The flowering field of fintech (Infographic)

Fintech or financial technology may still be a foreign term to a lot of people, but the industry has been thriving in the past few years. In fact, there are many fintech companies that were established last year and a lot of them have become very successful. Some of the best ones include:

• Ant Financial: Ant Financial is an online payment service provider that allows both businesses and individuals to make payments online in a safe and secure manner. It operates the Alipay platform and runs the Sesame credit rating system.
• Qudian: Developed in China, this fintech firm offers micro student loans, installment payments, and an investment management system.
• Oscar: This US-based health insurance company employs technology and data experts to humanize the healthcare system. It seeks to make a difference in the current state of healthcare in the US.
• Lufax: It is a Chinese company that offers an online lending and wealth management program that runs online. Its overall aim is to be one of the most comprehensive platforms of its kind around the world.
• Zhong An: An internet insurance company that harnesses a range of technologies for different applications such as product design and risk management.

More fintech companies are popping up all over the world as technology continues to advance. Based purely on the number of fintech startups, the US leads in the list, followed by India. Other countries that are also in the lead include the UK and China. However, emerging countries like Brazil, Indonesia, and Finland are also coming into play.

In terms of fintech specializations, the most thriving ones are lending, payments, insurance, customer banking experience, retail investment, digital currencies, personal finances, equity financing, blockchain technology, capital market, and SMB tools, among others.

So, why are fintech firms so popular? What makes them better than other finance companies? One of the key reasons is that they have very stable and predictable business models, making people feel safe about their products and/or services. Investors are also attracted to businesses with predictable business models, as the risk is lower. Fintech companies are also low-cost yet deliver exceptional service.

The future is bright for fintech companies and it will be interesting to see what else could happen in this exciting industry. Until then, let’s take a look at how it has been so far in the past year.

This infographic was created by DinarDirham.