How Fintech Can Help You Automate Your Finances

Fintech firms have exploded in popularity over the last five years, addressing many of the financial industry’s long-standing issues, such as difficulties securing credit, poor customer service, and convoluted electronic payment processes.

Now, with advancements in blockchain technology and artificial intelligence, fintech is ushering in new ways of doing business in the financial industry. As a result, consumers now have access to a wide range of innovative and exciting services outside traditional offerings, bringing them more value than ever before.

Statistics reveal that the tide between fintech and traditional financial services is turning faster than ever before. In fact, the global fintech sector is predicted to increase at a compound annual rate of 23.41 percent to where it is expected to reach a valuation of $324 billion by 2026.

With that said, let’s look at some of the leading fintech companies that are providing consumers with new and improved ways to manage their finances in 2021.

MoneyLion 

MoneyLion is a US-based fintech company that is “rewiring the American banking system to make money more approachable and to give consumers a more accessible and sustainable path to their goals.”

After securing a valuation of over $1BN, MoneyLion revealed their target market to be consumers who have less than $2,000 in savings on average, which is around 70% of American consumers. Through its mobile banking and financial membership platform, the company aims to improve consumers’ money management and savings while also boosting their credit scores and access to lending.

Their app provides clients with a 360-degree view of their financial lives, as well as personalized suggestions and tools to help them build and enhance their credit and save money on a daily basis.

MoneyLion members also get access to a variety of valuable services and financial tools that help them better manage their finances, such as:

• A zero-fee current account
• Interest-free cash advances
• Auto-investing and personalized portfolios
• Credit monitoring from TransUnion updated weekly
• A wide range of personal loans

Card Blanch

Card Blanch is a fintech start-up that has set out to revolutionize the way you manage and spend your money. They have developed an innovative one-card solution that gets rid of the need to carry numerous different cards in your wallet at any one time, no matter how many bank accounts you have.

Using their service, you can consolidate all of your debit and credit cards into one simple solution - so whether you’re out getting gas and need to use your Amex, or you’re at the store and need to use your joint account, you can now do it all with one convenient card.

To make things even better, Card Blanch automatically applies merchant discounts whenever you make a purchase. This means you'll never have to carry all of your loyalty cards in your back pocket at the same time, freeing you even more space while still allowing you to collect your free Starbucks coffee after you've accumulated enough points. You can even download their app and use payWave on your Apple and Google wallets to make contactless payments.

Lastly, you can enjoy access to comprehensive spending insights within their app, eliminating the need to manually track all of your transactions across different accounts using third-party software. This makes management and budgeting much more accessible, especially for those who have various credit accounts with different banks.

Revolut

Revolut is a London-based start-up that offers banking services to both personal and business customers in over 35 countries. They offer a one-stop-shop banking service that covers a wide range of financial services, such as:

• International and domestic money transfers
• Cryptocurrency purchases
• Budgeting tools
• Insurance policies
• Savings accounts and more

The company has done a great job at diversifying its offerings in order to appeal to a wider demographic. As a result, they now serve over 12 million customers and are pushing towards a $20BN valuation.

Unlike high-street banks, you can set up a Revolut account without any paperwork. As soon as you are done with the application, you will get access to a digital card that you can use for online and in-store purchases, or if you prefer, you can get a physical card sent out to your address. Most of Revolut’s features are available to free users; however, there is a premium subscription plan called Metal.

Revolut Metal gives users access to various benefits, including 1% cashback on all purchases across 30 currencies, a fully metal contactless card, unlimited foreign exchange, worldwide travel insurance, and daily interest on savings accounts.

Final word

As a result of the innovation brought about by the fintech industry, consumers now have access to real choices for the first time when it comes to their financial needs. While these innovations are expected to bring value to all kinds of banking customers, it is especially good news for individuals who have previously struggled when interacting with traditional financial services, such as obtaining credit via personal loans and overdraft facilities. Currently, fintech companies already supply over 38% of personal loans in the United States, making them the largest provider of consumer loans in the country - and that percentage looks set to continue rising in the near future.

It’s clear to see the fintech sector’s expansion of commercial technology touches almost every aspect of life and business, and the potential for wealth creation appears limitless. Especially when fintech software development firms assist so-called “non-bank” individuals in joining the social economy through providing access to credit, and enforcing proper contractual terms that do not take advantage of their circumstances.