Insurtech
Online insurance is a comparatively new branch of fintech. It is far more flexible than classic insurance services. Web- and app-located insurance services provide insurance for both long-term and short-term periods. Months or years, weeks, days, or even hours – not a problem. Insurtech is a great up-to-date solution for the modern age!
Online-banking
Another child of the modern era is online- or internet-banking. Delivered through web pages or native applications financial services are actively replacing traditional banking nowadays. Thereby fintech products for banks are in great demand. Online banks are becoming a thing, successfully competing with old-fashioned banks in their purview. Of course, common banks have started using banking apps lately. It doesn’t make them online banks though. Online banks and other web-based financial institutions are not yet so popular among people. Although, traders and self-employed people have appreciated their advantages.
Lending and mortgage
Mentioning fintech online banking we cannot ignore online lending. Lendtech is another part of fintech that is changing economics forever. Online lending and mortgage services aren’t banks, however, they can provide fast credits without extra time waste.
Paytech
If there is any kind of fintech service everyone uses, it is surely paytech. This kind of web service is used both in P2P, P2B, and B2B relationships. Lots of those services don’t even demand your bank account data. There is a lot of paytech software nowadays. The most famous and popular are PayPal, Venmo, Google Pay, Cash App, and Zelle.
Blockchain and cryptocurrency
Undoubtedly, cryptocurrency is a big game-changer of modern global economics. With hundreds of cryptocurrencies exist and trillions of dollars being invested in the most popular of them such as Bitcoin and Ethereum. Why is cryptocurrency so important? It is a fast, safe, and ‘invisible’ way to transfer your money worldwide.
Personal finance
Another major class of the fintech market is personal finance. This tech replaces old-fashioned financial advisors via numerous apps. Those apps are usually maintained by fintech advisor companies. Some personal finance companies advise 24/7 on budgeting. Others may also help you with saving money for retirement as long as providing other money-management assistance.
RegTech
If there is a financial market something has to protect, expand and regulate it. Another branch of the huge fintech tree – regtech. It is a system of cloud-based software from different companies that provide various financial services. They aim to shorten expenses and make financial operations quicker and more efficient. Machine learning and data analysis are the core of regtech.
Crowdfunding
There are a lot of web platforms for crowdfunding nowadays. Such services as Kickstarter or Patreon have gained popularity in the past years. They are convenient for raising money for independent content creators and for precise projects that would never make it without public or other financings. Thus, fintech improved not only economics itself, but also culture and science. Lots of young artists and scientists have engaged budgets they would never be able to without crowdfunding. The list of the projects to appear is impressive: blockchain techs, video games, TV series, medical tech, eco-tech, etc.