What FinTech Solutions to Implement In 2024

There are industries where technologies can’t replace professionals with skills and experience. But there are also those where people can’t… replace tech. And one of those is the finance industry. There’s so much data involved in its processes that businesses in this industry are highly reliant on tech. Luckily, the latter is getting more and more advanced.


Robo-advisors sound like a science fiction term. In reality, though, they are just tools for wealth management. Many businesses today turn to custom financial software development services to access robo-advisors. These use algorithms to provide personalized investment advice based on individual preferences and risk tolerance. They act much like a 24/7 financial advisor — no breaks, just a constant flow of data-driven insights.

The beauty of robo-advisors is that they democratize access to financial advice. Plus, they eliminate human bias. At least, if we put aside the fact that biases may be inherent in their design. But that is a topic for a separate discussion. What is important is that with robo-advisors, you get personalized, consistent, and more or less objective advice.

Best for financial advisors and wealth management firms.

Loan Origination Systems (LOS)

Next, we have loan origination systems. LOS software is specifically designed to streamline the process of finding and qualifying borrowers. It helps banks and financial institutions

  • prospect more effectively,
  • reduce risk,
  • and avoid fraud.

An effective LOS integrates credit scoring, document management, and compliance checks. It thus takes care of every step from application to approval. When you automate these processes, you speed up loan approvals. Customers are happier and you are… safer as the risk of lending to unqualified borrowers is minimal.

Best for banks and credit unions

Loan Management Systems

Managing loans is traditionally associated with two difficulties. It is very time-consuming. Plus, it’s error-prone. This is why automation is especially welcome here. Loan management systems automate

  • managing payments
  • tracking loan performance
  • collecting payments.

Thanks to this, you achieve much higher accuracy. Besides, you always have real-time updates, reports, and reminders automatically sent to borrowers. So the likelihood of missed payments and defaults is a bit lower. And it’s also smoother for borrowers.

Best for financial institutions and lenders

Merchant Cash Advance (MCA)

Merchant cash advances are relatively new tech solutions that help with

  • assessing eligibility
  • managing advance terms
  • monitoring repayment.

MCA tech solutions use data analytics for two main purposes. First, to evaluate a business’s creditworthiness. Next, to make advances to reliable clients. They also automate the collection of daily repayments. As a result, the process is smoother for both the lender and the borrower.

Best for financial service providers and lenders

Financial Analytics Platforms

Analytics is essential for any finance business. Financial analytics platforms collect, analyze, and visualize financial data. This data helps you understand market trends, assess risks, and decide how to grow.

The beauty of such platforms is that they usually integrate data from various sources. That is, you have a comprehensive view of your entire financial landscape. Such scope of work would otherwise require an entire team of professionals. And still, there would be no guarantee that they’d cope.

Best for financial analysts and investment firms


To sum it up, finance businesses do need fintech solutions. A business that’s using one will always outcompete a business that relies on manpower only. That’s what reality is today. Luckily, fintech is booming. We’ve seen just a few examples but there are many more cool opportunities in this field.

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