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The Agile Process to achieve your business goal
Selleo advocates following the rules and principles of Agile and Lean software development methodologies as the best approach to managing projects. We use Scrum as a lightweight agile process framework to manage our software development as it ensures an appropriate level of communication and collaboration with the client people. We perceive it to be a critical success factor in the execution of outsourced projects. The methodology many times proved to greatly help to integrate all the team members involved in the case of both independent and augmented development teams.
Fintech is an innovation that describes a group of new technologies designed to enhance and automate the use and delivery of financial services. Fintech has changed how we save, borrow, and invest money by making digital financial transactions easier and simpler, without the need for a traditional bank.
It has taken over many of the financial services from payment apps like PayPal (PYPL) - Get Report or Venmo to even cryptocurrency. In general, any company that uses the internet, mobile devices, and software or cloud services to provide financial assistance to its customer can be referred to as ‘Fintech.’
Under the notion of Fintech software we can distinguish 9 categories:
- catering compliance issues and managing regulations
- Blockchain and Cryptocurrency
- for transactions and trading
- Crowdfunding Platforms
- for funding a project with a small amount of money contributed by many people
- Investments: Robo-Advising and Stock-Trading Apps
- asset recommendations
- attracting new customers and coordinating with old ones
- sending and receiving payments
- Personal Finance
- financial assistance, budgeting, managing personal finances
- speeding up the lending processes
- Price Comparison
- providing users with key product information including price, features, availability in stores, rating, reviews
Fintech companies are continuously gaining popularity among businesses and consumers. There are mainly two types of users for Fintech, and these are:
- Business-to-Business User (B2B) - Fintech B2B services allow companies to leverage their financial transactions to optimize their productivity and overall bottom line
- Business-to-Consumer (B2C) - B2C Fintech apps enable anyone with a mobile phone to transfer money conveniently and quickly
Using Fintech globally leads to increased access to banking and lending products. Small businesses may benefit from better access to finance through Fintech products while customers get a better insight into their spendings.
Banking institutions use Fintech tools like chatbots and mobile apps to enhance customer experience and give users a real-time view into their bank accounts.
The US Fintechs raised $12.8 billion in the first quarter of 2021, a 220% increase over the same period in 2020. We can definitely distinguish some key players taking over the Fintech market like:
- Stripe - used for processing online payments
- Klarna - a ‘buy now, pay later’ solution powering financing for stores like Etsy or Ikea.
- Chime - the largest digital quasi bank in the US
- Robinhood - a controversial app for commission-free trades of stocks