Connect with us
Apply Now

Tech + Startups

How are Fintech Mobile Applications Changing Traditional Banking?

It is predicted that the global fintech industry will be worth 400$ billion in the year 2023. The world is evolving fast, and so is the tech industry, thanks to the introduction of fintech applications for making banking solutions 100 times uncomplicated.

“Fintech,” as it is evident from the word itself, combines finance and technology. Adding technology to banking and finance services makes things easy, advanced, and competitive. Now you don’t have to go to your bank for transactions as it is possible just through a single tap from your mobile. Interesting right?

Fintech has entirely transformed the means we use to make Payments, manage our money, take loans and mortgages, or open an account. There are currently 30,000 fintech startups worldwide, providing employment opportunities to millions of intelligent tech experts.

This is undoubtedly revolutionary and worth the effort, and according to the experts, the main reason for the booming fintech business is the increasing use of mobile devices. People find fintech applications easy to use as compared to going to the bank and so on. Still, so much is yet to be done, and you will find incredible new features and trends in the fintech applications.

Here are some of the ways fintech is changing the finance landscape

Assets Management

Many people are unaware of how to manage their assets. They end up investing in fraud schemes or wasting their hard-earned money in unworthy and profitless areas and suffer from disappointment later. Many fintech or banking applications provide exceptional solutions to asset management.

They have unique features and top-notch investment options that are profitable and easy to access. Experts are also accessible, and you can take advice whenever you want through these advanced fintech applications.

Affordable as compared to Traditional Banking

The best thing about fintech applications is that they are cheap, and many banking applications don’t even charge any amount for the transaction, so it’s a win-win situation.

Also, when we see traditional banking, you must visit the bank, which costs you traveling expenses, and some amount is deducted from each transaction every time. So, this incredible fact makes fintech banking applications a better choice than traditional banking.

Increased Competition

As the number of fintech startups is increasing rapidly, the competition is also increasing. Fintech experts are trying their best to add new and easy solutions to compete in the market and provide their users with easy and affordable banking solutions.

Mobile app development Dubai is skilled in developing some of the finest fintech applications for their local and international clients. Some of the most popular UAE-based fintech applications are Beehive and Bit Oasis. The latest applications have multiple unique features and exceptional user interfaces.

A great source of business

Fintech applications are providing a great business opportunity, and according to research, in 2023, the global fintech market will generate revenue worth around 400 billion and tats huge. Startups are doing great business through fintech applications. Almost every bank has its own banking application worldwide, thus increasing business for the software development industry and the company itself.

Increased Transparency

Banks were considered untrustworthy and less transparent in the past, but thanks to fintech application making, things are transparent and secure. You can always keep a check on your account through your smart devices. Customer support is always active to assess you with any queries.

Increased Accessibility

If we compare it to traditional banking solutions, this is the ultimate upgrade, as you can always access banking services. You can make transactions from anywhere worldwide without going to your bank branch. There is a marked decrease in delayed payments and transactions, and you can transfer money within seconds if you have a fintech application on your smartphone. Software development company in Dubai and other famous software development companies in the UAE region are experts in developing fintech apps from state-of-the-art technology.

Helps Freelancers

International transactions are made easy for the freelancer community. They can easily make transactions with their international clients. Thus, this helps the freelancers in their work without delaying payments. Many fintech applications provide freelancing solutions also.

Increased innovation

As fintech applications are the latest advancement in the software industry, it is continuously progressing and evolving. Many advancements are predicted to be made in the near future.


Traditional banking is no longer preferable for transactions or money management. More and more people are getting digital and using fintech applications. As discussed in this blog, fintech applications are evolving rapidly, and fintech app developers are trying their best to work on new advanced features. Many new startups are launching with the passage of time, thus doing great business.

Continue Reading

Copyright © 2022 Disrupt ™ Magazine is a Minority Owned Privately Held Company - Disrupt ™ was founder by Puerto Rican serial entrepreneur and philanthropist Tony Delgado who is on a mission to transform Latin America using the power of education and entrepreneurship.

Disrupt ™ Magazine
151 Calle San Francisco
Suite 200
San Juan, Puerto Rico, 00901

Opinions expressed by Disrupt Contributors are their own. Disrupt Magazine invites voices from many diverse walks of life to share their perspectives on our contributor platform. We are big believers in freedom of speech and while we do enforce our community guidelines, we do not actively censor stories on our platform because we want to give our contributors the freedom to express their opinions. Articles are not commissioned by our editorial team, and opinions expressed by our community contributors do not reflect the opinions of Disrupt or its employees.
We are committed to fighting the spread of misinformation online so if you feel an article on our platform goes against our community guidelines or contains false information, we do encourage you to report it. We need your help to fight the spread of misinformation. For more information please visit our Contributor Guidelines available here.

Disrupt ™ is the voice of latino entrepreneurs around the world. We are part of a movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities both here in Puerto Rico and throughout Latin America. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. Disrupt Magazine was designed to give the world a taste of that.