'8 FinTech Software Development Startups to Watch Out for in 2022' fintech fintechtrends
Today, new technologies are changing the financial services industry by actively displacing traditional components and business models. The integration of new financial solutions allows us to change the structure of consumption, reduce the cost of certain functions, increase the efficiency and quality of services, as well as significantly influence the sustainability of the core business.
The growing demand for innovative financial products and services, in particular, from the population that does not use banking services or is dissatisfied with the quality of services provided by traditional financial institutions, is one of the most significant factors in the development of the financial market.Small and medium-sized businesses need simple financial solutions and cheap maintenance.
Such FinTech technologies provide accumulated information about each individual and corporate user , which are then analyzed to improve decision-making algorithms based on large amounts of reliable information. This will lead to an increase in financial service commercialization, where transactions can be carried out without human intervention.
The growth of global e-commerce leads to an increase in the number of transactions, in particular cross-border ones, which then leads to an increase in the demand for financial solutions that would reduce the time and costs required for proceeding with such transactions. Thus, the increase in online trade turnover is affected by the development of payment services , and the appearance of customer lending services.
This Swedish startup has the potential to compete with PayPal. Klarna's mission is to make payments easier. Service users do not need to register to make a purchase – they just enter their email and zip code. The order can be paid within 14 days after receiving it. This payment method can be in demand for both online and offline stores. The system of instant payments allows self-employed people to instantly receive money to their cards without paying tax penalties. This could also make it possible to pay utility bills using a QR code in any user-friendly mobile bank that has an instant payment system.This is not just an application, but an entire ecosystem with every possible service - from financial to lifestyle.
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