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  • Home
  • About
  • Podcast
    • Summaries
    • Articles
  • Invoice Finance
    • Basics
      • What is Invoice Finance?
      • What is Reverse Factoring?
      • What are Trade Receivables?
      • What is the Cash Conversion Cycle?
      • What is Days Inventory Outstanding?
      • What is Days Sales Outstanding?
      • What is Days Payable Outstanding?
    • Advanced
      • Invoice Validation and Fraud Detection
      • Reasons Why Invoice Finance is Better than a Bank Loan
      • How to Choose the Right Factoring Firm for Your Business
      • A Closer Look at Factoring Agreements
      • What is Trade Receivables Securitisation?
      • Breakdown of the Costs for Factoring
    • Factoring
      • Why Companies Use Invoice Factoring
      • What Companies are Suitable for Invoice Factoring?
      • Factoring and Invoice Discounting
      • How Factoring Works
      • Asset Based Lending
      • Is Factoring Right for Your Company?
      • Accounting for Factoring
      • How a Company Enters into a Factoring Agreement
      • The Costs Involved in Factoring
      • Changing Factoring Company
      • The Relationship Between the Factoring Company and the Debtor
      • Legal Aspects of a Factoring Company Pursuing Payment Through the Courts
      • Factoring in the Construction Industry
    • Fraud
      • Types of Invoice Fraud
      • How to Combat Invoice Fraud
    • E-Invoicing
      • Legal Status of Electronic Invoicing
      • The Benefits of E-Invoicing
      • Implementing an E-Invoice System
      • E-Invoicing Adoption in Mexico and The Rest of the World
  • Brokers
    • UK Brokerage Firms
  • Factoring Firms
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      • UK
      • France
      • Germany
      • Italy
      • Spain
      • Holland
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      • New Zealand
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    • UK Fintech
    • Articles
      • Enhancing Fintech Interoperability: Digitalizing Trade Documents for Efficiency and Security
      • The 7 Types of AI and Their Implications for the Future
      • Transforming Trade Finance: The Role of AI
      • The Different Programming Languages Used in Fintech Companies and Financial Institutions
      • UK and US Authorities Intervene in AI Sector
      • Web3 Applications and the Future of Trade Finance
      • What is Web 3?
      • What Can Fintech do for You?
      • What is Fintech?
      • Tokenisation of Finance
      • Payment Services in the Invoice Finance Sector
      • What is ChatGPT and Why the Fuss?
  • Rating Agencies
  • Securitisation
    • Deal Arrangers
    • Book Runners
    • Articles
      • The Roles of Deal Arrangers and Book Runners in Securitization
      • What is Trade Receivables Securitisation?
      • The Appeal of Trade Receivables Securitisation
      • Risk Mitigation for Trade Receivables Securitisation
  • Legal
    • Law Firms
    • Articles
      • A Guide to Accounts Receivable Purchase Agreements and Invoice Discounting Agreements
      • The Challenges of KYC and AML Checks
      • What is The Model Law on Electronic Transferable Records (MLETR)?
      • Snapshot of Factoring Legal Schemes in England and Wales
      • How are UK Factoring Firms Regulated?
      • What is ISO20022 and Why is it Important?
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      • Economic News for 2022
      • Financial Crisis or Not?
      • Credit Suisse Bailout
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      • Credit Insurance in Trade Receivables Financing
      • The Benefits of Credit Insurance in Invoice Finance
      • Eligibility Requirements for Capital Relief by Using Credit Insurance
      • What are Export Credits and Country Risk Classifications?
      • How the War in Ukraine Affects the Price of Credit Insurance for Trade Finance
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Home Fintech

What Can Fintech do for You?

John Goodden by John Goodden
February 7, 2023
in Fintech
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Download file | Play in new window | Duration: 7:04 | Recorded on January 24, 2023

While many people, young and old, will be aware that fintech exists and is probably something to do with Paypal and online banking apps, they might not be aware of the range of services that fintech can now provide for its customers. Below is a look at the variety of financial technology that can be used from a smart phone or laptop.

Finch

Finch is an Australian company founded in 2017. To quote their website the goal of Finch is:

“To better understand our customers, we developed proprietary machine learning models and matching algorithms to analyse behavioural patterns in transaction data. In solving this challenge for ourselves, we discovered our potential to solve it for the financial industry at large, with what is now known as the FinchXP data intelligence platform.”

Essentially, the app follows and learns from the user’s financial actions and uses this data to offer personalised financial products for the customer. It also allows you to split bills with your friends.

Emma

Emma is a UK based company that has made an app that consolidates all the user’s accounts into one display showing your current account and saving accounts, as well as your monthly bills and breakdown of expenses. It even roots out any monthly subscriptions that you might have forgotten about. As with Finch it is a financial tool that seeks to draw information together to allow users to make better informed financial decisions.

Dave

This is an app which has championed the working class of the USA. It is called ‘Dave’ after the story of David and Goliath, the original story of the underdog taking on a massively advantaged opponent. The app provides interest free payments to cover the days between pay checks when money is scarce. It also gives overdraft protection.

Cuvva

This is a neat app that lets the user set up instant car insurance that starts at 1 hour. If you need to borrow a friend’s car for a couple of hours than Cuvva has you covered. And no problem with extending the cover if you’re stuck in traffic. Moreover, your driving doesn’t impact on your friend’s no claims bonus. For those that subscribe they can use the app to monitor their driving and get rewards for safe driving with discounts on annual car insurance rates.

CreditKarma

This is a US based company that has over 100 million users in America, Canada and the UK. It gives free credit score ratings and allows for users to see their chances of approval for loans, credit cards etc. without impacting their credit score. It also matches its users with the most suitable credit offers on the market.

Braintree

Braintree offers important financial technology for website owners looking to take online payments for goods and services. It integrates with PayPal, Venmo (in USA) and credit cards to provide the same painless payment processing that big tech giants like Amazon and Ebay enjoy. This fintech opens up e-commerce possibilities for millions of fledgling businesses. So far, Braintree offers services in 45 countries over 130 currencies making it an impressive piece of global fintech.

Lemonade

Lemonade is a US company that is a licensed insurance provider. It offers cheap home insurance by replacing brokers with bots and machine learning. It is paperless and gives immediate decisions. Lemonade uses its gains from underwriting home insurance for charitable causes. Low fees and a commitment to helping society shows how fintech can be a social good.

Penfold

Penfold is a UK company that provides pension plans to nearly 4 million freelancers in the UK. Freelancers are not in the state pension scheme and so have to make their own provisions for after their working life. This smartphone app monitors the user’s incomings and outgoings and makes affordable payments to build a pension nest egg.

Robinhood

This is a piece of fintech that has quickly captured a large share of the stock broking services market. Before you had to pay a broker a commission or a retainer to access the ability to buy and sell shares. This mobile app allows users to buy and sell shares for zero fees. Robinhood has broken the monopoly that banks and trading houses used to have as intermediaries collecting fees for buying and selling shares on behalf of their clients. Stock trading is no longer just for the wealthy thanks to Robinhood.

eToro

This is a famous app that came from Israel. It is an app for the phone or laptop that allows users to buy and sell shares and cryptocurrencies using automation for low fees. This gives users access to a wide range of assets for investment. You can buy just a few dollars’ worth of Amazon shares or a fraction of a bitcoin. The app has a handy function that allows you to copy the strategies of the most successful investors using the app.

Summary

The main thrust of fintech as seen above is to provide cheap, real-time banking services. Often fintech apps target those normally excluded from banking facilities. This is because of a lack of financial history or suitable means of ID. Fintech has pioneered many clever alternatives to establish identity and remove barriers to financial services. These barriers often prevent the world’s poorest from having access to cheap loans, insurance and other financial services.

Another aspect of fintech is that it monitors user activity in real time and uses AI and machine learning to learn about the user and suggest suitable products. In the case of Cuvva, smartphone technology is used to monitor location and movement; it is also used to provide automated assessments about driving skills.

While fintech at present has offerings that cluster around simplifying paying, saving and applying for loans and insurance the potential for this technology to disrupt traditional financial sectors is huge. With the advent of custodial wallets, Web 3.0 and blockchain technology we are seeing a new generation of fintech that is more secure, more decentralised, more affordable and potentially more profound in its impact on society.

Tags: Braintreebuying sharescar insuranceCreditKarmaecommerceEmmaeToroFinchfintechhome insuranceLeLemonadePenfoldRobinhood
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  • Home
  • About
  • Podcast
    • Summaries
    • Articles
  • Invoice Finance
    • Basics
      • What is Invoice Finance?
      • What is Reverse Factoring?
      • What are Trade Receivables?
      • What is the Cash Conversion Cycle?
      • What is Days Inventory Outstanding?
      • What is Days Sales Outstanding?
      • What is Days Payable Outstanding?
    • Advanced
      • Invoice Validation and Fraud Detection
      • Reasons Why Invoice Finance is Better than a Bank Loan
      • How to Choose the Right Factoring Firm for Your Business
      • A Closer Look at Factoring Agreements
      • What is Trade Receivables Securitisation?
      • Breakdown of the Costs for Factoring
    • Factoring
      • Why Companies Use Invoice Factoring
      • What Companies are Suitable for Invoice Factoring?
      • Factoring and Invoice Discounting
      • How Factoring Works
      • Asset Based Lending
      • Is Factoring Right for Your Company?
      • Accounting for Factoring
      • How a Company Enters into a Factoring Agreement
      • The Costs Involved in Factoring
      • Changing Factoring Company
      • The Relationship Between the Factoring Company and the Debtor
      • Legal Aspects of a Factoring Company Pursuing Payment Through the Courts
      • Factoring in the Construction Industry
    • Fraud
      • Types of Invoice Fraud
      • How to Combat Invoice Fraud
    • E-Invoicing
      • Legal Status of Electronic Invoicing
      • The Benefits of E-Invoicing
      • Implementing an E-Invoice System
      • E-Invoicing Adoption in Mexico and The Rest of the World
  • Brokers
    • UK Brokerage Firms
  • Factoring Firms
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      • UK
      • France
      • Germany
      • Italy
      • Spain
      • Holland
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      • USA
      • Canada
    • Australasia
      • Australia
      • New Zealand
  • Hi-Tech
    • Digital Platform/IT/Software Providers
    • UK Fintech
    • Articles
      • Enhancing Fintech Interoperability: Digitalizing Trade Documents for Efficiency and Security
      • The 7 Types of AI and Their Implications for the Future
      • Transforming Trade Finance: The Role of AI
      • The Different Programming Languages Used in Fintech Companies and Financial Institutions
      • UK and US Authorities Intervene in AI Sector
      • Web3 Applications and the Future of Trade Finance
      • What is Web 3?
      • What Can Fintech do for You?
      • What is Fintech?
      • Tokenisation of Finance
      • Payment Services in the Invoice Finance Sector
      • What is ChatGPT and Why the Fuss?
  • Rating Agencies
  • Securitisation
    • Deal Arrangers
    • Book Runners
    • Articles
      • The Roles of Deal Arrangers and Book Runners in Securitization
      • What is Trade Receivables Securitisation?
      • The Appeal of Trade Receivables Securitisation
      • Risk Mitigation for Trade Receivables Securitisation
  • Legal
    • Law Firms
    • Articles
      • A Guide to Accounts Receivable Purchase Agreements and Invoice Discounting Agreements
      • The Challenges of KYC and AML Checks
      • What is The Model Law on Electronic Transferable Records (MLETR)?
      • Snapshot of Factoring Legal Schemes in England and Wales
      • How are UK Factoring Firms Regulated?
      • What is ISO20022 and Why is it Important?
  • Rates
  • Economy
    • Economic Indicators
    • Articles
      • The Collapse of the Russian Rouble: An Historical Analysis and Current Implications
      • The Current State of the UK Economy
      • Economic Forecast for the UK in 2023
      • Economic News for 2022
      • Financial Crisis or Not?
      • Credit Suisse Bailout
  • Credit Insurers
    • Credit Insurers
    • Articles
      • Credit Insurance Legal Aspects
      • Credit Insurance in Trade Receivables Financing
      • The Benefits of Credit Insurance in Invoice Finance
      • Eligibility Requirements for Capital Relief by Using Credit Insurance
      • What are Export Credits and Country Risk Classifications?
      • How the War in Ukraine Affects the Price of Credit Insurance for Trade Finance
  • Associations
  • ESG
    • ESG Articles
    • ESG Resources
  • Crypto Finance
    • Ripple (XRP) Wins Latest Battle with SEC
    • UK Passes Financial Services and Markets Act 2023
    • Latest about the UK Regulatory Proposal for Crypto Assets
    • How will MiCA (Markets in Crypto Assets) Regulation Affect Trade Finance and the Banking System?
    • Markets in Crypto Act (MiCA) Becomes EU Law
    • An Introduction to EU’s Markets in Crypto-Assets (MiCA) Law 
    • Supply Chains and Blockchain Technology
    • The DeFi Revolution
    • How DeFi Fulfils the Functions of Finance
    • Taxonomy of Crypto Assets
    • Crypto Currencies
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    • Interview with Crossflow
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