5 biggest Fintech innovations of the century


Everyone is talking about the changed lifestyle and it is majorly caused by technological developments and advancements. The 21st century is truly associated with technologies and without them, we would not even imagine one day of our lives. Technologies are everywhere around us. Our dependence on them is sometimes so natural that we would not imagine doing things without them and it has become a common norm for everyone. One of the biggest roles is played by mobile phones in our everyday life but we should not forget about the financial technology achievements that are playing a crucial role. The article, first, will review Fintech and what it stands for and major fintech innovations that have affected our lives in many different ways.

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What does Fintech mean?

Fintech stands for Financial Technology and is used to describe the new technologies that tend to improve and automate the delivery and use of financial services. It helps everyone, who is involved in the financial services, companies, businesses, and customers to make the procedure simple, easy, quick, and more efficient. Fintech, among other things, is involved in the development process of cryptocurrency, as it is promoting its use and gives people the possibility to have access to better services. As the discussions about the crypto-industry are very active nowadays and the market is thriving right now, little do people know what stands behind it. All those trading, exchange, or investing processes would not be possible without the Fintech innovations and there are several major advancements, which are affecting the ways of our lives.


It should not be a surprise for most people to start the list with the most controversial innovation, blockchain.  A lot of them have general knowledge and associations about it, but not many of them have the exact information about what it means and how it can be used.

Blockchain technology is considered to be one of the greatest achievements of the 21st century. It is a tool to create a digital inventory of data that can be used to record and track information about the transactions, and surprisingly or not, it is not only used for the crypto-exchange but to keep the data started from medical records to elections. The main advantage of this technology in comparison to traditional ways of keeping data is its ability for decentralization. The data is distributed or deployed across the computers that are involved in the blockchain network located not in a specific location, but around the world. The process does not require any third-party involvement. Each block has a piece of information about the prior-action and post-action, however, the changed data cannot be tracked where it was sent.

This is the major reason, why cryptocurrencies are becoming so popular worldwide because due to the blockchain technology it is impossible to know who transferred the amount and from where, as it guarantees the anonymity of the persons, even in the case when the usage of this kind of assets (meaning digital assets) are forbidden.

Digital Wallet

Surprisingly or not, even a wallet could become digital in the 21st century, due to Fintech innovations. A digital wallet uses a software-based system that stores the payment information based on the user’s password. The wallet can be used to store the fundings, make transactions, and check and track the payment histories. In order to access your digital wallet, you do not need to have an advanced technology system, for that the mobile phone is pretty enough. Due to the fact that those digital wallets were integrated into the bank account, now the customers are given the opportunity to execute the cashless payment.

Trading platforms

As the creation of blockchain technology or e-wallets lead to the increased use of transactions whether with digital coins or cashless payments, which itself had an impact on creating and advancing the trading platforms. This is software that is used for trading and involves the procedures, such as opening, closing, and managing market positions through online brokers. The trader should make a thorough research before actually starting trading with the platform which should be based on a trading plan and strategy.

Forex Trading robots

The foreign exchange platform is very popular these days due to the increased need for side income, especially during the pandemic. The platform has overgone through many changes and innovations in order to provide its customers with an efficient trading experience and the implementation of robots for automated Forex trading is one of the most important parts of the process. To describe it more precisely, the Forex trading robot is a computer program based on a set of forex trading signals and helps the trader to determine whether to buy or sell a currency pair at a given time. It does not mean that all the job is done by the robots while trading, humans are still the ones that make the final decisions and set the margins for the trading robots.

Digital Banking

In order to make better customer service and provide them with efficient operations, it was important to digitize the existing, traditional banking system. In terms of changed circumstances and the Fintech revolution, banking had to improve its services as well.

Digital banking means digitizing all the bank activities such as money, deposits, withdrawals, transfers, account management, and many others. If you needed to go to the bank in order to get the above-mentioned services, now you can do everything by using the mobile application. As it has already shown, the majority of the clients are fond of new changes and see the innovation positively.


Finally, to conclude, as we have seen from the reviews and main definitions, the changes that were happening in terms of technological advancements have affected the financial sector through Fintech innovations. The impact is very crucial and we can boldly say that it has changed the ways of our lives. It is because of all those advancements that we are talking about the crypto-exchange, stock market, transferring money online, etc, and without the above-mentioned innovations, all those services would be unable to complete. Moreover, it is not the final point, as the advancements are still growing and it is just a matter of several years or maybe less, the population to become affected by another fintech innovation.

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