What Exactly Is FinTech? Types, Benefits, and Examples (Included)

This is till the time that you want to make a big purchase like a house or a car and suddenly realize that you do not have enough savings in your account and are not eligible for a loan!

And no, you do not need to do any kind of hard work or number crunching as mobile application like Cleo – an AI based budgeting application will do the heavy lifting for you.The Global Fintech market is predicted to cross $300 billion by 2024.

The mouth-watering proposition of making a fortune in the Fin-tech mobile app sector has prompted many entrepreneurs to think about Fintech app development.

This is because this AI-powered Fintech app is the new poster boy of the Finance & Technology domain.What is Cleo app?Cleo is an artificial intelligence-based financial-technology app that helps the users in accomplishing their budgeting goals.The beautiful thing about Cleo is that when a user asks questions related to their bank accounts and payment details, the AI-enabled chatbot of the app answers the questions in an easy to digest manner.

For example, if a particular user asks how much did he/she spend on clothing past month, then Cleo will send the user a detailed spending report containing the date, transaction time as well as the name of the merchant.Because of the read-only method employed by Cleo, only the user can withdraw money.

To avoid privacy issues, Cleo never saves the credentials of the users on their servers, and they even encrypt sensitive data like transaction history and personal information.Cost to build an AI-based fintech mobile application like CleoThere are many factors based on which the fintech app development cost matters.

According to the new market research report by IndustryARC titled “FinTech Market: By Technology (Application Program Interface, Artificial intelligence and Block chain); By Type of transaction (Digital transaction, business finance and personal finance); By Sector (Lenders, payments, wealth management, financial institutions, insurance and others) & By Geography - Forecast(2018 - 2023),” the market will be driven by opportunity to expand products and services in financial institutions with strong focus on data analytics and mobile technology.North America Dominates Major Share in FinTech Market:North America is the leading holder of shares in FinTech market analysis.

Silicon Valley in New York and London are the leading world in FinTech Locations for the year of 2017.To access the full report, click the link below:https://industryarc.com/Report/18381/fintech-market.htmlSelected Solution Analysis Done in the FinTech Market Report:The market is segmented into technology, transaction type and sector.The report analysis on sector segment states that, utilization of technology in business processes is helping to enhance its performance.

Selected Driving Factors Mentioned in the Full Report:• High compatibility with financial services ecosystems and rising crypto currencies market will cap faster transactions and expected to boost the growth in FinTech market.• Demand in distributed ledger technology, has reduced the total cost of ownership, transparency and immutability, and faster transactions would fuel the market growth.Key Players of the FinTech Market:Accenture, IBM, Microsoft, Oracle, Red Hat and SAP are the major players in the FinTechMarket.

Accenture is known for its platform likes Blocko, CoverGo, FutureFlow, Sherlock Garden and others are utilised under blockchain infrastructure, insurance, and financial crimes.

FinTech Market By Geography (16+ countries)Related Reports:A.

Bitcoin Payment Ecosystem Markethttps://industryarc.com/Report/46/global-bitcoin-payments-ecosystem-market-analysis.htmlWhat can you expect from the report?The FinTech Market Report is prepared with the main agenda to cover the following 20 points:1.

The fintech market comprises sales of technology and platform-based financial services and some other related goods.

In 2019, the global fintech market reached a market value of around $111,240.5 million and is expected to grow to around $191,840 million in 2024, $191,840 million in 2025, and around $325,311 million in 2030.Stash, a fintech company, acts as a personal finance application for its users offering a variety of products for investing and saving purposes.

It provides valuable financial education to the users through its educational content and support.

During the signup process, Stash asks many questions from the user to determine the user’s level of risk tolerance as well as individual’s financial goals.

Depending upon the plan the user chooses, he/she can also open an individual retirement account (IRA) or an investment account for his/her kids.Consider yourself as a user and that you have chosen a subscription plan of Stashinvest to get started.

Now, you can add money to your Stashinvest account, automatically.

OVO - CB Insights noted that PT Visionet International (OVO) is the unicorn of Indonesia.

Company financial technology (fintech) payments that recorded a startup bervaluasi more than US$ 1 billion since March 14, 2019.

Valuation OVO according to the report of CB Insights titled ‘The Global Unicorn Club’ to reach US$2.9 billion.

"I think already," he said in an interview with CNBC Indonesia TV on January 31, 2019 ago.

We are focusing on the consumer,” he said on the sidelines of the Fintech Summit, the end of last September.

"We still focus on how the nih of our customers, users, partners and others, we can serve them first," he said, some time ago (13/2).

India has one of the best markets for fintech innovation.

The best way to find out which fintech companies in India are best is to judge them on the basis of funds raised by them, and EDUVANZ is one amongst the Top fintech companies in India. 

Fintech startup known for popularizing trading and investment among the newer generation, Robinhood, in its latest funding round has secured another $320 million.

The fintech news arena states that this round was backed by new as well as existing investors and now the valuation of this investment firm has gone up to $8.6 billion.The latest funding round witnessed participation of investors such as TSG Consumer Partners and IVP.

The total fund raised by the digital brokerage firm went up to $600 million in a span of two months.The firm has benefitted from an increase in day trading which was a result of consumers that were stuck within their homes during the lockdown impositions due to the Novel Coronavirus pandemic, which has been analyzed by analysts that have been tracking the firm and have linked this surge and funding round to a precursor to an IPO (initial public offering).Some of the analysts and traders are attributing rallies of between 300% and 500% in stocks of either soon to be bankrupt firms or bankrupt firms such as Chesapeake, JCPenney, Whiting, and Hertz to retail investors that use the investment platform of Robinhood, that has over 10 million users.In the previous month, the company stated that it might make it tougher to qualify to perform sophisticated options trading on its investment solution platform and will also make improvements to its user interface.The Menlo Park, California-based fintech has witnessed outages particularly on days that experience high trading volumes.To know more about such fintech news and updates, follow the fintechbuzz.

Fintecbuzz delivers regular content in several forms, related to daily happenings in the fintech industry.