3 biggest fintech innovations of the last decade

Jan 27, 2021 9:54 AM ET

iCrowdNewswire   Jan 27, 2021  4:54 AM ET

Fintech innovations have taken a hold massively in the past years. Digitalization has led to an increase in creating new products, offering a different approach to finances.

Since 2010 we have seen a surge in the number of digital products. In this article, we will have a look at the 3 largest fintech innovations of the last decade.

Internet Banking

Remote management of your bank accounts and cards is one of the best benefits of using banking services. Online banking allows customers to do almost any action with their accounts from the comfort of their homes.

Internet Bank is a remote banking program that allows customers to access their cards and accounts for monitoring and management.

Internet banking is accessed via an Internet browser from a computer, phone, or tablet. Thanks to this client, you can go to the personal office of your Internet bank anywhere and at any time.

To enter the Internet bank, the customer needs to enter the login and password, as well as confirm the entry of a special one-time code from a text message from the bank. Such security measures guarantee confidentiality and money.

It should be noted that some people – especially the older ones look at Internet banking with suspicion. They prefer using PayPal for depositing and withdrawing their money. They are afraid of being scammed. However, banks are encouraging such clients to use their services more, and in case of any problem, their money will be refunded.

Most banks have broad specialization and also offer an online trading platform for beginners and experienced traders. In this situation, we talk about more advanced companies.

Why do you need an internet bank?

Internet banking in today’s world is a necessity that solves several problems with a single click of a mouse.

  • Control of their accounts, cards, deposits, loans. The user can track all receipts and write-offs.
  • Making new products. In the personal office of the Internet bank, you can open a deposit, make an application for a credit card or credit, register a new debit card, etc.
  • Instant transfer of money between your accounts and cards
  • Transfers to customers of their or other banks
  • Payment for services (community payments, mobile communications, fines, etc.)
  • Repayment of loans
  • Owners of Internet banking can connect car-recycling, car payment, etc.

Benefits of using an internet bank

The use of the Internet bank gives huge advantages to customers:

  1. Remote service
  2. Saving time, money, nerves
  3. The ability to quickly make a transfer, pay for the service, etc.
  4. The service is free

P2P lending

P2P lending (peer-to-peer lending, or peer lending) is a way of providing a financial loan when individuals and/or entities are involved in a transaction on both sides. Traditional financial institutions, such as banks, credit cooperatives, or microfinance organizations, are not involved in the transaction, but rather a platform to make the process simple, understandable, and secure.

Typically, the P2P loan transaction is between one borrower (loan recipient) and several lenders (provide loans). In order to reduce risks, one lender invests its money in several borrowers – streaming financing. Platforms are most common when borrowers and creditors are individuals.

The platform monitors the execution of the transaction and the repayment of loans. In addition, the platform evaluates the borrower’s payment ability, having the right to refuse to place the application to an unreliable client and thus helps creditors in assessing the risk.

The attractiveness of P2P platforms is that they can provide favorable terms of the transaction, both for creditors and borrowers. Also, the entire process of making a deal on such a platform takes place remotely, which saves customers time.

The threshold of entry into the P2P lending platforms is low, and it is not necessary to be a sophisticated investor (although, of course, financial literacy or independent expert consultation will allow to make a decision more consciously and reduce risks). You can start working on the platform as a lender with a small amount.

P2P lending is an innovative financial tool. At the moment, dozens of P2P lending platforms are operating all over the world and their share in the credit market will steadily increase in the coming years.

Apple Pay

Apple Pay is a contactless payment method that Apple offers for its devices (iPhone, Apple Watch, iPad, Mac). It can be used to pay on the terminal via iPhone and Apple Watch. As for the Mac and iPad, in this case, you can use the card added in Apple Pay on different sites. This system has several advantages.

First of all, security is a key component of Apple Pay. When paying with Apple Pay, credit or debit card numbers are not stored on either the Apple device or the servers. Instead, a unique number is created for the Apple device that is encrypted. Each transaction is authenticated via a one-time dynamic code.

Apple Pay is now available for iPhone and Apple Watch owners in stores, restaurants, taxis, grocery stores, and more. You no longer have to fill out card details in online stores while shopping with Apple Pay apps or Safari.

The only downside to this system is that you can subscribe to many more items due to simplified payments.

Paying with Apple Pay does not require the internet. Apple Pay works without the Internet because it uses a different type of transmitter. Each payment with Apple Pay with a fingerprint, face recognition service, or so-called. It is easily possible by entering a PIN code. The payment method (be it Touch ID, Face ID, or Password) depends on which model of iPhone you have.