FinTech is a buzz term commonly used to describe the space occupied by companies that develop financial applications ("apps"). Since it's a hot space, there's a ton out there and inevitably many ideas that may not stick for the long haul. If you want a more technical Fintech Definition, read the following from Investopedia.
Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.
B2B FinTech Apps
MarketFactory, a financial markets software, allows instant trading on foreign exchange markets. This software-as-a-service ("SaaS") company works in real time to help you manage foreign exchange market risk. They also do pre-trade checks, safety checks, API administration, and more to prevent prime brokers and traders from having any mishaps. MarketFactory has access to an abundance of liquidity providers around the world. Once you cross-connect with MarketFactory you will have access to all of them. This prevents any long-haul circuit issues. MarketFactory works with anyone involved with foreign exchange such as banks, brokers, electronic communication networks, and hedge funds. At the 2018 FX Week e-FX Awards they won "Best FX Market Data Provider", and with good reason. With one API you can connect to over 80 foreign exchange markets.
This is Alice is an automated pre-tax spending software that is eligible to all W-2 employees through their employers. The app provides refunds on everyday expenses that count toward pre-tax spending. Once businesses connect This is Alice to their payroll system and invite their employees, the employees connect their credit or debit cards. When the employees' cards are connected, the app automatically identifies purchases that are eligible. This is Alice confirms the transactions with the employees and updates the pre-tax deductions in payroll. Depending on how much employees spend in eligible pre-tax expenses, they can save several hundred to several thousand dollars annually.
Centralized passwords pose a huge security threat. HYPR, a decentralized authentication company, eliminates the single point of failure that hackers target. HYPR is able to prevent mass data breaches by providing password-less security. Which means your users' information stays safe. Some of HYPR's capabilities are password-less logins, FIDO authentication, multi-factor biometrics, step-up authentication, and out of band push. Many companies are offering biometrics as an option to sign in after users have created their standard username and password. This is more for convenience logging in as it still leaves user information centralized and vulnerable. This software eliminates fraud while providing trust and a truly password-less experience to your customers. HYPR is utilized by companies around the world such as MasterCard and Samsung.
B2C FinTech Apps
Betterment, an online financial advisor, helps you achieve your financial goals by recommending portfolio strategies specifically customized for your needs. Betterment offers a few different account types including personal taxable accounts, joint accounts, and IRAs. The app manages your portfolio and recommends new ways to grow your investments. Getting started with Betterment is simple. They have two different pricing options, Digital with a 0.25% annual fee with a minimum balance of zero, and Premium with a 0.40% annual fee and a minimum balance of $100,000. Each pricing option has a wide variety of services. Betterment has an excellent customer service team available by phone, email, and chat, seven days a week. With Betterment's pricing, flexibility, customer service, and ease of use, it has proven to be an excellent choice for inexperienced investors.
This free app was nominated at the 2017 Webby Awards for Best Finance Apps. Clarity Money, recently acquired by Goldman Sachs, is a financial management app that helps you organize and track your spending. By tracking your spending habits they make recommendations on where you can improve and save. Simply link your account to the app and start improving your financial choices. Some of Clarity Money's main features are canceling unwanted monthly subscriptions, budgeting, finding new credit cards that may interest you based on your income and spending habits, and the savings features that help you save toward your specific goals. With it's recent acquisition by Goldman Sachs you can expect this startup to develop even more amazing features to help improve your financial situation.
Both B2B + B2C FinTech Apps
Reimbursify allows patients to file out-of-network medical claims for themselves and their family members. Reimbursify takes this tedious process and makes it fast and painless for you! The app works with any insurance company and any out-of-network office visit. All you have to do is go to your out-of-network appointment and pay for the visit. When you pay for the visit they will give you a receipt known as a superbill. Use the information on the superbill to file a claim in the Reimbursify app. Once the claim has been received by your insurance company the app will notify you. It will notify you again when to expect your reimbursement check. It is as simple as that, a few minutes and you're done! You can track all of your claims in the Dashboard on the app, keeping all of your information organized. The app also allows you to clone claims and to file multiple claims at once. This makes it extremely simple and painless for recurring appointments.
The first claim is free and the pricing after that is only $1.99 for a single claim or $14.99 for a 10-pack valid for one year. If your claim is rejected there is no charge to resubmit it and Reimbursify's Rejection Resolution Pathway will help you through the process. If you are an out-of-network provider you can sign up for Provider Pro for a small monthly fee, and all of your patients can submit their claims for free. Another perk with Provider Pro is that Reimbursify will validate your NPI information for you. Not to mention it saves providers time and money by not having to assist their patients with submitting claims. Filing an out-of-network claim the old fashioned way involves many steps that result in easy errors and rejections. Reimbursify cuts out the hassle and provides quick and easy results.
Everyone has heard of Venmo by now, right? Well that's because it is one of the most popular Fintech Apps out there. Venmo is payment service that makes paying friends and family easy. But that's not all it does. Venmo also enables users to pay at businesses, shop online, and pay directly in apps. All you have to do is link your credit card, debit card or checking account in the app and you're able to send, receive, and transfer money instantly. Venmo is owned by PayPal but has a completely different user experience that has attracted the attention of millennials. The attraction to millennials may come from the fact that there is a social feed. The social feed allows users to see these payments that have otherwise always been private. The app has a default setting of "public" payments but can alway be changed to make a private one. Users that are friends on Facebook can see, like, and comment on their friends public payments. The app allows instant bank transfers which makes it extremely easy and convenient to use. Sending and receiving money as an individual user is free, but businesses that receive payments through the app pay a fee for each transaction.
Square is a mobile payment system that enables consumers to use their credit or debit cards anywhere at anytime. Square has many different products such as Square Register, Square Contactless and Chip Reader, Square Chip Card Reader, Square Reader for Magstripe, and more. All of these products make it simple for businesses to sell their products or services. Square Chip Card Reader and Square reader for Magstripe, easily plug into any phone or tablet, making it easy to accept payments no matter where you are, even if you're offline! Square Stand, and Square Register work like traditional cash registers. The Point of Sale app easily allows users to place orders, employees clock in and out, create and manage a customer directory, and send digital receipts. The free Dashboard app allows you to track the success of your business with high level metrics. Square products and software help businesses stay organized and give them the ability to expand, while providing a convenient experience for customers.
FinTech apps are changing the way people do business and banking. With new apps developing and changing constantly it can be hard to keep up. But once you find the apps that are right for you it can help you save money and stay organized.
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