Five disruptive FinTechs to watch in 2017
FinTech firms are constantly disrupting traditional financial services with innovative solutions for a customer base that lives in an increasingly digital world. Here is our list of five FinTechs to watch in 2017.
The premise behind eToro is simple: it is a trading platform which allows users to trade currencies, commodities and stocks online.
The innovation is that it offers its customers a way of keeping up to date with trades more likely to make them a return.
With the CopyTrader feature, users can search a list of eToro’s top traders and copy the trades they make. A user can allocate a certain amount of funds which will be automatically managed to copy the trades made by other successful users of the platform.
Over 200 million trades have been made via the platform, with the company stating that they have over 5 million users.
FitSense is a health and life insurance platform with a difference.
It is a platform which allows insurers to personalise products and services by using data collected directly from apps and wearable devices.
The platform analyses variables such as BMI, sleep patterns, physical activity, location and stress level to build a clear picture of the customer. Insurers are then able to provide a tailored package which updates in real time.
Digital banks are on the rise, but many of them don’t have the funds to provide cash machines for their customers to withdraw money from.
This Singapore-based start-up lets its users skip the queue at the cash machine by allowing them to withdraw their money from a nearby shop.
Think of soCash as Uber for ATMs.
Once a shop owner signs up to soCash, their business is displayed on an in-app map letting users know that they can withdraw money from the premises, straight out of the till.
If you live in a big city you may not use your car very often, and when you do, you perhaps don’t drive very far.
Metromile is a US-based car insurance company which has built its offering around low-mileage drivers by giving them the option to ‘pay-per-mile’.
After signing up, customers will receive the Metromile Pulse, a small wireless device that plugs into the on-board diagnostics (OBD) port of their car.
This device then securely tracks how many miles the car is driven, with the data then used to calculate the customer’s monthly bill.
CashShield offers businesses a fully automated solution to combat fraud.
Most fraud prevention solutions only collect data from a limited number of fields. CashShield uses big data, allowing the system to analyse an unlimited number of custom fields making it easier to spot fraudulent transactions while making it harder for the fraudsters to cover their tracks.
The system also uses machine learning which can quickly recognise a customer’s behaviour, effectively differentiating between a genuine transaction and a fraudulent one, faster and more accurately than a human could.