Fintech stands for financial technologies. This term refers to any innovation in the field of financial services – in other words, everything that makes our relationship with money easier, faster, safer, and cheaper.
Realm of fintech has been attracting tech-savvy visionaries and emerging companies for years now, but over the past three years, the number of fintech startups around the globe tripled. For example, there are over 26,000 such companies in 2021.
Information provided by Statista
Due to the growing popularity of fintech, we couldn’t ignore the necessity of reflecting upon the path taken by emerging fintech companies so far and analyzing the digital solutions they choose for their business. Let’s note some helpful digital solutions many fintech startups use.
Best Tools for Successful Fintech Startups in 2021
Digital tools are an irreplaceable part of any company nowadays, while correctly chosen technologies can help the business boom. However, the modern market is flooded with various tools that seem helpful and worth checking out, but in truth are just a waste of time as well as money. The abundance of choices we have today is hard to navigate through, which is why we rounded up 9 helpful solutions fintech startups should explore today.
JetBrains is a company that develops a variety of tools fintech startups will find interesting, including software development, project management, and teamwork solutions, as well as learning tools. Their educational platform JetBrains Academy helps inexperienced programmers get better and gain knowledge in the field. They also provide free excess to many professional instruments that make programmers work easier. They provide many IDE solutions such as AppCode, DataGrip, DataSpell, GoLand, IntelliJ IDEA, etc.
Nordigen is a licensed European platform that provides free banking data. They facilitate the secure transfer of financial information your startup can use to learn from, develop your own innovations as well as stay on top of the competition. Their API is free to use. Nordigen has access to financial data from over 1000 European banks, so you can imagine how useful this resource will be for acquiring new insights and learning from them.
GitHub is among the top best-known hostings for software development. It facilitates continuous integration, version control, source code management, task management, providing many features as well as learning opportunities for its users. This platform is so popular because it is very user-friendly, especially for less experienced users which makes it a perfect tech addition for any fintech startup. It also provides many free public APIs you can use.
RStudio is an IDE for the R programming language. Among standout tools included in the IDE is a syntax highlighting editor that can directly execute R code, provide code completion as well as smart padding. Other tools include debugging, graphing or workspace functionality, an ability to create slideshows, HTML, PDF, Word XML documents from R code. RStudio’s website also provides helpful articles, webinars, videos, tutorials, making it a great teaching tool for fintech startups.
Tech solutions have seeped into finance a long time ago, just as they did into every area of human activity including education. People even say that edtech is on the way to becoming new fintech. So, now may be the time to learn more about prominent educational technology trends of 2021.
OpenCV is an open-source library that supports multiple platforms including Windows, MacOs, Linux. This library also exists for many programming languages. But it is most often used to write machine learning applications in Python, especially in the field of computer vision.
In addition to being cross-platform and supporting many programming languages that allow you to use applications on different systems, the OpenCV library is very efficient in terms of computations. Besides its helpful functions, OpenCV also offers tutorials and educational courses on computer vision as well as deep learning.
GitKraken is a cross-platform, user-friendly, and highly efficient GUI git client for Linux, Windows, and MacOS. It supports GitHub, Bitbucket, and Gitlab, and allows you to work with corporate source repositories. Its features include:
- Visual interaction, clues.
- Support for multiple profiles.
- Intuitive search interface.
- Easy adaptability to user’s workspace.
It also supports submodules, Git-flow, integrates with GitHub or BitBucket accounts. Working with repositories using GitKraken is really easy for novice developers, which makes it an excellent tool for fintech startups. It allows you to quickly perform basic a well as complex operations – resolve merge conflicts, merge, reorder commits, etc.
7. Amazon Web Services
AWS are service packages for building the digital infrastructure for products and services. AWS provides cloud computing at the server tier (hosting, cloud storage services) and platform tier (cloud databases, middleware suite, cloud computing technology, as well as a software development environment).
The main components of AWS are Amazon EC2 (Elastic Compute Cloud) and Amazon S3 (Simple Storage Service). These components are designed to provide users with resources for storing and computing large amounts of data with flexible resource settings.
FastAPI is a web framework written in the Python programming language for creating REST API based on new features of Python 3.6+, such as type-hints and native asynchrony (asyncio). Among other things, FastAPI tightly integrates with OpenAPI-schema and automatically generates documentation for your API through Swagger and ReDoc. FastAPI is built on top of Starlette and Pydantic. One can easily code with FastAPI even as a newbie.
SpaCy is a free open source library for Advanced Natural Language Processing (NLP) in Python. It helps create applications that handle and understand large amounts of text. It can be used to build information extraction or natural language understanding systems, or for text preprocessing for deep learning.
Any company that creates tech solutions must plan ahead and consider its localization. Software localization is a translation service that can only be done by seasoned professionals. If you need any of your assets translated you can check out top translation sites that will do a great job and make your solutions available to the world!
Time to Gear Up!
Managing a fintech startup is not an easy task, but thankfully nowadays one doesn’t have to manage every task and process by themselves or even rely solely on human effort to achieve success. Many tech tools and innovative digital solutions were created to simplify and automate everything and facilitate learning. One simply needs to research the useful tools and choose some to add to their ever-growing arsenal.