By Micah Lally
If you own any sort of device that connects to the internet, mobile or otherwise, you probably have made the transition to managing your finances online to some degree.
Whether it’s your bank’s mobile app or some sort of stock-monitoring software, you’re comfortable with the fact that finances and technology now coexist.
That’s the mission of every fintech company.
What Is Financial Technology (Fintech)?
The financial technology industry, often shortened to fintech, focuses on the development of merging technology and financial services together.
These companies search for new ways to improve financial activities through technological advancement.
For example, the evolution of traditional brick-and-mortar banking into modern mobile banking.
Fintech relies heavily on constant innovation within the industry, raising the bar by means of both startups and established financial or technological organizations.
5 Fintech Companies Ready to Thrive in 2020
Every year, there’s new tech advancements to try and cultivate and leverage. These five companies are doing it for the betterment of their customers’ lives. A noble cause.
Here are some of the top fintech companies making strides in 2020:
Robinhood is a mobile app meant to assist the everyday man invest their money wisely.
With commission-free stock, ETF, and cryptocurrency trading services, the company prioritizes giving you “more ways to make your money work harder.”
Users can trade in real time while building a portfolio and investing amounts they’re comfortable with. And, with the a new cash management initiative, users can earn 1.8 percent interest on uninvested cash in their brokerage accounts.
The company has seen a growth of 13 percent with monthly active users in 2019, and they’re showing even greater promise this year.
Chime is a neobank, meaning a direct bank that exists exclusively online.
With no-fee checking accounts, options to deposit change from rounded up purchases into savings accounts, and no overdraft fees, this mobile bank has become incredibly popular.
Users receive a physical debit card and access to their paychecks two days in advance, raising the bar for traditional banks.
Established banks have crossed the threshold to utilizing their own mobile apps, but very few offer the same level of customer service that Chime does.
This fintech company eases the process of making international payments for 300 institutional clients.
With the promise of reliable, instant, and low cost business, those in Ripple’s network can have confidence in the transparent transactions that take place.
The company uses XRP, a cryptocurrency created by its founders, which now accounts for 10 percent of its cross-border transactions.
4. Credit Karma
Probably the senior of this list, Credit Karma was one of the first free credit monitoring and score services online. It has since expanded its services to offer free online tax filing and savings accounts.
Users appreciate its user-friendly interface and no-cost services. The company earns referral fees from users who act on their recommendations for credit cards, loans, and insurance opportunities instead.
Read more here:: B2CMarketingInsider