Financial technology, when understood literally as computer-based technology specifically applied to banks or securities firms, now refers to a wide range of innovations in commercial and personal finance. The most pioneering comp
anies listed in this list all have one thing in common: They are nimble than their conventional financial services… What was unimaginable decades ago, is becoming commonplace and accepted within the global financial arena.
A few of the most notable names in the realm of financial technology companies are BankFirst, Quicken, MoneyGram and Calyx. BankFirst, for example, has revolutionized the way people handle their money. With the touch of a button, customers can access their bank’s online account services and make purchases from the comfort of their homes. The system is so simple that it is hardly understandable how any customer missed out on the opportunity. BankFirst goes one step further with its mobile apps, offering customers access to their own bank accounts from anywhere. The sheer speed and ease of use features that traditional financial services simply can’t compete with.
Another prominent fintech company is Quicken. Quicken uses artificial intelligence to analyze behavior and predict future spending trends. It then applies these factors to current spending patterns to come up with intelligent buying and selling strategies. With its eight original digital payment products and over 30 million registered users, there’s no doubt that instant and easy access to money make financial technology companies like Quicken so successful. The company recently announced a new strategic initiative called “Payments optimized Data Centric Technology.”
Next up on the list is MoneyGram, which is recognized as a leader in “fintech technology.” One of the primary focuses of MoneyGram is to give consumers access to verified financial services. MoneyGram’s primary goal is to become the premiere financial services company on the internet. MoneyGram offers its customers the ability to transfer money between their bank accounts and credit cards. It also provides a high-value banking service that allows its users to send funds to anyone, anywhere. MoneyGram’s core services go beyond simply transferring money though.
Singapore fintech company Alpine Consultants recently launched its latest product, Alpine Mobile Financial Management. Alpine has already been successful with its flagship product, Alpine Travel, which enables travelers to manage all travel expenses including tickets, hotel reservations, and more with the push of a single button. Now, the company is expanding its product line with Alpine Mobile Financial Management.
Mobile banking is the wave of the future for biotech companies. Millions of people across the globe are now using mobile devices to make payments, transfer money, check balances, and store information about payables. This type of technology allows customers to do what they would do if they were physically in the store, where they can scan a bar code or simply swipe their debit card through an Internet terminal. Mobile financial services provide customers the same access to their financial products as they would from a traditional financial institution. For example, customers can use a mobile banking app to make deposits and pay bills right from their smart phone. Additionally, customers can get real-time updates on their balance, how much they spend, and when their next payment is due.
Not only can mobile banking provide access to traditional financial services, but it also provides business owners with a unique opportunity to expand their business. Many entrepreneurs initially set up shop with traditional financial technology companies. After a while, these companies may require employees to complete various tasks in order to process online loans or remortgage payments. Business owners who want to retain the services of their existing employees should consider providing those services via mobile banking. The added benefit of mobile banking for business owners is that it will be less expensive than hiring additional employees to help process transactions.
Financial technology companies in New York City are responding to the demands of their local market by providing services to businesses of all sizes. According to a recent study by the Commercial Banking Association of America, there has been a 20% increase in the number of commercial finance activities performed through e-commerce technology in the last two years alone. As fintech companies continue to innovate and provide customers with new ways to manage their money, traditional financial institutions will be forced to find creative solutions to stay ahead of the trend. According to one financial industry consultant, “It’s not that banks don’t have the skills to compete; quite the opposite, they just aren’t using them.” In order to stay ahead of the financial institutions that are trying to adopt fintech technologies, businesses must be able to successfully adapt to new technologies and business models that fintech companies are creating.