FinTech or financial technology is often tagged as the great disruptor for all things banking, insurance, financial management, and payments. With a forecasted growth rate at a CAGR of 16.8% in 2023 and a market projected to reach USD 492.81 billion by 2028, the FinTech industry shows no signs of slowing down as the global financial ecosystem continuously undergoes a digital overhaul.
One of the most notable revamp in the FinTech arena is the personal financial management space, with a radical transformation that has obliterated obsolete practices and outdated banking methods. Individuals now have a wide range of readily available tools and services, surpassing the limitations of traditional financial institutions. These resources greatly facilitate the management of personal finances, offering increased convenience, efficiency, and inclusivity.
With the growing interest in digital assets, coupled with next-gen tech breakthroughs, the personal finance domain is propelled to unprecedented heights like never before.
Navigating the Lack of Integration Between FinTech Apps
A recent survey shows that 96% of consumers are currently using at least one FinTech app, while 64% have engaged with one or more FinTech platforms in the last several years. These statistics highlight the growing adoption of these cutting-edge services due to its flexibility and accessibility.
However, the overwhelming rise of these platforms is creating a chaotic environment. Why? Simply because these apps don’t communicate with each other. Users are left with no choice but to manually manage them regularly – from savings, and credit cards, to other apps like Robinhood, Stash, Venmo, and eToro, among others.
This lack of integration creates a complex and disjointed user experience. Consumers are burdened with the responsibility of tediously overseeing their financial activities across multiple platforms, leading to inefficiencies, potential errors, and an increased cognitive load. It becomes necessary for individuals to log in to different apps, manage various accounts, and manually reconcile information to gain a comprehensive view of their financial status.
This is where Sequence comes into the picture. Founded in 2023, this Israel-based FinTech startup solves these challenges by providing a single, powerful platform that allows users to easily view their entire financial landscape, visualize their money flow, and set smart routing rules. Known as the world’s first financial router, Sequence is reshaping the FinTech industry by seamlessly integrating numerous financial services and empowering users to efficiently manage their financial activities within a unified platform.
How does Sequence work?
In Sequence, individuals can create income sources by setting up ports and connecting their incoming funds to them. The platform offers seamless integration with various financial accounts, such as bank accounts, credit cards, financial apps, and Crypto wallets, with compatibility extending to thousands of financial institutions.
Through the use of smart rules, users can exercise precise control over their funds, determining the amount, timing, and destination of each transfer. For example, a user can establish a rule that automatically transfers a specific percentage of every salary income to their credit card liability account.
To add further sophistication to these transfers, IF statements can be incorporated into the rules, allowing for advanced conditional logic. This enables users to set conditions such as halting fund transfers once the balance of the credit card liability account falls below $300. These rules can be organized into a Sequence, which accumulates multiple scenarios between the designated port and account.
While embracing the power of automation, Sequence ensures that individuals remain in control by offering notification preferences that keep them informed throughout the process.
In under six months since the release of its initial Alpha version, customers of Sequence have already been leveraging the platform to automate fund allocation towards various financial goals. These goals include debt repayment, long-term investments, interest optimization, and creating an emergency fund, among other beneficial features.