Fintech technology has brought innovations in the Fintech Software industry, which includes the ever-expanding integrations between finance and digital technology. These integrations mainly seek to automate and improve the use and provision of services to fintech software companies and consumers.
Previously, Fintech services were limited only to laptops and desktops, but now they are also increasing on smartphones. In the United States, 64.0% of millennials and 59.0% of Gen Xers are using a banking application on their smartphones.
The Fintech landscape has a wide range of applications that are diverse and growing with technical advancements in areas including insurance technology, Blockchain, digital banks, and lending platforms.
Different types of Fintech software available in the market in 2020 are listed below:
-> Insurance (InsurTech)
-> Cryptocurrency and Blockchain
-> Payments Gateways (for financial software development company)
-> Regulatory (RegTech) (for financial software development company)
-> Peer-to-Peer lending/Crowdfunding