Technology companies continue to enter the financial market with full force, and 2019 does not show many signs of slowing that momentum down. The number of online transactions has skyrocketed over the last decade, and all this digital cash transfer requires technical financial solutions to help keep the money flowing. The technology takes many forms, so we have decided to give you a broader view of what it out there. With this reality in mind, let’s take a look at the five most innovative fintech companies of the coming year.
As the company name implies, Circle is a peer-to-peer which you can make payments on. Incorporating iMessage into part of its platform, you can have the app send and receive money, or even cryptocurrency to make the best use of your network. Because it is one of the more innovative technologies available, it does have its problems that need to be ironed out in the upcoming year. A problem common to many new network platforms is instability, and Circle is no exception. What is on the to-do list for the company for 2019 is improving the payments processing and improving the customer experience by making the process more convenient.
What makes DigiBank both unique and popular is its target audience: people who live their financial and other parts of their lives from their smartphone. Online banking has become almost essential for a company, and DigiBank offers a simple and popular alternative to other types of financial banking. Expect it to be in the top 10 or 5 fintech companies come the end of the year. Their concentration will be on increasing customer satisfaction, giving it the ability to compete with the biggest competitors in the market niche: Asian banking.
Moving from online banking to lending, lending just happens to be where a good deal of the fintech action can be found. Going online and trying to find the best rate from a quality lender is far from easy. What Tala offers is both security and convenience when searching for an online lender, a combination that is difficult to find. But instead of the app telling you what the best deal is, Tala lets you choose. The advantage for the user is it will save you time and money. When it comes to searching for a mortgage, Tala can continue searching and send you updates on the latest offerings. Their goal for this year is to provide a speedier response time and increase the ease of the user experience.
4. Receipt Bank
From lenders to integrated accounting services, Receipt Bank is the answer for companies large and small that have cloud-based accounting systems. Using Receipt Bank you can download reports and any number of spreadsheets, then integrate them into Receipt Bank’s accounting software. It will automate the sorting of accounts to speed up the process and save you time and money. For 2019, their goal is to continue to increase the volume of uploaded data.
Finally, there is Gusto, which is being used to assist Accounting in dealing with the HR department, Payroll, and the Benefits coordinator. It is more than a number crunching app, it actually offer companies real world HR solutions and management by delivering information in a timely manner. It currently serves more than 60,000 individual businesses of all sizes, and its 2019 plans are to further increase the capability of its automation and control systems.
While these are some of the most exciting and potentially profitable fintech companies, it is important to also check out some of the companies that are dealing with blockchain technologies, especially how they relate to cryptocurrencies. The blockchain has become increasingly relevant when it comes to financial transaction security, and it is likely some of the companies above will look to incorporate some of that new fintech technology into their own systems.
Looking forward, the increasing use of cloud-based systems and users who will be using their smartphones as all-in-one financial transaction devices, gives the future of fintech an open door to adapt to the changing customer demands and uses of fintech applications. It might not just be 2019 that will make fintech a good investment option, but may be the basis for an even brighter 2020.