FinTech can be used to help automate insurance, help with trading and risk management.
With the world constantly changing financial technology has seen a massive increase in recent years. In 2013 the market was receiving £4billion in investment, over the years this has steadily increased reaching a peak of £30billion in 2016. It is predicted that this will continue to grow and become the most used technology in the financial sector
Many companies have started offering a wide range of services which are a direct result of the need for the implementation of FinTech. Companies like FinTech Compliance were established after it became increasingly obvious that the market was in dire need of specialist FCA compliance expertise.
The need for expertise in technology based innovation in the financial sector is so great that over 1300 companies have been opened for this purpose and that number is still growing.
FinTech helps many other firms with problems they may encounter when setting up a financial business. Problems such as obtaining the correct authorisation from the financial regulators who are based in the UK.
When any company is being set up it is important that these are taken very seriously. Failure to do so could result in the business being closed down. Fintech compliance will be able to help companies navigate this so they don’t find themselves getting in any trouble.
Fintech also offers the choice of ongoing help with any businesses compliance requirements. They help firms who are obtaining authorisations and give advice to firms who already have authorisation and are up and running.
Fintech is all about making life easier for financial businesses. It helps them to run a business without any worries of breaking any laws.