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The evolution of Fintech and what the future unfolds

FinTech, a combination of the words “financial” and “technology,” is a relatively new and very broad sector. Most people hear FinTech and only think about the latest mobile app which can help them pay for their breakfast, lunch or dinner without ever swiping a card or touching currency. But technology has always played a key role in the financial sector in ways that most people take for granted and might not ever see. In examining our timeline at Accion of FinTech developments, the last few years paints a picture of continued innovation and evolution.


The lending market is going through some major, rapid changes, and it’s more exciting than ever for consumers looking for attractive deals on their loans. Accion has built a Fintech Platform for Small businesses that need a quick way to satisfy their funding requirements including working capital where

  • A Funder can outreach to small businesses that require funding.
  • Brokerages collaborate with funders and business owners through a secured online loan application.


Beyond disruption, the mechanisms surrounding cryptocurrency, particularly blockchain (an open ledger at the heart of alternative currencies) are revolutionizing the global FinTech landscape. Accion has developed a blockchain-based ecosystem that features a dual-sided platform designed to benefit businesses and their backers where the system mitigates risk by reducing fraud.


While the pace of new regulatory initiatives has certainly ebbed, the consequences of such change are vast and remain in play. Accion has built software to automate workflow to advanced technology like machine learning, natural language processing (NLP), and blockchain to replace old policies and procedures.


The landscape of the payments industry is changing with the introduction of new technologies. Accion has developed an ACH (Automated Clearing House) system that has allowed faster payments and the faster flow of funds.


InsurTech is the insurance-specific branch of FinTech to transform the insurance business. Accion has built InsurTechs for technology startups that continue to redefine customer experience through innovations such as risk-free underwriting, on-the-spot purchasing, activation, and claims processing.

Wealth Management

The race is on to take advantage of the opportunities emerging from, and manage the risks integral to, the digital economy. Accion’s ability to innovate quickly and effectively provided a robust wealth management services to households by disrupting the traditional wealth management space by using low-fee ETF’s (Exchange Traded Funds) and mutual funds to improve diversification, invest efficiently, and lower fees.

Money Transfer/Remittances

The remittance industry is a constantly evolving one, morphing from a simple cashless bartering system to the more technologically advanced developments. Based on such emerging technology, Accion has built applications which enables consumers to make seamless payments to friends via popular social networks.

Mortgage/ Real estate

Gone are the days when prospective home buyers start their search in their newspaper's classified ads. Today's consumers use software, technology, apps and online tools for most day-to-day activities. Accion built a space where information is accessible and transparent, lines of communication are open, and real estate professionals are responsive to the needs of consumers.

Fintech is empowering consumers to take charge of their financial lives, leading to much greater financial literacy than ever before. Accion is tearing down the old silos and helping in solutions to advance the consumers’ financial situation and outcomes by leveraging emerging technologies. In short, the concept combines traditional financial services with the latest in emerging technology and Big Data to make end users’ lives easier and better.