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Techonlogy develops


As technology develops; automation continually becomes more universal; and consumers increase their use of online financial services, the financial technology (fin-tech) market will get increasingly crowded with products.

Not surprisingly, there is a wide array of fin-tech apps, websites, and platforms available today, some of which are very useful and others that create absolutely no value for the user.  

Here is a list of 4 fin-tech products that we like. We believe these products actually create value for users and will become staple applications on most people’s mobile devices.

 

1. Mobile Payment Processors

Most consumers regularly use or at least have heard of Venmo and PayPal, but there are also newer players who have forced competition in the market and increased the overall security of the service for everyone. Apple Pay essentially eliminates the need to carry a debit card, credit card, and cash. It allows consumers to easily pay each other though their normal iOS messaging. Traditional financial institutions created Zelle, which does the same thing as Venmo but is marketed as a faster, more-secure service since it’s offered directly through the big banks. Mobile payment processors are highly functional for the daily needs of most people and are here to stay.

 

2. Real-Time Payment Rails

The ACH network is improving and payments can now be settled quicker than once per day, as they were before. What this means is that services like paycheck direct deposit, online bill payment, and e-check writing will soon be settled in real-time, which improves settlement success rates and reduces fraud from e-check kiting (taking advantage of the “float” period between writing the check and the funds being cleared from the checking account.) Zelle falls into this category, as does a company called PayCo. Real-time payments increase the security for everyday people who send or receive larger value transactions.

 

3. Automated Financial Advising (Robo-Advisers)

The increasing popularity of mutual funds, exchange traded funds (ETF’s), and passive investing, especially with Millennials, has sparked an advancement in robo-advising. Rather than trying to beat the market with complex investing strategies and personal financial advisors who actively manage their clients’ portfolios (and charge a large fee for doing so), young people prefer to deposit their money into a portfolio and have a series of algorithms direct the investing decisions. Robo-advising services from Vanguard, Charles Schwab, and E-Trade allow users to customize their goals and retirement plans. We think robo-advising is the future and will become more universal in the next 2-3 years, even in individual retirement plans like IRA’s and 401(k)’s.

 

4. Peer to Peer Lending (P2P)

P2P began with Prosper and Lending Club but has since developed into an industry with many additional features. Direct connection of borrowers and lenders eliminates middlemen and reduces fees. More value is preserved for everyone involved. EPIMONI falls into the P2P category and utilizes a unique money pooling system that brings borrowers, savers, and investors together on one platform that prioritizes transparency and trust. We think that P2P mobile applications are useful for people who are either looking for a way to access capital quickly and have low borrowing rates, or people looking to save or invest in exciting alternative investments where they can also directly help their friends and family.

If you want to be part of EPIMONI’S Beta Test, click here to sign up and see if you qualify for a free $10. All are welcome to join.

All content in this post is property of EPIMONI LLC. The websites of private or trademarked company names used in this post have been linked, accordingly. Photo cred: em360tech.com and totalmerchantservices.com.

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