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As we are getting closer to calling this year ‘done,’ we are also in a time of retrospectives, calculus, forecasting, and planning. And that is exactly what we, at Salt & Pepper, are doing too.

We are set to take a closer look at how 2020, a year of change and adaptation, looked like for the Fintech sector and make our predictions for next year’s challenges. We are going to discuss implementations that, according to studies, will start in 2021 and last until 2022 to completely finish. Let’s go on with what we call Fintech in numbers.

Financial domains impacted by…


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Did you ever wonder what lies beyond the partnership between a software development company and a business owner with a million-dollar idea? Or are you thinking about putting some old plan at work, and maybe now’s the perfect time to do so? Before you start a neverending internet search on how things are done “by the book,” let us tell you that all software development partners are unique in their own way.

We develop digital products that matter to you and to us as well. This is our mission and our mantra. We do this every day, driven by passion, along with a team of exceptional professionals, developers, team leaders, and project managers. And by now, together, we’ve created what our company means to us or, better said, what it brings to us — the salt & the pepper to our work. …


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As the title clearly states, we recently put a lot of effort into creating the S&P experience for Techsylvania 2020: Beyond Borders. But let’s go to the beginning of the story.

Beginning of life as we did not know it

Back in spring, all our plans at S&P for the new quarter, and basically for the whole year, were a bit shaken. The majority of our team is still working remote, a proper team building was out of the question (we really wanted to top last year’s boat trip that you can read all about here), and lastly, we did not have any idea of what was going to happen with all the tech conferences and events that we were supposed to go to. Luckily, the amazing Techsylvania team dropped the news of an online tech conference. …


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Since the COVID-19 pandemic stormed the whole globe, a lot of things have changed, and our everyday life is definitely going through constant fluctuations and alterations. The way we do almost everything, from how we interact with each other to how we work, shop, where we go on vacation, participate at events, and so on has transformed. Probably one of the most striking changes is that everything took a shift, as we’ve seen, and moved online. Many once qualified as usual or mundane activities have gotten people into a pickle with questions such as “Is it safe to go shopping?” or “Is it okay to go to the pharmacy?”. Masks, surgical gloves, disinfectant, and antibacterial solutions have replaced other items in our bags. Celebrations, events, and gatherings have closed their doors and postponed their dates, and are silently waiting for a sign of good, or better news. …


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Loaning and taking responsibility for this is as old as the books. For example, roughly 4,000 years ago, farmers were the first documented humans in Mesopotamia to “apply” for later payments. They would get grains or the chance to repay their animals with the birth of a new calf. It’s safe to say or assume that most people know what it is, how it’s done, and so on.

Traditional loaning bureaus and banks usually assess the same aspects when someone’s applying for a loan:

  • Income statements;
  • Spending habits and patterns;
  • Debit history;
  • Card usage, and so on.

While these traditional ways of assessing credit scoring do include a great deal of the population that is active and somewhat well-off financially, they fail to include an even bigger part of the world that doesn’t have the same access to financial services. Many countries and systems fail to serve the self-employed, the non-residents or gig-workers, which is a huge hit on the overall economy. Moreover, this situation simply worsens in developing economies, which gives them fewer chances and opportunities to grow. …


By Flavia Mocan on The Capital

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Fintechs are a great alternative to traditional banking. Partly because they offer opportunities to equal financial possibilities to all people, regardless of any background, but also because they move at a high pace due to less complicated IT structures and governance, which makes them agile and solution-oriented. But with more and more services going digital, there is even more data available online. This makes information easier to analyze and better put to use, but it also makes this data very susceptible to cybercrime. …


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Regardless of their domain of activity, many companies use the power of data to support and guide their decisions. This is because data, once able to interpret it properly, is one of the most valuable insights. Customer insights are key to helping you make informed decisions that bring more value in the long-term and drive business growth. But through the evolution of technology, it was never as approachable as it is right now.

Sounds good, but what insights can we get?

For one thing, getting to know the target audience you are addressing is key to understanding what they really want, and therefore, what they expect from your product or service. There are some basic ways in which the market research is done, which ultimately provide data about four essential characteristics of potential clients. …


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Don Tapscott, Co-Founder and Executive Chairman of the Blockchain Research Institute held a TED Talk a few years ago saying that “The technology most likely to have the greatest impact on the next few decades has arrived. It’s not Social Media, big data, it’s not robotics, not even AI, and you’d be surprised to know it’s the underlying technology of digital currencies such as Bitcoin. It’s called Blockchain.” Well, it’s four years later, and the reality is, he was absolutely right.

Even though it was initially created to support the idea of Bitcoin, blockchain is not limited to cryptocurrencies. Still, due to its decentralized nature, it can be incorporated into any business. With plenty of uses in healthcare, manufacturing, supply chains, and even education, blockchain affects and changes everyday life in extraordinary ways. …


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In the past few years the term “artificial intelligence” gained more recognition as it infiltrated itself in the collective mind. Humans became relatively used to this idea of computer-intelligence and its applications, as we enjoy personal assistants, such as Siri or Alexa, we’re used to chatbots and we rely on Google to anticipate the next words when writing a document or an email. By now, we are not even surprised that Netflix is customizing its services, that it manages to predict our specific preferences and presents us different thumbnails of movies/series according to past choices. …


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The past few decades have seen dramatic shifts in the economy. As technology evolved, and the Internet became ever-present, notions such as immediacy and convenience have become vital factors for consumers around the globe.

FinTech start-ups have a huge says in this, since they are the innovators that put an impressive amount of financial services in our pockets — to be more exact, in our smartphones. By 2020, 3.5 billion people worldwide are smartphone users. This is one of the top reasons why money transfers are instant, online payments and two taps on a screen away and account checks are on-the-spot. …

About

Flavia Mocan

Professional Netflix binge-watcher, marketing specialist and wanna be digital nomad.

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