5 FinTech Examples Transforming Everyday Life (2024)

FAQs

What are examples of fintech in everyday life? ›

Examples of fintech applications include robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others.

Financial institutions such as Wells Fargo adopted fintech tools that allowed people to monitor their accounts online as well as conduct transactions without going into a bank. Today, pulling up your bank app to check your balance or transfer money is the norm, and it's all thanks to fintech.

Another fintech category is apps that allow users to do things like trade stocks or cryptocurrencies. Robinhood and Coinbase are classic fintech examples that allow users to quickly and easily make a wide variety of investments.

Fintechs are companies that rely primarily on technology and cloud services—and less so on physical locations—to provide financial services to customers.

Due to their convenience and speed, digital lending and credit has become an example of a fintech solutions. Customers can quickly apply for loans and receive an approval with digital lending.

The financial ecosystem has been changing significantly due to fintech, and this has significant implications for financial inclusion. Fintech is bringing about change by making it easier for underbanked and unbanked populations to obtain financial services.

Fintech offers banking services to people in remote communities. Mobile banking and digital payment platforms are bridging the gap for those far from bricks-and-mortar banks, offering essential services like money transfers, bill payments and savings accounts.

What are the impacts of fintech? The main impact of financial technology is the automation and convenience of financial services streamlining money management. Digitalization has changed different areas of finance, including payment methods, personal finance, savings and investment, insurance, and wealth management.

Fintech Meaning

The fintech industry includes everything from payment processing solutions to mobile banking apps, all of which are designed to improve the financial lives of consumers and automate the financial operations of businesses.

Is PayPal a fintech? ›

As a leading global digital payment leader for 20 years, PayPal (NASDAQ:PYPL) stands out among the rest. PYPL stock has gained international recognition as a top fintech stock to own for the long term.

It is also increasing the affordability of financial services and making them available from anywhere in the world. Moreover, fintechs can help governments provide financial services to people who lack access. Recent advancements in fintech have proven to be very beneficial for aiding public sector growth too.

Fintech has an employee rating of 3.7 out of 5 stars, based on 128 company reviews on Glassdoor which indicates that most employees have a good working experience there. The Fintech employee rating is in line with the average (within 1 standard deviation) for employers within the Finance industry (3.7 stars).

Fintech companies offer a variety of services, including payment processing, lending, investing, and insurance. They are often able to provide these services more efficiently and at a lower cost than traditional banks, due to their use of technology.

As a leading global digital payment leader for 20 years, PayPal (NASDAQ:PYPL) stands out among the rest. PYPL stock has gained international recognition as a top fintech stock to own for the long term.

Fintech, a combination of the words “financial” and “technology,” refers to software that seeks to make financial services and processes easier, faster and more secure.