Fintech Saving: The Future of Finance

April 20, 2022
6 min

Digital innovations and financial technology have long taken over the finance world. Not only does fintech improve financial services and their delivery to consumers, but it also has the potential to render traditional banking obsolete.

The growth of fintech has been skyrocketing, as seen in the widespread adoption of digital banking and blockchain technology. According to Statista, as of May 2023, the number of financial technology start-ups continues to grow steadily in most regions worldwide.

a chart summarizing fintench growth numbers
2022 saw a decline in investment activity, but there has been a recovery in most regions.

What is fintech?

Fintech, short for financial technology, refers to technologies created to improve and automate traditional forms of finance and banking. It includes anything from software programs and mobile apps to complex blockchain networks powering cryptocurrencies like Bitcoins.

Fintech brings several great benefits to consumers and businesses alike, as we will see below, but before we do that, let’s look at some examples.

Fintech product examples

Mobile banking

Mobile banking is the best example of fintech use in real life. The ability to check your bank balance, purchase anything, or borrow a loan online without stepping outside your home exemplifies the power of financial technology in our lives.

Blockchain Technology

Fintech powers the development and deployment of cryptocurrencies like Bitcoins. Bitcoin technology has been dubbed the most notorious disruptor of the last decade because of its widespread adoption as a currency and an investment asset.


A robo-advisor is a digital platform that provides automated financial advice or manages investment portfolios with little or no human intervention.

Once the users’ risk tolerance has been established, robo-advisors use AI and machine learning to help investors manage their investment profiles. They also help allocate assets optimally and generate portfolios for investors at low costs.

While Ovoro is an Al-driven app that uses deep machine learning to automate and optimize its crypto trading strategies, Ovoro is not blockchain or a robo-advisor. Our asset collections combine carefully matched cryptocurrencies and tokens of various risk levels. Ovoro’s ready-made investment solutions help users diversify their portfolios without the need for extensive experience or knowledge about the crypto market.

While Ovoro automates crypto trading and portfolio management, we do not create risk profiles the way robo-advisors do or offer financial advice as a service to guide decision-making. Ovoro’s users can take full advantage of any or all available asset collections.

Ovoro is not a blockchain or a robo-advisor. Ovoro is an app that simplifies crypto investment.

We are in beta. Use our virtual money to test how Ovoro works and see which investing opportunities best fit your needs. The performance of the Ovoro asset collections reflects the real world. All results, good or bad, would have happened with real money, too.

Crowdfunding platforms

Crowdfunding platforms (Kickstarter, Indiegogo, Fundable, to mention a few) allow developers, creators, and entrepreneurs to receive funding from like-minded people all in the same place but outside of traditional banking.


Fintech has also transformed the insurance industry.

Insurtech has come to include everything from home insurance to auto insurance and data protection. Fintech companies are partnering with traditional insurance companies to completely automate the insurance processes, enabling them to expand claim coverages and improve the efficiency of the insurance industry.

What are the benefits of fintech innovations?

Greater convenience for consumers

Fintech solutions provide the most convenient way of serving your customers. Companies adopt fintech because it uses technology to provide a reliable and user-friendly experience. With fintech, users can secure a loan from a bank without leaving their homes.

Blockchain technology, also a fintech product, has made it easier for people to transact without going through lengthy banking processes. For instance, when it comes to speed, it may take 3 to 5 days for a traditional bank to settle a transaction. But with bitcoins, transactions are completed in minutes. Domestic and international wire transfers can be quite costly, whereas, with cryptocurrency, the cost is significantly lower.

Improved retention rates for businesses

With industry-specific fintech products, business owners can give their customers a personalized experience, leading to better retention rates. Increased retention rates are critical for businesses looking to cut their costs. Studies have shown that customer retention is much cheaper than customer acquisition.

“Depending on what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. “

The Value of Keeping the Right Customers, Harvard Business Review

Attracting new customers requires more effort and resources than retaining existing ones.

Fintech innovations can reduce costs not just for businesses but for consumers as well. Saving money with fintech is possible because there are no hidden fees, which is often the case with traditional business models.

Faster approval rates

Another benefit associated with fintech is a faster rate of approval.

When you make an online loan application, it goes through an automated loan approval process, which is fast and efficient. You can receive same-day funding, which is only possible because of fintech innovation. Plus, you can receive online quotes from different vendors, calculate the monthly payment amount online, and even apply for a loan online, thanks to fintech.

Traditionally, customers would have to go to their respective bank branches to apply for loans or transfer money internationally. Fintech-enabled payment systems do not have such restrictions, and transactions can be processed anywhere, anytime.

Increased efficiency

As with any other technology, fintech increases operational efficiency.

Wherever there is automation, there is very little human intervention, which leads to eliminating human error from all processes. That results in higher efficiency and improves service quality.

Increased transparency

Fintech innovation has also led to improved transparency in the finance industry.

International payment solutions are setting new standards related to the global transfer of funds. And with the EU publishing revised rules on payment services, discussions about transparency in online payments have never been more timely.

The issue of transparency has become a key element of fintech credibility. Most governments require fintech companies to disclose fees and the prevailing exchange rates, which helps users significantly lower costs. Most fintech solutions provide this information beforehand to help users make informed decisions.

Driver of growth for businesses

Fintech companies create systems for businesses to accept payments for trades and services in the most seamless way possible. So, it is safe to conclude that fintech is the driving force for business success and development.

Advanced security

With speedy innovations comes the need for tightened security protocols, and fintech innovations are doing a great job in that respect.

Security in fintech solutions is reinforced via advanced technologies like biometric authorization. For example, fingerprint scanners are more secure than a four-digit PIN. Their use makes payments much more secure.

Fingerprint scanning provides better security.

As a fintech solution, blockchain technology is considered safer than most, if not all, alternative payment methods. It is designed to be immutable and tamper-proof. The level of encryption involved with crypto means consumers can use blockchains and cryptocurrencies without fear of hacking or leakage of confidential data.

Final thoughts

The future of fintech innovations looks promising. Considering the most recent statistics, the number of such solutions will continue to grow. Part of the reason has to do with the many benefits the technology brings along. From greater convenience and reduced costs to increased efficiency, security, and speed, fintech has a lot to offer. And it will continue to redefine and transform the ways in which we interact with money in our daily lives.

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