Fintech is an informal term that refers to the technology surrounding finance, including banking and investment. Since 2013, the technology industry has been shifting towards fintech, with many companies changing their direction in accordance with the changing economy. The efficiency of financial services can be improved through technology, leading to the growth of Fintech companies.
The technological revolution has seen a recent rise in financial technology companies. Also known as fintech firms, these companies have established themselves as new players who can contribute to improving the financial sector by embracing new and innovative technologies. Today, the financial technology industry is among one of the largest enterprises in the world. According to reports from FinTech Global Advisor, the value of all fintech companies was estimated at $6 trillion.
Venture PR specializes in drafting fintech content businesses can use to share their current and future financial technology developments with their clients and consumers. We can help you identify what aspect of your company would be best highlighted through a FinTech lens and develop content that showcases how your company uses financial technology.
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One of the reasons for the mass adoption of financial technology is the newest generation of purchasers. Gen Z is well known for its early adoption of technology and has grown up with a mobile device in hand. Gen Z is familiar and comfortable using online banking, digital investment, and payment apps through their laptops and smartphones. Because this generation has had so much time to use technology throughout their development, they expect different things than previous generations. They want fast, quick, and affordable services with seamless transactions. They want personalized technology, and as a result, fintech companies are moving forward to create brand identities that resonate with Gen Z.
Fintech also works well with biometric technology to create highly personalized applications. For example, the Wocket is the first smart wallet that protects users’ finances, identity, and personal data by using an advanced biometric verification system. Available on Android and iOS, the Wocket works like a fingerprint scanner controlled by the user to keep all their information safe. It can also hold up to 50 IDs and cards has access to over 30 Bitcoin exchanges and comes with a two-factor authentication application. While the Wocket is the only multi-card technology on the market right now, it will not be the last.
Venture PR published an article in Interesting Engineering, “VR/AR in Health Applications Powered by User’s Biometrics Eases Stress and Anxiety.”
VR and AR applications are another intersection of financial technology where companies focus their efforts. Virtual and augmented reality are being explored across industries, but the financial sector has begun using VR and AR to help personalize banking experiences and make investing more visually appealing. Is cutting-edge technology helping investors? Yes, with AR and VR both improving access to market data, Fidelity Labs is developing a new Oculus Rift immersive 3D environment for advisors and traders to interact with clients’ portfolios. It’s an exciting new way for clients to manage their portfolios.
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These Fintech firms see themselves as part of a tech revolution already disrupting the music and television space. Fintech also seeks to expand into the Biotech space with digital payment platforms challenging how health care providers process client payments. There are so many new billing models for the healthcare industry, which include electronic health records that must be shared securely. As data and payments become more patient-centric and less payer-centric, Fintech is stepping in to revolutionize the space.
In addition to focusing on payments in the space, many Fintech firms have also created healthy habits apps that use gamification and economic reward to spur patients into action. As the incidence of chronic lifestyle-related illnesses like diabetes and hypertension rises, insurance providers are increasingly adapting their reimbursement models to reward patients who maintain healthy habits. These gamification-type apps can help people curb some of the symptoms associated with chronic illness through rewards, challenges, and social connections to create fun experiences around fitness. Paceline and Sweatcoin are two examples of companies working in the space.
Venture PR published an article in Bloomberg, “Airbnb’s $3.1 Billion IPO Hinges on Hosts Who Make Rentals Feel Like Home.”
With all these startups coming out with new apps to integrate financial services, the market for Fintech is getting bigger, which means it is also becoming more competitive. It has never been more critical for companies to know how their customers feel about the Fintech products they are creating and launching. This is where public relations copy comes into play. Customers need to understand the who and what behind these new Fintech firms.
Venture PR offers public relations fintech coverage to clients, and financial technology articles have been featured in online publications such as The Wall Street Journal, CNET, Bloomberg, and Interesting Engineering.