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6 Top Fintech Tools That Are Reshaping the World of Finance

top fintech tools

written by Andre Oentoro

Fintech is one of the popular driving forces behind the industry’s evolution. From revolutionizing payment systems to redefining investment strategies, Fintech tools have become the architects of change in the financial landscape. Now that we’re living in the era where algorithms meet assets and blockchain challenges traditional banking, we’ve listed the top fintech tools that are not just navigating the currents of change– but also reshaping the very foundations of the financial world.

TrackMySubs: Subscription Tracker

For some of us, digital subscriptions seem to multiply like wildfire. TrackMySubs is an innovative tool that emerges as a financial compass. This tool allows users to regain control over their recurring expenses– whether they’re for personal use or business. 

With a user-friendly interface and intuitive design, TrackMySubs empowers users to monitor, manage, and optimize their subscription portfolio effortlessly. It not only provides a real-time overview of ongoing subscriptions but also sends timely reminders for upcoming payments, preventing those often overlooked auto-renewals that silently chip away at financial resources. 

Not to mention that the tool also offers insights into spending patterns. This helps users to make informed decisions about which subscriptions are essential and which may be surplus to requirements.

Provenir: AI-Powered Credit Risk Decisioning

The assessment of credit risk can be both crucial and complex. In this case, Provenir brings a game-changing approach by seamlessly integrating artificial intelligence into the decision-making process.

This cutting-edge tool doesn’t merely crunch numbers. It transforms data into actionable insights, revolutionizing how financial institutions evaluate creditworthiness.

Using advanced algorithms and machine learning, Provenir has the capacity to analyze vast datasets at lightning speed, providing real-time risk assessments with unparalleled accuracy.

This tool is not only reshaping the dynamics of credit evaluation but also setting a new standard for precision and efficiency in the ever-evolving world of finance.

Metromile: Pay-Per-Mile Car Insurance

Metromile is disrupting the traditional car insurance model with its innovative Pay-Per-Mile approach by redefining how drivers interact with their coverage. 

One-size-fits-all insurance policies often fall short, and Metromile introduces a personalized and cost-effective solution. Unlike conventional plans, where premiums are determined by generic factors (i.e., vehicle type, credit score, location, coverage levels, etc.), Metromile bases its pricing on the actual miles driven. 

This empowers policyholders with a sense of control over their insurance costs as well as aligning the interests of the insurer and the insured. By leveraging telematics technology, Metromile captures real-time data on mileage and allows for a more accurate and fair assessment of risk.

Venmo: Share Payments

Venmo has been transforming the way people share payments and split expenses. This peer-to-peer payment platform has transcended the traditional boundaries of financial transactions, seamlessly blending social interaction with the ease of financial management.

This tool allows users to share payments effortlessly, facilitating the splitting of bills, group expenses, and even the simplest of transactions with friends or colleagues. 

Users can witness, in real-time, the payments and emojis/motion graphics that accompany them, creating a social currency of its own. With its user-friendly interface and widespread adoption, Venmo streamlines the payment process while at the same time also refining the social dynamics of financial interactions

MetaMask: Decentralized Finance

Functioning as a decentralized wallet and gateway to the Ethereum blockchain, MetaMask empowers users to interact with a myriad of decentralized applications (DApps) and execute financial transactions without the need for traditional intermediaries. 

This innovative fintech tool puts the user in control– which means they can manage their digital assets, access decentralized exchanges, and participate in various DeFi protocols hassle-free. 

Users can also explore lending, borrowing, decentralized trading, and yield farming, among other financial activities. This is all in one single platform. 

Affirm: Buy Now, Pay Later (BNPL)

Affirm allows users to make immediate purchases and spread the cost over a series of fixed, manageable installments. This tool essentially acts as a bridge between consumers and merchants and provides an alternative to traditional credit cards or upfront payments.

When a user selects Affirm at the point of purchase, they can choose from various installment plans with clear terms and interest rates. This flexibility makes Affirm particularly appealing to consumers seeking more control over their budget and avoiding the potential pitfalls of credit card debt. 

Wrapping Up

The finance world is an ever-evolving and fast-paced kind of world. It comes as no surprise that the future of fintech is marked by an exciting convergence of innovation and adaptability. Customer needs and financial behaviors are continually shifting, prompting the release of an array of groundbreaking tools. 

As we stand on the cusp of a new era, it’s certain that the financial tools of tomorrow will be even more sophisticated, tailored, and responsive to the dynamic demands of individuals and businesses alike. We’ll constantly see more and more tools emerging to seamlessly integrate advanced technologies, such as artificial intelligence, blockchain, and data analytics, into the financial ecosystem.

Author Bio

Andre Oentoro is one of the co-founders of Milkwhale, an internationally acknowledged infographic production agency. He helps businesses increase visibility on.