Fintech is inevitably growing and providing people with super ease in doing financial processes. By 2019, 64% of consumers have used two or more fintech solutions worldwide, which indicates its dominance in the finance industry.

If you are associated with finance & banking, you would already know how Fintech is helping both users and financial institutions. Here are some statistics that show how Fintech is flourishing.

By 2025, the Global fintech market is envisioned to grow at 23.58% CAGR from 2021. Artificial intelligence is the supreme technology in the fintech market, with a market share of 38.25% in 2019.

Blockchain share worth in Fintech was $70 to $75 billion, which is expected to grow at 50% CAGR in the next six years. There are already 8,775 fintech startups in America as of 2021.

Apart from these, there is no dearth of statistics that shows fintech app development is needed for financial institutions and also a major interest of people.

Wondering what are different types of Fintech applications you can launch/develop/use? Let's take a glance at different types of Fintech applications to try.

Different Types Of Fintech Software You Can Develop In 2021

Loan Origination Software

It is a hidden but very useful fintech software solution category that enables financial entities to establish operational dominance in credit distribution. They provide efficient and rapid loan requests and enable you to handle them via a number of channels.

The software enables full user management and provides control over the user data, account setup, user authentication, and more. From user input forms to define question answers and adding description, it enables complete checklist and attaching of the electronic document to avail loans.

It also includes a collateral module that provides complete control over collaterals. The feature also enables you to define collateral, register collateral, debt securing assets, valuation, legal forms.

Why Use?

Enhanced operational efficiency Decreased marketing time Better customer care and satisfaction Automated processes Fraud detection

Popular Software: Crowdsoft, Floify, FileInvite

Commercial Loan Software

Commercial loan software allows you to optimize and automate the process of lending. It helps employees to offer credit and monitor the process of lending money electronically. It incorporates a number of features that enable loan managers to do a number of tasks at ease.

Risk management enables lenders to assess the deal by doing deep analysis into users' data using account information and rating. Collection and provisioning make account delinquent control handy and work on related accounts via follow-ups and history logs.

The application management feature also makes customer and product data management and capturing. In short, Fintech software development companies create solutions that make loan distribution easy.

Article Source - https://angelinajasper.hashnode.dev/glean-insight-into-types-of-fintech-software-to-invest-in-2021