Fintech Apps are growing fast. What you should know about them?

Fintech apps are talk of the town these days and future looks bright

These days, we are hearing a lot about Fintech apps especially in business circles. Experts of the industry have noticed there is a growth of 30% in finance apps in the recent years.

Fintech is something that is worth understanding about. While Fintech have once been limited to PCs, the term now has a broader sphere of influence. Mobile payments, crowdsourcing and even social media platforms have become part of Fintech revolution.

Fintech apps are appealing as they grew up with mobile devices. However, it is not the perspective on financial markets that made it possible, but the convergence of technology that enable companies to analyze information in new ways.

In this post, you will know everything in detail about Fintech revolution. After reading this post, you will understand — What is Fintech? Why it is important? What are its advantages? And what is the future of Fintech?

Let’s get started……….

What is Fintech?

Global investment in financial technology has exploded in the recent years, making the Fintech apps a multi-dollar industry. However, it is still dominated by companies that offer financial services and products. Banks are of course the major users of this technology. However, Fintech apps are changing the way financial institutions interact with their customers. The proliferation of Fintech apps has a great impact on the society, like — reducing the price paid by the customer, increased competition, easy access to financial services etc.

Now, the question is — who is active in Fintech and why? There are many startups and traditional finance companies that have invested in Fintech. Some companies integrate Fintech into their existing products/services, while others invest Fintech solutions in their own incubators.

Fintech apps are very diverse and range from mobile payments to budgeting. The most popular categories are — personal loans, automated investing, credit monitoring, budgeting, processing payments and cryptocurrency operations.

What is the advantage of Fintech?

Fintech apps has many advantages over traditional financial practices

Fintech has leveled the financial industry, making financial services accessible to common people. Finance Technology made it much easier and cheaper to bring investment advice to common people. They are depending on different information, looking at things that traditional financial institutions never looked into. All this could not happen without powerful software and computer systems.

The number of players and services is plentiful in Fintech that include –banking, borrowing, investing, saving, purchasing, mortgages etc, giving new options to consumers.

Why Fintech solutions are important?

A recent report estimated crowdfunding to have potential market value of $1.2 trillion, making it the largest Fintech vertical. Not only this, Fintech apps have changed the way consumers view financial services. Today, customers expect banking transactions to seamless, quick, convenient and secured. Delays and inconvenience is no more accepted in the world of finance, as digital technology took it beyond customer expectation. Businesses that are able to match this expectation are overtaken by agile competitor.

What is the future of Fintech apps?

Here are the trends that are the best bets and we can expect the future of Fintech apps in these trends in coming years.

· Mobile transactions

· Biometric security

The other growing trends like — always-on economy, on-demand services, Internet of Things (IoT) etc will continue to boost the growth of Fintech. We can expect more financial institutions to use the power of big data. There will be a great collaboration between traditional banks and Fintech apps in the coming years. Thousands of businesses may get on board with the revolution of Fintech apps in the upcoming years.


The retail industry is triggered by a number of factors. Earlier, consumers wanted Omni-channel solutions that offer seamless convenience. Moreover, merchants want lower cost payments and easy integration with value added applications. To meet the ever-changing demands of consumers and merchants, new technologies and digitization initiatives are reinventing traditional financial approaches. These forces are altering the payments space, leaving more room for Fintech solutions.

There is no doubt that Fintech’s emergence as a worldwide phenomenon has been sparked by strategic investment and tremendous growth. It is driven by payments, data analytics, lending and crowdfunding. Overall, the merchant payment services, infrastructure and new payment categories have received largest investment and are dominating the Fintech landscape.

Do you use any of the Fintech services? Share your experiences by commenting below. If you are interested in building Fintech mobile apps, contact us today! You can also send in a Request for Quote or email at

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