4 Modern Examples of FinTech Solutions

By Isabela Vital, Sep 18th 2020

Have you thought about how many solutions FinTech has brought to our lives? Nowadays, most of the tasks can be done with our phones since payments, until superannuation management and digital versions of legal tax invoices. Let`s explore some of them:

1. Smart Receipts

How troublesome is it to buy something in-store and generate lots of wasteful paper? Not very environmentally friendly, one extra thing for you to carry and never look at it again. The company Slyp works with *smart receipts that are conveniently delivered inside the user’s banking app. It is easy, with intuitive returns with barcodes and reminders. To have an idea about what is behind paper receipts, according to Slyp, to make thermal receipts annually, it is used 145 million trees, 55 billion litres of water, 14 billion litres of oil and 10 million tonnes of waste. 

Source: slyp.com.au

2. Digital Wallets

Another sustainable change that FinTech has brought to life is digital wallets, a vast revolution in the payment system. Do you remember the last time you used cash? And if you are already using digital wallets, think about when you got your credit card itself to make a payment. Many apps offer this service such as Apple Pay, Alipay, PayPal and Google Pay.

3. Peer-to-Peer (P2P) Lending

This solution enables individuals to obtain loans directly from other individuals, without the need for a financial institution, which may not have a better rate. It is also known as ‘crowdlending’. The process of getting the loan is simpler if we compare to traditional banks. Usually, these lenders are investors who are looking at parking their savings and investments in a place that provides better returns*.

*Source: lendfoundry.com

4. Super Funds

A recent survey conducted by *ASIC’s MoneySmart, found that 40% of Australians  don`t know what their super balance is. Dozens of mobile apps can simplify the action of checking the balance, investment, performance and transaction history. Most of the super funds offer an app to make these tasks easier to execute. Have you checked yours recently?

*Source: canstar.com.au