Top 3 FinTech Applications To Manage Your Income, Budget, Investments

What is FinTech?

Fintech, a portmanteau of “financial technology”, refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are regarded as the “ABCD” of fintech.

Looking at the speed at which financial companies and institutions are adopting digital solutions, it probably won’t be a mistake to assume that in the nearest future we will live in a completely cashless world. 

Fintech applications are usually divided into 5 main categories:

• Digital banking;
• Investments;
• Personal finance;
• Blockchain and cryptocurrency;
• RegTech.

MoneyLion | Android – iOS

MoneyLion is a mobile app that was rolled out back in 2013 and designed to take care of multiple users’ financial needs by offering a broad variety of financial services in a single place for a flat fee. This app allows users to invest, build credit, manage day-to-day banking and benefit from cash advances. Despite being targeted mostly to younger audiences, every smartphone user can use it, enjoying the vast majority of traditional financial services offered by traditional physical banks or credit unions.

Key features of MoneyLion:

• Mobile Banking; 
• Cash advance up to 250$ with no fees for 2 days; 
• Credit Builder Loans; 
• Automated investing; 
• Financial tracking and various cashback rewards.

Chime | Android – iOS

Chime is another financial technology company that can be an alternative to traditional banking and offers a simple to understand package consisting of one checking account, one savings account, and one secured credit card that can be managed via an attractive app. Spending account offers a few nice benefits like up to 200$ fee-free overdraft or acceleration of your regular direct deposits by 2 days. A savings account offers a market-competitive rate and there is no minimally required balance – even if you have one penny on your account, you’ll earn interest.

Key features of Chime:

• Early receipt of deposit payments;
• Competitive savings interest rate;
• Automated savings tools.

Robinhood | Android – iOS

Robinhood is a brokerage company that became popular mostly thanks to their easy-to-use Trading app that can make investing appear very simple to some users and low fees compared to Robinhood’s peers. Fair to say that the last benefit is now neutralized by the brokerage industry since competitors started to actively reduce or even eliminate commissions for Trading stocks, options, other securities, and cryptocurrency. Robinhood positions itself to be an ideal place for younger investors who have little or no investing experience allowing them to invest even in a fraction of a share.  

Key features of Robinhood:

• Mobile application that is extremely easy to use; 
• No fee for Trading stocks, cryptocurrency, and ETFs (exchange-traded funds);
• Attractive cash management offers and no-fee in 75.00+ ATMs in their network.

How To Increase Your Income & Improve Your Financial Status? | 4 Powerful Yet Simple Solutions

Source: Inveritasoft.com