By Helen Cartright

Technology is the driving force in the world today. Technology drives every aspect of our lives including our finances and the financial world in general. Technology is used by small midcap and large financial companies and startup and established companies. Fintech has automated financial systems and as a result, made the financial world secure and financial systems faster and more efficient. At first, fintech was used only by companies and large institutions. Today fintech is available to individuals and small commercial users.

Innovative Financial Services

There is a rise in various financial services as an innovative step towards enhancing business routine transactions, along with a lot of opportunities and benefits. This has given rise to many innovative services such as accounting fee financing which may help companies provide financing to give the accounting firm enough cash flow until they are paid by their clients. The accounting firms use the services to make sure that they can streamline their work and enjoy a good relationship with their clients without the need to constantly remind them about invoices and offer them flexible payment terms.

Clients of accounting firms also get the benefit of increased cash flow, flexible fee payment schedules and the possibility of giving new work to their accounting firm even before they pay fees for previous work. The real benefit provided by fee financing services is that accounting professionals get their entire fees and still have the option of giving their clients more time to pay their fees.


Mobile services are used by people across the globe. Today, there are few people without a mobile device. Fintech has transformed the financial world and made it go mobile. Personal and corporate users can access their finances through an app on the mobile device. They can also get financial information from across the world on their mobile device. People use their mobile device not only to access their bank statements but to place orders, borrow money to start a business, making investments in the market and sell products. Apps also help general users set budgets, manage their money and set financial goals like saving goals and achievement goals. Users can get apps that offer the mobile financial technology that they require according to their specific needs. Mobile apps have proved to be faster than apps on desktop computers. Their functions are precise and tailored to specific needs. Corporate users can also interact with other companies quickly through specific apps.

Internet Banking

Fintech has changed the realm of banking. Banking has moved online with most transactions taking place over the internet and with few users going to a brick and mortar bank for their banking needs. Internet banking offers a whole gamut of traditional bank services. Users use the internet for saving, borrowing money, business transactions and investments. Banks lend money over the internet and borrowers can shop among banks for the bank that gives them the best terms for the loan that they want. There are many websites and apps with tools that allow borrowers to enter their requirements and gives them the best banking loan options according to their unique needs. Internet banking also helps remove unnecessary paperwork and helps get loans processed quickly. If one is not planning to borrow money, there are many tools on the websites of banks and on mobile apps that help one manage money, make budgets, make financial goals and make prudent market investments.

Fintech Tools

Fintech has not only changed the financial system but has ushered in new financial tools to automate, secure and improve financial services. Some of these tools include Robo-advisors. They automate and advise investors on the latest market investment trends using algorithms. Cybersecurity makes a high speed online financial world safe and secure. New and innovative security tools to make fintech safe are being introduced every day to ensure that online transactions are safe and cybercrime is prevented or detected. Cryptocurrency is a new type of money used by fintech. It is also called digital money. This new type of money is set to replace traditional currency in the financial world in the near future. Insurtech is another technology that has grown alongside fintech. Insurtech is the growing technology that automates the insurance sector and protects financial transactions from risk. Insurtech has made ensuring transactions efficient and quick. These fintech tools make the financial services industry productive and have streamlined the system of doing business.

Financial technology or Fintech has transformed the way the financial system works and the way the financial industry functions. Fintech has not only automated financial systems and made them more effective but has in its wake ushered in new and innovative technology, products and systems to make the financial world safer, more efficient and very convenient for users.

Helen Cartwright is a passionate blogger, who excels in the Digital Marketing and Technology niche. When not wired in marketing strategies she ghost-write for a variety of authors who have their work published on leading online media channels such as The Huffington Post and

Fintech stock photo by Zapp2Photo/Shutterstock