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How Fintech Apps are Changing Financial Services

By Finserv MARKETS - Feb 3,2020
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Fintech apps are changing Financial Services

With the development of Fintech apps, the financial services industry is going through major innovative changes. The advancements in financial technology have provided us with ATMs (Automated Teller Machine) and swipe machines to online and mobile banking, mobile wallets, and automated bill payments applications. There are Finance apps that help you manage your finances and stick to your monthly budget. This will help you in making better financial decisions for future savings and investments.

Let’s have a look at some of the best and major financial services; which are reshaping due to Fintech applications.

1. Application/software for billing and payments

Before fintech, the credit card companies, banks, and financial giants had complete control over the payment & transactions. But the introduction of digital payments and online billing applications have changed the game completely. Digital payments have converted the traditional cash-based operations into the cashless ones which are comparatively more convenient and accessible.

The two major sectors for digital payments and billing solutions are as follows:

2. B2B payments

Security, accuracy, and flexibility has been a huge challenge to B2B payments and crosses border transactions; there are technological solutions that assist businesses in achieving secured money transactions and payments. Some of these tech platforms include-

  • Customized & private Block chain with the most security & transparency.
  • E-invoice platforms for faster payments, approvals, and processing.
  • Payment management platforms that offer a wide variety of payment methods or wallets.
  • Mobile B2B platforms for faster digital payments and enhanced data management.

3. Digital Banks

Banking service applications have made it easier for consumers to perform banking activities online. Innovations like AI (Artificial Intelligence), biometrics, voice and face recognition, online banking improves customer engagement. Acknowledging the digital mode, online banking is extremely cost-effective as it attracts a cost of having physical premises and delivers convenience to its customers. Since this branchless concept is different from other types of banking, it significantly reduces the cost.

4. Mobile banking apps

Many industries have started to venture into digital modes/ platforms for their services, the financial sector has entered the mobile banking phase too. Nowadays, everyone prefers to get banking services from the comfort of their home. Technology has made it easier to carry out online transfer money anytime and anywhere. Mobile banking applications offer all banking operations at your fingertips with secure logins and complete access to your financial data.

5. Money remittance/ Money transfer

Many companies allow its users to transfer money to more than 100 countries and the receivers can get the amount via bank deposit, cash picks up counters, mobile money or at times even delivery. Money remittance/transfer solutions make the whole money transfer process less time consuming, less expensive and in fact, it does not even ask for actually sending funds abroad. This is where P2P comes to the rescue. P2P is one of the best and developing Fintech trends to invest in. This platform links the digital wallet of individuals both the sender and the receiver. P2P lending apps use machine learning to understand and spot borrowers who do not deserve loans based on their CIBIL Score.

6. Personal Finance Apps

Personal finance management apps have made it easier to manage your finances. With finance apps you can make a quick bill payment, shared expenses, managing subscriptions amount, debt payoffs or any other wealth management functions; PFM applications all at your fingertips. Personal finance apps allow its users to pull all of the personal money accounts together and lists personal finances in form of data visualization, categorization, and your overall spending habits.

Though with more technology in use there is a need for enhanced security precautions. But in the end, it is safe to say that Investment in the Fintech sector is going to reap good results in the future. There are numerous companies providing finance apps. One such application is the Finserv MARKETS app. You can avail personalized choices for Loans, Cards, Insurance, investments & UPI Payments along with No Cost EMIs. Also, making it easier for you to send & request money from friends and pay merchants and all your phone & electricity bills online.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition–Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522