Fintechs offer a series of digital services useful for the wealth management of other companies, personal finance management, alternative financing or simply a new electronic payment method, to name a few; which means that it comprises a multitude of operations that are indispensable nowadays, when many users need to keep their financial transactions at a distance.
This has led to the vertiginous rise of new fintech, in fact according to a study conducted by the Observatory of Financial Digitalization Spain has more than 300 startups that are part of the environment, which places the country in sixth place in the world with reference to this sector and continues to grow steadily.
In turn, this new area of the financial industry has the impetus of the European Parliament, has generated employment for thousands of workers and is turning over millions of euros, which has led to the conclusion that the expansion of fintech companies is accompanied by a series of opportunities for different sectors of the world’s population.
In fact, many people are currently using 65% of the services offered by this new form of banking to carry out the usual day-to-day transactions; this has been confirmed by a study through a survey in the sector conducted by EADA Business School and ISDI.
New fintechs are being created because it is a modality of business operation that facilitates the management of transactions quickly and securely from anywhere in the world, which is being demanded by many users and at the same time allowing them to cover different financial sectors that provide them with sufficient income to continue growing.
There are different types of fintech, with functionalities that are revolutionizing banking, such as those listed below: