You May Be One Fintech Product Away From Financial Freedom — But You Don’t Know It
The different Fintech solutions and their exciting use cases for individuals and businesses.
I resent the fame COVID-19 has garnered, not least because of the damage it has wrecked on families and the attendant job losses.
Almost everything under the sun is today tied to the pandemic; the acceleration of FinTech innovation included.
But most people are still struggling to grasp the idea of financial technology, its different expressions and the opportunities it holds for them and their businesses.
I have trodden that path myself. I went through the university dreading anything with TECH attached to it.
Studying International Relations — A field I look forward to working in, I was sure I would blow through life without going having to go neck-deep into the mechanics of anything tech.
Until I had a come-to-Jesus moment that upended everything my I thought of tech.
And I found that FinTech is simply a family word that describes the digital innovation that has made financial services easy, accessible, and more secure.
So each time you enjoy a FinTech solution, you’re either using it in the form of BankingTech, Paytech, Regtech, Lendtech, Wealthtech, or a Insurtech.
Bankingtech
leverages technology to deliver both the core banking, digital banking, and customer service solutions to customers. With this category of Fintech brands, you can access all banking services while walking barefoot around your house.
According to Opay, it provides a wide array of financial services to its customers in an easy, accessible and secure way. Opay serves a customer across 50 countries.
Paytech
payments technology is the processing of payment transactions and using technology. Paytech generally covers people paying for items with their credit cards, but it has evolved beyond that. Wearable paytech devices are the new cool and they promise to become more common place in the coming years.
Take Disney World for example, their MagicBands allows visitors to fulfil financial transactions with the plastic wrist bands
Lendtech
Lending technology focuses on making loans available to people online. Most Lendtech brands facilitate peer-to-peer lending between everyday people. However, lendtech is evolving beyond simple peer-to-peer lending. C2FO helps vendors and companies receive payment for their goods and services on time.
As a supplier with C2FO, you can receive your payment early instead of waiting for months to receive it. They do this by making your money available earlier than your client would normally pay. for getting your payment early to invest it into more profitable ventures, you part with a small fee.
Regtech
Regulatory technology helps firms manage risks and enhance their regulatory and compliance processes online. in this class of fintech, we have ComplyAdvantage leverages AI, ML, and natural language to organizations manage risks and obligations. ComplyAdvantage screens and monitor customer and analyze transactions for risks to protect businesses.
Wealthtech
Wealth technology enables people to make investment decisions and manage their wealth online, with the aid of computer programs that leverage machine learning and artificial intelligence.
Wealthtech brands specialize in Robo-advising, Robo-retirement planning, digital stock brokerage, and micro-investing.
InvestSuite provide investment solutions that help B2B businesses like brokers and wealth managers deliver satisfactory services to their clients. While Cube Wealth helps busy professionals make the best investment decisions.
Insurtech
Insurance technology empowers insurance firms to create, distribute and administer insurance programs to people using technology.
Zego ensures makes insurance affordable and easy for business to help them to “reach their full potential.”
Wrapping Up
Most fintech solutions cam make managing your finances tremendously easier. There is practically nothing you cannot do from the comfort of your computer or mobile devices these days. And the dice of innovation is still rolling.
That’s it. I’m buzzing to hear your perspectives about any aspect of this Fintech opportunities.
DISCLAIMER: I have not used the services of these brands, neither have I worked with them. So, I can’t speak to the quality of these services in any way, shape or form.
I have mentioned them solely for educational purposes.
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