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Importance of Financial Technology

Fintech is of great importance today, since thanks to the optimization and improvements they offer in the accessibility of economic services, financial inclusion can be promoted. That is, we find people or organizations that traditionally would not have the opportunity to join this dynamic in media such as, for example, traditional banking.

Likewise, fintech reduces costs for people and companies, being a mechanism that can be implemented in various Latin American countries, to streamline processes related to the financial sector. Through this, an improvement in the economy is achieved that guarantees a change in the quality of life of people and the development of the country in its main productive and commercial areas.

Fintech companies, thanks to the use of new custom software development services, have been responsible for facilitating processes, reducing expenses, providing advice, and democratizing access to financial services and financial education in general.

It is almost impossible to ignore the impact of the fintech sector since the wide range of possibilities it offers for the use of money and the existing demands is what has currently allowed us to see a transformation in the financial industry.

Fintech Examples

There are a large number of examples of fintech that are currently leaders in the financial market thanks to the products and services they offer to their users, which has led them to become a reference in this matter.

Among the main examples of this type of company we can name the following:

  • Mercado Pago: is a payment platform belonging to Mercado Libre. Among its options, it offers different payment methods: online store checkout, a payment link, a Mercado Pago Point, or a QR code.
  • Global66 – Known as a transfer provider. It is usually recommended for making transfers abroad from South America.
  • Etoro – an Israeli company that focuses on providing financial and copy trading services, such as forex and crypto. Its offices are registered in Cyprus, the United Kingdom, the United States, and Australia.
  • Fintonic: is a free mobile app that shows each user all the account information of the financial entities in which they are registered (banks and cards). Its objective is to enable its clients to manage their finances.
  • PayPal: is a financial technology company that operates an online payment system where money transfers can be made. It serves as an electronic alternative to traditional paper methods.
  • Nubank – is known as a Brazilian neobank (or virtual bank) and the largest fintech bank in Latin America. Its headquarters are located in São Paulo, Brazil.
  • Kickstarter – is a public benefit corporation based in Brooklyn, New York. It maintains a global crowdfunding platform focused especially on creativity.
  • N26 – Known as a neobank based in Berlin, Germany. Currently, it operates in several member states of the Single Euro Payments Area.
  • Patreon – is a membership platform that helps its content creators earn monthly income by providing rewards and perks to their subscribers.

Fintech is not only here to stay, but it is also transforming the rules of the game that were promoted and led by traditional business models. We can see a clear example of this with the insertion of conventional banks into the digital world. A few years ago, it seemed crazy that people would have access to all their financial information from the comfort of their home or, much further away, from a mobile device.

Now, having a bank account is possible in a matter of minutes, making a transaction is an everyday thing, and buying cryptocurrencies is as easy as watching Netflix. With custom software development company innovations, it is expected that in the future access to this type of services will be more agile and practical.

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