Innovative FinTech solutions are addressing some decade-old problems.

The term FinTech refers to companies that are using technology such as Machine Learning, Artificial Intelligence & Big Data to offer services in the financial sector. In this article, we explore the Fintech solutions that are having a significant impact on the way businesses interact with customers and customers interact with their finances.

Point of Sale (POS) Applications – POS applications such as Square and Stripe have enabled small businesses to accept debit and credit card payments as well as mobile payments such as Apple Pay. As more companies are accepting cryptocurrencies, POS applications are also integrating this ability. POS applications also allow businesses to run promotions and develop customer loyalty programs. Traditional POS systems are expensive and sometimes require custom software development. A traditional POS station can cost over $2k. For less than $100, a smartphone or tablet can be turned into a POS device.

Personalized Online Banking – Investing in stocks used to require a phone call to your broker, timely wire transfers, and expensive commission fees. With applications such as Robinhood, investing is just a click away. From retirement funds to invest in a large corporation, Fintech has made it easier for customers to invest and save. Applications such as Acorns round up every credit card transaction and invest your ‘change’ in mutual funds.

Crowdfunding – Crowdfunding sites allow anyone to raise funds for almost any cause. From feeding the poor to raising money for a study abroad trip, crowdfunding empowers individuals to achieve their goals. GiveButter is a crowdfunding site that has one of the lowest commission rates on the internet.

Peer-to-Peer Lending & Micro-Finance – Similar to crowdfunding, peer-to-peer lending allows individuals in need of emergency funds to request money from a pool of individuals willing to lend money. Loans are paid back with interest; both the borrower and investor benefit.

Accounting and Invoicing – Accounting and Invoicing used to be a hassle for small businesses. With Fintech solutions right on your smartphone, you can connect your bank account directly to the accounting applications in order to automatically record and categorize transactions. The same app allows small business owners to sent invoices to clients. At the end of the month, the app automatically generates monthly financial reports.

These are just a few FinTech solutions that are making our lives easier and more convenient.

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