In a world that is involved in the digital era, there are technologies that stand out from the rest for the benefit of financial businesses, such as fintech apps.
Some of these technologies are essential when maintaining a correct order of money and its distribution. For this, these applications have been created, as a financial solution that can be managed from your phone.
What is a FinTech app?
The word comes from the english term “Finance Technology”, translated into spanish as “tecnología financiera”.
This type of business offers a product or service through the use of information and communication technologies, in which the financial area is involved.
By generating a union between finances and current technology innovation, this helps to meet the needs of the individual or company.
FinTech business types
There are several ways in which businesses of this type can be divided, in which we can find the types:
- Fund transfers
- Financial advice
- Financial investment
- Credit Usage
- Buying and selling currencies
- Banking
FinTech Applications
These types of applications have come to revolutionize the industry and are to adapt to new markets.
Among the different uses of this type of technologies in fintech applications we can find the following:
Payments: Starting with something as simple as a money transaction or payments in different stores that allow it. Generally these are linked to a debit or credit card for the transfer.
Personal: You can use an application to manage your own finances, with this you can have an efficient distribution of income and expenses. Also for the control of different payments that the person has, such as loans, services such as water and electricity.
Distribution of financial products: Some of the applications are used for purchase and distribution in the currency market, including the trading part.
Loans: In conjunction with a banking service, small-scale (little money) or large-scale (lots of money) loans can be requested. Here are included the transactions that are made if it is the case that the loan is approved.
FinTech Companies
According to an article by El Financiero, there are 22 businesses of this type that are active in Costa Rica, some of them are the following:
- Ecolones
- Go Pass
- Novacomp
- Kuiki
- Credit
- Smartsoft
The FinTech business came to stay, due to the large portfolio of possibilities found in the industry.
Accompanied by the technological ally that is increasingly growing, it is clear that the financial area is at a vital moment for companies and investors.
