Fintech is the present and the future of the finance and business sector which is why it is best to understand its functions for you to be able to follow what is in trend today. There are so many benefits fintech provides to the public and one of them is convenience.
People nowadays are mostly dependent on technology where they even do their shopping and banking online. Fintech is a platform that can help the public carry out their online activities and transactions.
How Fintech Works
Fintech is where technology and the finance industry meets. Financial institutions have upgraded their operations by incorporating technology to provide their customers with a more convenient and fast-paced experience.
Just like any other industries who have already upgraded to automation to keep up with the changing world, the finance industry has also stepped up their game and created fintech. There are so many fintech companies that are becoming very popular today.
These companies even created an app that their customers can download to their smartphones and perform financial transactions with just a few clicks of a hand through their smartphones. Fintech is a fast-growing industry that offers its services for both businesses and consumers with functionalities tailored to their needs.
The Five Must-try Fintech Apps
There are so many fintech apps out there but there are only a few that you must try. To help you narrow down your options, below are the top apps you must download and try.
Paypal: Banking And Online Payments
Paypal is the first-ever fintech company that offers a wide range of services to its customers. They are one of the biggest fintech companies today. Their services include banking, credit, and online payment portal.
Acquiring an account Paypal is easy and fast. You will just have to register on their website and confirm your identity. Once confirmed you can now use their app as a bank account where you can save money or pay bills and online purchases. You can even transfer money from PayPal to your local bank account to withdraw the money or get your own card where you can use it at any ATM.
Chime: Managing Finances
Another fast-growing fintech company in the US is Chime. It is a mobile-only bank where you can manage your savings and spendings through their app. It is the best tool to help you with your budgeting as it comes with an automatic saving option to help you automatically grow your savings.
What makes Chime unique is that it automatically deducts 10% of your payroll and directly puts it into your savings account. It also has a real-time transaction notification and daily balance alert which is a good feature in managing your finances.
Moneylion: Banking, Lending and Finance Management
Moneylion lets you enjoy the mixture of online banking, lending, and financial management in one app. It is considered a one-stop-shop for all your online financial needs. Moneyline does not only offer their services to their customers but also provides helpful financial advice that will help you with your financial decisions.
Avant: Lending and Credit Card
When it comes to lending, Avant can be a very helpful app for you. The app can provide you with a simple online loan application that you can easily fill out from your smartphone. After you fulfill the online application, you will then be asked to sign a digital contract. Once done, you can expect your money deposited into your bank account within 24 hours.
Additionally, Avant is now offering the Avantcard which is the newest tool in their fintech service which acts as a credit card. You can use a credit card like a traditional credit card such as paying for purchases or travels.
Robinhood: Stock Investment
Robinhood provides a user-friendly interface for individuals who want to do stock investing. It is a great way to use when you are just starting as it provides a list of investment options and a real-time analysis of the market data.
It is a safe app for stock investing and widely integrated with more than 3,000 banks including Wells Fargo, Chase, and the Bank of America. What most users also love about Robinhood as it does not charge commission fees for any stock investments their customers carry out in their app.
There are so many benefits to each of the mentioned apps above. As you can notice, each of them has different functionalities which is why it can be easy for you to choose a fintech app if you consider your needs. You can just pick one from the mentioned app according to what you are looking for.