Fintech is a new financial industry that makes use of technology to improve financial activities. To understand fintech better, this article will discuss some of the sector’s four main areas.

Fintech is the short form for financial technology which refers to the segment of technology startups disrupting financial services sectors like asset management, lending, payments, money transfers and fundraising. In essence, fintech is a new financial industry that makes use of technology to improve financial activities. It includes the new processes, applications, business models or products in the financial services industry composed of one or several complementary financial services provided as end-to-end services through the internet. To understand financial technology better, we propose to discuss some of the sector’s four main areas.

Innovation in the payments sector has led to significant transformation. Fintech payment has seen the unbundling of some financial services. Consequently, non-bank players are now venturing into the foreign exchange sector and maximizing on the available cost-saving opportunities. The establishment of market standards and industry wide initiatives like SEPA and TARGET2 have led to more innovations in the corporate and wholesale payments sectors. Fintech payments is wide and encompasses;
  • Mobile wallets
  • P2P mobile payments
  • Foreign exchange and remittances
  • Real time payments
  • Digital currency solutions
  • Subscription economy
Ernest and Young reports that the gap between customer expectations and traditional wealth management institutions provides an opportunity for fintech startups to fill the gap. The rise in the number of people using mobile phones in doing business, especially so in the third world countries, has significantly helped fintech startups to exploit areas of dissatisfaction and underinvestment. Fintech wealth management is also wide and includes;
  • Mobile computing
  • Cloud computing
  • Advanced analytics
  • Robo-advising
In fintech cloud computing, computing services are delivered over the internet as opposed to computing services hosted on personal networks on personal premises.  Cloud computing services could be as simple as internet based emails or as complex as advanced customer relationship management applications. Fintech cloud computing services can be offered as;
  • Infrastructure as a Service (IaaS)
  • Software as a Service (SaaS)
  • Platform as a Service (PaaS)
Fintech debt management is the application of financial technology in debt management. Instead of the traditional debt counselors, fintech debt management uses programmes that customize your situation as a debtor to suit your income. The programme allows you to view all your debt balances, interests and the years that you will spend paying off. You can add new creditors and remove existing ones as need arises. Fintech debt management also includes online and mobile debt counselling services.
Fintech user experience (UX) design has improved the accessibility and usability of financial services leading to more customer satisfaction. In addition to the traditional human computer interaction design, fintech UX design encompasses other aspects of fintech products perceived by users. Elements of fintech UX design include;

  • Visual design
  • Interaction design
  • Usability
  • Accessibility
  • Information architecture
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