The financial technology sector is growing and expanding at an astonishing rate. The sheer pace of change is impacting our lives more than we realise. It is deciding how we should conduct our daily lives. It is also impacting our spending patterns how we insure, save, and invest our assets.
The global FinTech industry was already prominent before the Covid-19 pandemic happened. Post covid-19, the world has witnessed forced lockdowns in 2020 and 2021. As of now, the combined value of the FinTech market is almost touching $310 billion. The number of companies and individuals affected by the rapid advancement of FinTech has increased beyond measure. Here we present a few examples that can help you provide valuable insight.
Table of Contents
1. Rocket Dollar: Alternative Retirement Investing
Up until recently, the standard measure for saving money for your golden years was to invest in an IRA. You would put your funds either in IRA or into stocks and bonds. You could also have used some combination of these three financial technologies.
We cannot deny that these investment vehicles are all tried-and-tasted. But not all of them gives you the same return on investment (ROI). Additionally, most traditional investment firms tend to follow a “wait and watch” approach to newer opportunities like financial technology.
Significant return on investment can be lost in the process of waiting as new offerings are springing up. Rocket Dollar is one such example. It is a leading alternative investment platform that can help you to pivot quickly and take advantage of newer opportunities in the market. You can use this service to invest in modern investment options like cryptocurrency, NFTs or start-ups or any other non-traditional mediums such as real estate.
Rocket Dollar clients use their retirement account funds to diversify their assets. This is always a good strategy since that hedges the risk of losing money from one place. They also take advantage by investing in ventures that are projected to reach profitability in the future, but their only liability is their newness. If you are a more adventurous investor to take pay for assignment help, it can be a high risk, high return strategy for you to jump into emerging markets and keep their assets agile.
2. Cash App by Square: Addressing FinTech Payment Safety Concerns
We are on our way to becoming a cashless society now. However, that wasn’t the case prior to 2010. However, the threat of serious ailments helped us focus on handling and exchanging cash for everyday purposes. As a result, people gradually understood the importance of instant cash, and many consumers who were reluctant at using debit cards started using them.
The simple steps of just entering a four-digit PIN into a keypad proved to be convenient. Gradually that led to the emergence of touchless transactions. The number of entries in the touchless transaction market now includes all the heavyweights like Visa, Mastercard, Google Pay, and Apple Pay.
But one app that quietly emerged as a leading player is Cash App by Square. Square has already established itself as a FinTech giant. But the feature that really sets them apart from the rest of the players is its third-party payment app. It is unique as it allows customers to make payments with both credit and debit cards. It even accepts cryptocurrencies like Bitcoin. In a world where we are concerned about data privacy, Cash App offers complete anonymity while making payments.
3. Samsung: Enhanced Reliability via Blockchain
Well-publicised data breaches do more damage to consumer confidence even more than a pandemic. So it’s safe to say that FinTech will focus more on prioritising privacy and security in the coming years. Consumers are getting more aware of their privacy and demanding that they must be able to control who can access their data to prevent asset and identity theft.
Blockchain represents an uncrackable method for moving money and assets around over the internet. Blockchain tech represents an immutable, shared, and permanent record of legitimate financial transactions. Linked with the help of a peer-to-peer network, blockchain is resistant to server failures. Modern investors love all these features, along with blockchain’s immutability. Blockchains enhanced security features proved sufficient to garner heavy investment from retail and tech giants like Walmart, J.P. Morgan, Microsoft, Amazon, and PayPal, among other big shots.
The South Korean tech conglomerate Samsung is worth mentioning for its early inclusion in blockchain tech. It has also shown us creative ways to bring new products and platforms to the market. Samsung has already rolled out an enterprise platform called Nexledger, which is powered and secured by blockchain. Samsung has also developed an electronic wallet for their signature Galaxy phones. The stock market has seen Samsung being able to boost its profits and reduce losses using blockchain technology. That is encouraging other major players to jump aboard the blockchain train.
4. YOLOrekt: Using Machine Learning to Gamify Stocks
Many people are still reluctant to embrace technological advances because of their notions and lack of proper knowledge. However, many people previously adverse about modern tech are now appreciating the convenience of smartphones. They are enjoying getting accustomed to devices that can “learn” interacting and makes suggestions based on the usage patterns.
YOLOrekt relies on this gamification of stocks to predict prices. As a result, this has attracted considerable attention in FinTech. This software is touted as the equivalent of “educated betting”. So, its outcomes are not guaranteed by any means. However, YOLOrekt’s interface is attractive, and that makes interacting on stock markets and bets simple and fun for all.
Parting thoughts:
The last two years have been fluctuating in terms of making any predictions about the market. The covid-19 pandemic demolished the entire financial system of the world. However, these four Fintech companies are showing the world new hopes in terms of gaining steam in the coming months and years. Consumers never want to miss out on any profitable investment options. They try to look for ways that “fits” into a traditional portfolio. They do not want to compromise their fund safety as well. But with the paradigm of investments changing, they are looking to do business with companies that protect their assets and privacy in spite of adopting the newer investment methods.
