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10 Major Fintech Categories

Fintech is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. FinTech is an emerging industry that uses technology to improve activities in finance. it is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing services and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.

10 Major Fintech Categories

Payment is the trade of value from one party such as a person or company to another for goods or services, or to fulfill a legal obligation. Payment can take a variety of forms.  payment methods used in a modern business context include cash, checks, credit or debit cards, money orders, bank transfers, and online payment services such as PayPal.

International Transfer is an electronic transfer of funds in a specific currency and amount, to a friend, relative, or company overseas. The person or company you are paying is known as a beneficiary. Make an international bank transfer online

  • Find the wire transfer section on your bank’s website. 
  • Double check your online transfer limit. 
  • Enter the recipient’s bank details.
  • Enter the amount and choose the currency you want for the recipient bank. 
  • Pay the transfer processing fee.

Wealth management is a high-level professional service that combines financial and investment advice, accounting and tax services, retirement planning, and legal or estate planning for one set fee. Some wealth managers also provide banking services or advice on philanthropic activities. Wealth management is the consultative process of meeting the needs and wants of affluent clients by providing the appropriate financial products and services. Wealth management entails coordinating a team of experts to address the needs and wants of affluent clients

Lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. Acting as a provider of loans is one of the main activities of financial institutions such as banks and credit card companies.

Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. The Benefits of Crowdfunding

  • It’s more efficient than traditional fundraising.
  • It’s a place to build traction, social, proof, and validation. 
  • It’s an opportunity for crowdsourced brainstorming to refine your idea. 
  • It gains you, early adopters and loyal advocates. 
  • It doubles as marketing and media exposure.

Big data and analytics refer to data sets that are too large or complex for traditional data-processing application software to adequately deal with. Data with many cases offer greater statistical power, while data with higher complexity may lead to a higher false discovery rate. big data analytics is the often complex process of examining large and varied data sets to uncover information including hidden patterns, unknown correlations, market trends and customer preferences that can help organizations make informed business decisions.

Insurtech is a portmanteau of insurance and technology that was inspired by the term fintech. The belief driving insurance companies are that the insurance industry is ripe for innovation and disruption.

Digital Banking is the digitization of all the traditional banking activities and programs that historically were only available to customers when physically inside a bank branch. This includes activities like Money Deposits, Withdrawals, and Transfers. Checking/Saving Account Management.

Cryptocurrencies and Blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.

RegTech is a new field within the financial services industry that utilizes information technology to enhance regulatory processes. It puts a particular emphasis on regulatory monitoring, reporting, and compliance and is thus benefiting the finance industry.

 
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