Listed below are some examples of the top fintech developments across a range of industries
In recent years, many of the top fintech companies are venturing out into the insurance area, which has created 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 utilizes the most up-to-date technological advancements, like artificial intelligence and machine learning, to allow firms to make more accurate assessments of risk, which results in lower rates and improved customer service. Today, firms and customers can rapidly identify and compare the most ideal policies by utilizing advanced analytics. Going forward, we can predict 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 sector, it is important to know what it truly means. Simply, ‘fintech’ is a combination of the words 'technology' and 'finance', which pertains to any modern innovation that has digitalised a field of the financial services industry. The fintech growth statistics are incredible; each and every single calendar year we are viewing more and more fintech start-up firms appear from all over the world. Broadly speaking, the industry that has transformed the most thanks to fintech is the banking industry. There are sufficient amounts of fintech examples in banking, but, one of the most notable and widely-used examples is mobile banking. Mobile banking possesses countless features, like account management, payment of bills and transfer of balances, all through a mobile application that can be accessed whenever and wherever users want, granted that they have internet connection. The best thing about mobile banking is that it has made it notably simpler and easier for users to handle their financing on a day-to-day basis. It has also made banking dramatically more convenient; users do not need to head to the commercial bank or stand in a lengthy queue every time they want to transfer a bit of money. This is why investing in Malta, along with many other countries, has been centered around the incorporation of fintech into the banking and finance sector.
In 2024, everywhere we look there are new innovative fintech companies that are shifting the way in which customers interact with the financial services sector. One of the most typical fintech examples in real life is mobile payment. Mobile payments have revolutionised a whole industry by authorizing 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’, meaning that they can spend a specified quantity of money without having to physically withdraw any physical notes from an Automatic Teller Machine. This makes life considerably more convenient for people, specifically if they end up in the bad situation where they are only are a couple of notes short, or they have gone to do some shopping and have completely forgotten to pick up their purse. Not just this, but mobile-payment technologies have considerably improved safety measures by allowing customers to make payments without disclosing their personal details. Moreover, another perk of mobile payments is that they have streamlined the transport sector. People do not have to line up at the box office to get their train tickets if they do not want to; alternatively, they can ‘tap on’ and ‘tap off’ using the mobile payment on their smartphone. For these reasons, it is easy to comprehend why there has been a lot of investing in UK fintech firms.