FinTech Software
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What is FinTech Software?
FinTech is a broad umbrella category of software products and services that employ technology in innovative ways to improve or compete with traditional financial services. This software offers attractive rates and fees, ease of use, convenient access, and better service. Leveraging the internet, mobile devices, and cloud services FinTech software has produced a revolution in the way businesses and people make payments, borrow, invest, and save money without the need for a traditional bank. FinTech software uses machine learning, AI (Artificial Intelligence), BI (Business Intelligence), and biometrics to help power its features and capabilities.
FinTech software is used for:
- Mobile Payment Platforms (smartphone payment apps, contactless payment)
- Personal Finance (mobile banking, budgeting, saving, investing, and borrowing)
- Stock Trading and Advising (Robo advising and trading)
- Blockchain and Cryptocurrency (payments, wallets, smart contracts, asset tokenization)
- Crowd Funding (fund-raising small amounts from many contributors)
- Lending
- Insurance (InsurTech - personalized insurance products for car, home, health)
- Regulatory, Compliance, and Risk (RegTech - managing risk, fraud, compliance, and regulations).
- Consumer Price Comparison
FinTech software is used by B2B, B2C, and individuals.
FinTech Software Features
The features offered by FinTech software products vary greatly depending on the type of services they provide. FinTech software products will share many of these features.
- 24-hour online availability
- Mobile access
- User-friendly apps
- Personalization
- Fully digital experience with no human intervention needed
- Virtual assistants and chatbot support
- Alerts and notifications through apps, text, or email
- Transaction history
- Analytics and Reporting
- Machine Learning
- Artificial Intelligence (AI)
- Business Intelligence (BI)
- Biometrics
- Software-as-a-Service (SaaS)
FinTech Software Comparison
Consider the following when purchasing FinTech software.
Use Case: FinTech software includes a wide variety of products and services, with many vendor offerings for each type of software. Products are scaled for businesses, industries, and individuals. Evaluating the products within the targeted service category will enable you to find one that includes the features, convenience, and price points you need.
Due Diligence: Depending upon the FinTech product, it is important to evaluate the security, privacy, performance, risk management, and compliance record of the FinTech company. For example, a community bank that is considering a FinTech partner would review Federal Reserve and FDIC recommendations for the partnership. Ascertain whether there are any regulatory issues related to the service and how you might be impacted by them. Certain crowdfunding efforts are now subject to regulation depending on how they are structured.
Pricing Information
FinTech software products can range from no cost to tens of thousands of dollars. Each type of service will have its own range of pricing. Pricing for enterprise-level products is more costly than for products that are satisfactory and sufficient for small businesses and individuals. Often these prices can be obtained from vendor websites, however, some products require obtaining a quote from the vendor. Free trials are available.
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Frequently Asked Questions
What does FinTech software do?
What are the benefits of using FinTech software?
What are the best FinTech software products?
These are some of the popular B2B FinTech software products.