Financial technology is simply the latest innovation and technology, which aim to supersede current traditional financial techniques in the provision of financial solutions. Financial tech is an emerging market, which makes use of modern technology to enhance financial activities in banking. A number of players are coming forward into the field to take advantage of this fast growing market. With more people demanding for better solutions for their personal finances, the need for financial tech solution is also rising with every passing day. In order to make the transition easier for the people involved, this article will discuss some of the major players in this field.
The most prominent brand in the financial technology fintech sector is Cash Value Investing (CVI). This company provides an online investment platform for consumers through the use of their credit cards. They allow people to invest money in different financial instruments such as GIC’s, mutual funds, bonds, stocks etc. They back-end the process by providing investors with efficient advice on the best investment options. Financial institutions, insurance companies and other large corporations use CVI for their back-end investing.
Another firm that has made a remarkable mark in the financial services industry is Quicken Loans. They provide consumers with financial solutions through their mobile banking apps. This brand is aimed at helping consumers manage all their financial transactions, from paying their bills to saving money on their monthly expenditures. Moreover, they also make it possible to repay debts via the use of their loan app. Consumers can choose from the various options provided by the company such as the no-cost, low-fee, or interest-free loans which come with various terms and conditions.
Apart from these two prominent firms, there are numerous others who have made a significant impact on the market. Popular among them are AEX Bank, BBVA Bancomer, BPI Direct, CMS Lending, CMC Financial Services, Equifax Inc., Fidelity Investments, Golden Rule Financial Services, KnightRank, NorthPoint Realty, Simply Loans, Security Credit USA Inc., and The Westgate Properties. These banks have enabled consumers to manage their finances in a more convenient way. They have reduced the friction associated with traditional banking and have allowed consumers to work their way through the various financial options provided by these banks. Many of these banks are backed by major US retail chains. They also offer online banking to make transactions simple and fast.
A new trend emerging today is that consumers use fintech for financial services institutions. They first use traditional banking to open a savings account, then apply for a mortgage loan or apply for credit cards. Consumers generally do not go in for a traditional financial service institution after completing these basic steps since they are aware that fintech offers an easier option to complete these tasks.
The main reason why traditional banks are increasingly offering services like these is because of the huge profit margins available to them from these services, but also because they can gain additional customers by offering more services and products to their existing customers. The popularity of these financial institutions is further bolstered by the fact that many biotech companies have raised over $1 billion in venture capital, so there is little impetus for them to limit these endeavors to just services. They are seeing the potential of this type of business to create huge profits for themselves over time. The fact that a majority of these fintech companies are backed by big US corporations only strengthens the case for consumers to patronize these financial institutions.