Defining Fintech: 6 Types of Fintech Software To Know in 2022

Fintech, a combination of finance and technology, is a newly-emerging industry revolutionizing how businesses conduct transactions. This new sector uses the latest technologies to make running your business easier. From lending to accounting, fintech provides many services that simplify your finances. 

Accounting

Your accounting department or software is key to ensuring your finances are in order. However, not all accounting software is created equal, so choosing one that serves all your needs is essential. 

Robust accounting software can take a lot of bookkeeping strain off business owners’ shoulders. As long as the software undergoes accounting software testing to ensure a high-quality user experience, you can rest assured knowing that this segment of your daily operations is easily automated. 

Lending

The lending process is one of the most frustrating things about applying for or approving loans. From sitting down with clients to dealing with the paperwork, handling loan requests can be a long, arduous process. 

Lending software is another type of fintech software that streamlines standard business processes. This software lets users manage forms and documents without worrying about hard copies. With lending software, you can have loans processed quickly. 

Banking

Another way fintech software has made running a business easier is with banking software. The advent of online and mobile banking has made managing your finances a breeze. You can do most things digitally, from depositing mobile checks to opening accounts.

Of course, there are still things for which you’ll need a brick-and-mortar bank. But overall, banking software is an excellent way to do things quickly and free up time in other areas. 

Insurance

Insurance policies and claims often consist of tons of paperwork and phone calls. However, insurance software, also known as InsurTech, is an up-and-coming financial application that can revamp how companies handle policies.

InsureTech allows insurance companies to process claims quickly and efficiently. Similarly, it enables policyholders to submit claims with ease. No matter which side of the screen you’re on, InsureTech software will make your life easier.

Payment processing

If you conduct any business online or with a POS, you’ll know how helpful payment processing software is. Digital wallets and mobile payments are slowly replacing physical cards or cash in stores and online. 

However, the only way to use these systems efficiently is with the best payment processing software. You want a seamless experience for your clients, so ensure that you research the best software for your business.

Investing

Much like online banking, investment software makes it easy to manage your investments. It lets you see a bird-eye-view of your finances, which helps inform future decisions.

Investment software will give you analytics that’ll show you the best way to handle your money. It’ll also give detailed breakdowns of your portfolio, market feeds, and transactions.

Wrap up

Fintech software can help smoothly take your business from brick-and-mortar to digital. As a result, you can process payments, manage your accounts, and navigate investments and insurance with minimal issues. Ultimately, fintech will make your business more profitable and give you more time to relax.