FinTech industry. Simply put, it’s a modern artificial intelligence format.
Cybersecurity as an undoubtedly important part of modern financial services – especially, when associated with transferring cryptocurrency – is also worth mentioning. Every company that is working with financial services, should take care of the safety of its own data, its employees, and, of course, of its customers.
Cybersecurity is an activity aimed at protecting systems and networks from attacks. The goals of criminals performing attacks are getting access to confidential information, modifying or destroying it, extorting money from users, or disrupting business processes.
Final Words
FinTech surrounds us everywhere. FinTech benefits include flexibility (the ability to immediately respond to changes in market demand, for example), innovation, and the ability to attract potential customers.
Over the past years, our team has mastered the skills and experience in creating reliable, safe and sophisticated FinTech products. We follow new trends and innovations in the FinTech field, learn constantly and improve our expertise.
For more detailed information, visit https://intellisoft.io/
