Fintech explained
From managing your day-to-day spending and making secure payments to investing for the future, financial technology is already influencing the way we handle our finances. But what is fintech exactly, and what kind of fintech products can you benefit from?
We’ve put together some useful guides covering this rapidly-developing industry. Whether you want to explore the latest apps or find new ways to grow your money, our articles have everything you need to know about fintech.
Fintech explained: Knowing how financial services technology works can simplify your money management
Examples of fintech: Find useful insights into fintech products like mobile banking apps, digital payment solutions, and cryptocurrencies
Fintech trends: Learn about the latest developments and trends to stay ahead in this fast-moving industry
Fintech in banking
As high-street banks continue to close their physical branches, banking services have increasingly shifted online and onto digital platforms. Fintech solutions are playing a key role in this transition, enabling banks not only to provide traditional services such as savings accounts and loans, but also to offer extra services like mobile banking apps for on-the-go financial management. What’s more, the rise of digital-only fintech banks is expanding access to financial services. Our easy-to-read guides give you an introduction to some of the technologies used in fintech banking.
Fintech in payments
Digital payment apps have become essential in the daily lives of many people in the UK. Both physical and online shops have adapted to meet the growing demand for digital payments. Finance technologies such as mobile apps and digital wallets offer fast and convenient ways to pay for goods and services. Explore our articles to learn more about how you can pay using fintech.
Fintech in investment banking
Discover how fintech is revolutionising investment and capital management practices across the UK. From automated investment platforms to AI-driven financial advice, fintech offers new ways to effectively grow and manage your wealth.
Trends in fintech
Recent years have seen groundbreaking innovations in fintech that are redefining how we manage money and access financial services. From advancements in cybersecurity to developments in insurance technology, these tech innovations are transforming financial services. Click on the links below to explore these fintech trends in detail.
What is fintech?
Fintech, short for ‘financial technology’, refers to computer programs and technology that support banking and financial services. Examples of fintech include software, mobile apps, and other tech innovations designed to enhance how financial services are delivered and used by both companies and consumers. In terms of industry use, fintech is used in banking, insurance, investing, and other areas of finance.
While the term ‘fintech’ is relatively new, the concept of using technology to change how we manage money is not. Fintech is experiencing rapid growth globally and is attracting significant investment interest while reshaping the financial industry.
What is considered a fintech company?
A fintech company utilises technology to provide key financial services such as banking, saving, borrowing, investing, payments, and security. Unlike traditional banks and building societies that operate primarily through physical branches, fintech companies rely heavily on digital platforms and technology.
These firms span various business models, including payment, risk management and investment, crowdfunding, peer-to-peer lending, cryptocurrency, and blockchain. Despite their varied specialities, one thing they all have in common is their use of new technology to challenge traditional financial methods and introduce new services.
What is the future of fintech in the UK?
The future of fintech in the UK looks promising. Currently, the sector comprises over 2,600 firms employing more than 70,000 people, and it is set to achieve substantial growth. According to research from McKinsey, revenue from UK fintech companies is projected to triple over the next five years, significantly surpassing the annual growth of traditional banking. So, the growth of the fintech industry is showing no signs of slowing down any time soon.
Save online and in-app with Raisin UK
Get more from your savings by opening a Raisin UK Account today. Registering online is quick and free. Once registered, you can start using our user-friendly app and explore a variety of competitive savings accounts protected by the FSCS. Take advantage of exclusive rates, special offers, and a range of accounts to maximise your savings potential.