There is no doubt that #FinTech is a buzzing industry right now — it’s a hot topic and for good reason. The general consensus is that the next big innovations will be in one of the largest and most dated industries — the financial sector. From big banks to old systems, finance is due for a disruption, and there are a myriad of companies hoping to do just that.
The most popular names associated with financial technology are those putting payments in the hands of consumers: applications that simplify sending funds to friends or make purchasing items easier. However, FinTech is comprised of so much more than the ability to text your roommate some cash.
There are internal and external components to the payments infrastructure, and technology powering every layer in between, to improve fraud mitigation, data analytics, or even the speed of payments.
Whether a product or service, the players in #FinTech are numerous and diverse. Below we dive into a few that we feel are making positive impacts.
Betterment
This fast-growing company serves as a virtual financial advisor. Currently the largest automated investing service, Betterment is geared toward helping build wealth and financial growth without the hassle and costs of an outside party. Betterment makes finance management more accessible to those who would otherwise feel uncomfortable operating with a financial advisor.
BioCatch
BioCatch is a software for banks to help detect and manage fraud, a crucial component of any FinTech service today considering the increasing costs and frequency of sophisticated data breaches. To help reduce false positives on charges, BioCatch tracks a consumer’s device and website usage.
ChartIQ
In a world of massive data sets, complicated calculations and spreadsheets, ChartIQ helps capital markets customize their charting and data visualizations into an elegant and responsive design.
CityFalcon
Keeping a pulse on your investments and the financial news is critical, but with all the sources floating around it’s hard to tell which are relevant to you and which to leave for the birds. City Falcon wants to arm smaller scale investors with the information that is most critical to an individual’s specific financial situation, combining the sharing habits of financial influencers, news outlets, and “the crowd.”
CrediFi
To combat a lack of transparency in finance and data, CrediFi provides comprehensive property data and real-estate loan information to help you evaluate new deals based on your criteria. CrediFi gives you access to the entire picture, from tenant details to deep data analytics on real-estate loans and properties. Bonus, it’s visual and easy to engage with.
Currency Cloud
As the economy becomes increasingly global, it’s important for financial businesses to have a straightforward means of exchanging funds internationally. Here is where Currency Cloud delivers, by simplifying payments and exchanges internationally for banks, remittance, and brokers.
Kabbage
Kabbage, now the “#1 online provider of SMB loans”, powers small business growth by providing easy-to-access working capital. As frequently as each business day, small businesses can request a loan quickly. For example, if you’re a restaurant suddenly needing a new stove, Kabbage fronts the cost.
Lending Club
A very popular and heavily discussed new FinTech company, Lending Club is a marketplace connecting lenders and investors. For either personal or business loans, people can access low-cost financing from others. Its aim is to make credit more affordable and rewarding.
Onfido
As marketplaces continue to evolve and find more specific nichés, so too do the regulations guiding their finance. One regulation that remains steadfast is the need to check and clear users on a platform. Onfido manages this intelligent background check process with its technology stack, thus allowing for quick and seamless onboarding.
PeerIQ
There are a variety of peer-to-peer lending platforms, but sometimes you need more than gut-instinct to guide you in the right direction. PeerIQ is there to help, providing tools to manage and analyze risk in the P2P lending space.
Prosper
Similar to Lending Club, Prosper is one of the first peer-to-peer lending platforms. What sets it apart is the difference in scale and size of investment opportunities, with users being allowed to start with as little as $25. To inform investor decisions, Prosper provides credit scores, ratings, and histories associated with potential investment.
Robinhood
Free to use, Robinhood is an app that makes it possible for anyone to act as a broker and make investments. As the name suggests, Robinhood aims to bring equality and democratization to the financial markets.
In finance, there’s no doubt there is room for improvement — and the next big disruptors are delivering. From lending platforms to fraud detection tools, the developments coming around the corner could be groundbreaking.
With services like FiSync and our open API, Dwolla is also delivering on changing the feel of FinTech. If you’re curious about the benefits of real-time payments and enhanced fraud management and want top-shelf support, explore the solution.
Originally posted on blog.dwolla.com.
