Fintech types and innovative business models
The world has witnessed many innovations in the past few decades. One such important and coming-of-age innovation is Fintech. Fintech or financial technology is a method of saving, selling, and investing assets digitally. There are many examples of fintech that you must’ve come across including online payments, digital wallets, artificial intelligence, and many more.
Fintech has opened the doors of innovative business ideas for startup companies across the world. It has not only offered financial ideas to the world but also employed several young minds. But, what are the innovative business model of fintech and their types? Stay glued to your screens as we’re here to clear your doubts on this topic!
Types of financial technologies
To upgrade the financial services by a notch, different types of fintech are at your rescue. Secure payment gateways, stock trading apps, online banking, cryptocurrency and blockchain, and many more such innovative financial services come under the section of examples of fintech. These are the chain of services that helps in making your life easier and more efficient.
Saying goodbye to the conventional financial services, these fintech companies are here to enhance the world of finance for you. The aforementioned companies ensure safety, transparency and unlike traditional finance, there is no third-party interference to your data.
Top innovative business models of fintech
Types of fintech are its business models as well. To make it easier, fintech started as a business model itself. It aimed to cut off the drawbacks of conventional banking systems and provide better financial solutions globally. However, soon it came off as a beast in the financial universe and proved as a driving force to many startups or business models.
Some of the top innovative business models include insurance, peer-to-peer lending, digital wallets, cryptocurrency, digital banking, and loans. These startups have their platform or applications that make it easier to avail of the services. Most of them are alternatives to standard services like loans and insurance solutions. The major innovation in the field of fintech is anyhow the introduction of cryptocurrency!
The common business models of fintech: Blockchain and cryptocurrency
One of the most common and talked-about business models of fintech is digital currency or cryptocurrency. This technology is an alternative to real cash. How? Well, these currencies are made with the concept of encryption and are available at a low cost that can be purchased by real cash. They are built on blockchain which in itself is a big fintech that has helped a lot of companies grow financially. Blockchain is a distributed ledger or in simpler terms, a digital wallet where the cryptocurrency is stored in blocks.
The public distributed ledger is secured by cryptographic algorithms to provide an additional layer of protection to the user’s information. Caizcoin is one such cryptocurrency that offers a global financial solution on the roots of an Islamic blockchain. It provides an ecosystem of decentralized financial services that are approved by Islamic scholars. Even after being built on an Islamic blockchain, it is available for people of every faith across the globe.
There are tons of fintech types and innovative business models that works on making your lives easier. The cost-efficient, secure, automatic, and increased transparency is the reason why fintech business models are better financial solutions globally.
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