Top Apps in FinTech Turning Heads
Across the financial services environment, technology is revolutionizing Canadians' relationship with their money. Although Canadian adoption of FinTech services trails other nations like the United States and the United Kingdom, more Canadians are turning to FinTech services to manage their money than ever before.
The dramatic growth in FinTech services has been joined by the Big 5 banks unveiling new services, seeking to compete with smaller players in this dynamic space. As new technology becomes increasingly available to consumers, there are opportunities for cutting edge FinTech app companies both large and small to exploit growth opportunities in FinTech by delivering killer apps.
If your business is looking to break into this market, inspiration can be found by exploring what's already happening in the market. Here is a breakdown of four top apps delivering amazing value for their users, from Fortune 500 businesses, down to ordinary consumers.
Moneris iPad POS Solutions
If you've ever worked in a restaurant, you know the central importance of the Point of Sale (POS). Using Moneris' iPad solution, it becomes the nerve center of your restaurant. The POS handles tableside orders, menu and staff management, and of course, payment at the table. Your guests will never again have to awkwardly go up to the bar to pay for their meals. Moneris also provides tailored support, ensuring that everything is installed by qualified experts.
Crowdfunding is disrupting conventional fundraising across the world. Sourcing small donations from ordinary consumers has already changed the face of political campaigns, video game development, and even a giant inflatable sculpture of Lionel Richie's head. Fundrazr is further revolutionizing the space, helping raise over $135 million for non-profits, schools, societies and clubs, and even personal healthcare expenses for vulnerable populations affected by COVID-19.
BDC Express Loan
Getting a loan approved used to take ages, with reams of applications, forms, credit checks, and all manner of paperwork going all over the place. The Business Development Bank of Canada has changed all that. Their new iPad app can get your business approved for a loan of up to CAD 700,000 approved in the time it takes to brew a pot of coffee. Since November 2017, they've managed to issue more than 3000 loans through the service. Many small Canadian start-up CEOs must be salivating at the possibilities of getting off the ground with such straight-forward injections of capital!
Finpass by Sqirl
Named by the International Data Corporation (IDC) as one of the key emerging technology vendors in the Canadian FinTech space, Sqirl aims to make it easier for financial services firms to verify client identity and financial information. Finpass is a simple solution, that enables businesses to perform their compliance tasks with ease.
This serves to both increase conversion rates while also ensuring that the user has a pleasant experience, one not mired by long wait times. Sqirl uses Finpass to reduce the cost of compliance across a variety of different verticals, such as lending, banking, and financing.
These are just a selection of the innovative solutions that FinTech firms have developed to create value to businesses and consumers. As the financial technology sector isn't poised to slow down any time soon, the next generation of visionaries are going to continue to disrupt the banking and payment space over the next decade.