The term fintech is used to describe the financial technology industry, which refers to any business, organisation or institution offering a range of financial services.
It also refers to the innovative new technology or cutting-edge systems and computer programs these companies rely upon to optimise and deliver the safest, most efficient financial services.
Still confused? Don’t be.
Some of the best examples I can give of fintech companies and technologies used to enhance the fintech industry and enable systems to work more effectively that many of you will already be familiar with by now are Online Banking, Visa, Trustly, Mastercard, PayPal, Revolut, Adyen, and Coinbase.
Other examples include GoCardless, Blockchain, Cryptocurrencies, Clearscore, Artificial Intelligence (AI), Cloud Computing, Open Banking APIs, Data Analytics, and the Internet of Things, to name a few.
On this page, I will be taking a closer look at how fintech is helping to shape the future of the ‘iGaming’ industry – a common term used to describe legally permitted websites that offer a range of real money gambling services.
It also refers to many other businesses, commissions, regulators, testing agencies, applications, tools, software, computer programs, and licensing authorities involved in this industry.
How Has Fintech Impacted This Multi-Billion-Dollar Global Digital Entertainment Industry?
Financial technology (better known as fintech) has impacted this ever-evolving industry in more ways than one, I would say for the better, and it is helping to take it to extraordinary new heights.
For example, I’ve recently noticed how online payments (e.g., deposits and withdrawals) on my favorite sites are quicker than ever, thanks to certain fintech solutions.
Deposits are typically processed instantly, no matter which trusted online payment method I use, and hardly any fees are attached to my transactions.
The sites I join will never charge me for depositing or withdrawing. If any charges, which are usually only ever nominal, are attached to my deposits or withdrawals, it’s the payment gateway that adds those fees, not the site I have joined to play my favorite fruits.
I’ve also noticed how average withdrawal times have massively come down thanks to fintech solutions.
Back in the day, it would be normal for me to wait anywhere from 2-3 days to receive my withdrawals back in my eWallet or bank account/debit card, but today, I usually receive my winnings in as little as 2-3 hours.
The entire process of getting money into and out of my chosen accounts has also been simplified and is far more secure, convenient, and reliable than ever.
How Else Is Fintech Helping To Enhance The Industry?
The use of AI and its many applications commonly used in the fintech industry, such as generative AI, machine learning (ML), big data gathering, and data analysis, has also helped enhance account security on my favorite websites and has massively personalized the experience.
For example, thanks to these technologies, tools, systems, and solutions that are heavily relied upon in the fintech industry, I’ve noticed how gaming suggestions have become better/more relevant, as well as the bonuses and promotions I am offered.
In a non-intrusive way, AI-powered applications that are used correctly by today’s most trusted operators monitor my account activity and how I interact with the content and promotions on that site to make that site more engaging, which essentially enhances my experience.
Security on these websites has also improved, and these same technologies are used to detect other patterns in play to prevent problem gambling. It also prevents underage gambling, bonus misuse (multiple accounts being opened by the same person), money laundering, and other fraudulent activities.
Blockchain technology and crypto payments are also now accepted on some sites, and the decentralized nature of this technology is helping to safeguard the true meaning of online privacy, security, and anonymity.
Most sites today accept a broad range of traditional and ground-breaking new online payment solutions, meaning you can now top up your account and cash out your winnings with any payment method you prefer, provided it’s accepted in that site’s cashier/banking section.
On some websites, for example, Trustly Pay N Play sites, certain advancements in the fintech industry have meant that players no longer need to fill out the online registration form to sign up and start playing.
We no longer have to complete the annoying Know Your Customer (KYC) account verification process on these popular new sites because it’s all done seamlessly in the background.
Finally, other fintech solutions, such as cloud computing, enable operators to offer an almost unlimited number of titles without compromising the loading speed of web pages. It also doesn’t affect the running speed or quality of the live-streamed and computer-generated titles when we play on those sites.
As you can see, the fintech industry and its many technologies, applications, and solutions are helping shape the future of this industry in more ways than one.
These technologies help speed up payments, reduce costs, and make systems more efficient and secure, which leads to a seamless and more immersive experience for people like me who join these fully licensed and regulated websites.
The industry is expected to grow significantly over the coming years because of these fintech solutions and the constant willingness of industry leaders and operators to adapt to an ever-changing landscape and embrace the latest trends and technological innovations.
