The fintech sector saw an explosion of growth over the past few years. As we continue to see a closer tie between financial and technology companies, we want to explore the largest fintech software development sectors.
Why does it matter? If we understand the bulgaria phone number data top sectors, we can follow the trends to see how the industry develops over the next few years and affects your company.
#1. Payment & Billing Software
The total transaction value in the digital payment market is predicted to expand at an annual pace of 11.80% (CAGR 2023-2027), hitting USD 14.78 trillion by 2027. In recent years, this segment has experienced significant growth, which was further influenced by the pandemic. The increased demand for contactless services led to more customers preferring them.
With extensive expertise in multiple fintech domains, Velvetech stands out as a full-service provider for financial firms seeking to embrace digital technologies, optimize their payments and billing operations, and enhance performance through workflow automation tools.
A good example is tracking the age of missed how digital transformation is impacting small and medium-sized businesses payments. If a payment is a day or two late, then it is probably an honest mistake. The payee needs a simple reminder to pay their bill.
Conversely, those who are 90-plus days late will probably not pay. It is an entirely different scenario with different collection efforts. Routing this through a workflow can automate the customer-facing functions as well as what the back-office operations need to collect payments at specific points in the process.
Our experience with payment and billing can help you create a software tool that collects monies based on your requirements.
#2. Digital Banking
Due to the growth of mobile technology, face & voice biometrics, blockchain, and AI over the last few years, we might be able to do all our banking country list in the next few years in the comfort of our pajamas.
Some banks like Ally, Atom, GoBank, and even the military bank USAA have gone entirely digital. While this reduces your overhead, a digital bank faces challenges that a physical bank like Bank of America or Chase might not encounter.
For example, how do you know you are giving money or account access to the right person? To solve these issues fintech relies on features like face and voice biometrics.
The final challenge is how you know what to do when you don’t have a human helping you with your banking. That is where the chatbots and AI features help.
Even if you are not ready to go 100% into digital banking, Velvetech has the expertise and dedicated team to assist you in smoothly migrating a significant portion of your processes to mobile and digital software solutions.
#3. P2P Lending
Decades ago, the P2P lending space was in its nascency. Only one or two companies like Prosper and Lending Club existed. Now, the idea has taken hold. In fact, the P2P lending market revenue is estimated to reach USD 804.2 Billion by 2030.
As consumers and businesses look for alternative funding sources to banks, the best option is to work with these P2P alternatives.
However, these microloans require a lot of machine learning, intelligent algorithms, and AI technology to underwrite the loans.
Velvetech leverages the latest P2P technologies to provide comprehensive lending software platforms that facilitate efficient and secure transactions, empowering borrowers and lenders alike.