Finserv

Finserv, short for financial services, refers to the economic services provided by the finance industry. They are offered by a wide range of businesses that manage money, including banks, credit card companies, insurance companies, investment funds, and more. 

These services are integral to the functioning of the global economy since they cover everything from daily transactions to investments.

Finserve Industries

Industries that offer finserv include: 

Banking

Often considered the backbone of financial services, banking includes saving and checking accounts, mortgages, personal loans, credit cards, and more. 

Insurance

This can range from health insurance and life insurance to property and casualty insurance. The goal is to maintain financial stability in the face of adversity.  

Investment Services

Investment services include wealth management, retirement planning, and investment advice. This caters to individuals and entities looking to optimize their financial portfolios. It encompasses mutual funds, pensions, securities, and more. 

Payment Processing

In the digital age, payment processing has become a significant industry. It involves the facilitation of transactions between two parties, such as merchants and customers, ensuring the secure transfer of funds.

Finserv and Fintech

While finserv refers to the provision of financial services, fintech represents the technology and innovation aimed at competing with traditional methods in the finserv delivery.  

Fintech is a rapidly growing sector that uses software to improve and automate the delivery of financial services. This includes mobile banking, peer-to-peer payment platforms, and robo-advisors for investment management.

The relationship between finserv and fintech is symbiotic. Fintech startups often bring innovation, pushing traditional finserv companies to evolve. Meanwhile, established finserv organizations offer the scale, infrastructure, and regulatory expertise that can help streamline fintech innovations. This collaboration drives the digital transformation of the financial services industry.

Finserv with Incredibuild

 By accelerating development processes, Incredibuild helps software developers within financial institutions and fintech companies bring their products to market faster. This acceleration is crucial in an industry that thrives on innovation and speed-to-market.