Thanks to financial technology, or fintech, people get to enjoy a more convenient banking and payment platform.
Not only younger generations can benefit from innovative mobile technology, but also earlier generations who can use their smartphones for a lot of things.
From digital loans, stock services, e-commerce payments platforms, and online banking, there are a number of tech-driven developments that are simply within the reach. Read on to learn about some fintech companies that change the way people deal with finances.
Chime
Chime is one of the fastest-growing neobanking companies that provides financial services through a mobile app. It’s one of the pioneers of an automatic savings account, with a direct deposit payment option.
Being a neobank, Chime has no physical branches and people only rely on its app to reach customer’s service to make a complaint or perform a number of things.
The best reason for using this app is to receive direct deposits of paycheck faster than traditional banks. At the time of the pandemic, Chime also extends offer to users, allowing people to spend $200 even when there’s no credit in their accounts.
Varo Money
People are mainly attracted to fintech companies because of the ease of use, convenience, and affordable banking. Varo Money is taking mobile banking to greater heights with a digital app that supports users to create both savings and checking accounts.
The best thing about these accounts is, you don’t really need a maintaining or minimum balance to create an account. There are zero fees for overdrafts, and if you use the virtual card overseas, there are no foreign transaction fees charged.
On top of all these things, account holders can also enjoy free money transfers, which is a money-saving feature. The app even has a spending habits tool to let you know about your spending habits.
Blend
When borrowing money, it’s safe to say that loan processes take longer and leave people hanging for weeks. Now, with Blend, it’s easier to apply for loans while taking a closer look at your finances.
The platform combines the low-touch pre-approval processes when applying for loans, using data verification tools. There’s also an AI feature that automates the lending process from car loans to mortgages.
This means you don’t really need to visit a bank to borrow money. Blend is the one responsible for processing billions of dollars of loans for Wells Fargo, US Bank, and BMO Harris.
Tala
Another platform to access credit and loans is Tala. The fintech company provides loans to underserved parts of the globe, including Kenya, the Philippines, Mexico, and Tanzania. Through the app, users can borrow up to $1,000 with a 3.5% interest rate.
Tala is also the platform to use to borrow money even without any credit history, which is a crucial requirement for putting out loans. Applicants only need to prove an incoming monthly income of at least $150 to $200.
Pitchbook
For investors, Pitchbook is an app helpful for acquiring information on the public and private equity markets. The platform helps users to capitalize on new business opportunities, and find information on source investments.
Pitchbook has a comprehensive database on integrated finance, and users can access these on their mobile phones. The app even has personalized alerts to track major deals and other movements.
Takeaway
Fintech startups are helping people to access banking processes and loans without leaving their homes. Using a mobile device, users can easily create a savings account, pay for bills, make money transfers, and put out a loan.
Check out these fintech apps to make banking easier and hassle-free. Download these apps and start your journey to innovative banking.
