With more than 1600 fintech companies, like Revolut, Monzo, Wise, SumUp, Curve, Checkout, London is widely considered one of the fintech capitals on a global scale. Only a few other cities, like New York, San Francisco, Singapore, Hong Kong, Berlin, and Toronto, can to some extent compare in terms of business density.
London also hosts more than 250 foreign banks, and is home to speakers of over 233 different languages. This capital is a multicultural finance powerhouse that has long stood at the crossroads of innovation in finance and technology, spreading a new wave of financial trends – fintech.
In recent years, a surprising business sector has pushed forward the innovation and evolution of fintech – online gambling platforms.
This fast-growing industry has not only changed the way people gamble but has also influenced the global fintech landscape in very unexpected and transformative ways.
Fintech in a nutshell
To put it in a nutshell, fintech, short for financial technology, represents the modernisation of the financial sector. In other words, it refers to the use of technology to deliver financial services and products to consumers in the areas of banking, insurance and investing.
Despite the name being quite fresh, this concept actually isn’t. Technology and finances have always been deeply intertwined. However, with the appearance of the Internet, digital technologies, and the widespread use of mobile devices like laptops, mobile phones or tablets, the financial sector has accelerated the speed of its evolution.
One great example of how things are changing for consumers is that you can now open your bank account without even going to the bank. You just need an Internet connection. You can link that account to your preferred device, ot multiple devices, and monitor your transactions online. Your mobile phone can also become your digital wallet, meaning you can manage all of your finances and even pay with your phone instead of using credit cards or cash all without compromising your bank account in any way.
Another great example is investing. Consumers can now invest in the online realm without any face-to-face interaction. For instance, you can buy your chosen crypto value or stocks without calling or meeting the broker. Everything is kept on an “execution only” basis with automated financial advice with little to no human interaction.
How online gaming is contributing to the fintech evolution
Online gaming and casino platforms are no longer only entertainment hubs; they have become powerful drivers of digital innovation, including fintech. Imagine millions of users demanding instant and secure payments, and a seamless user experience. That’s where fintech comes in handy, especially in the area of online betting and casino gambling.
These top 20 online casinos in the UK, along with their dedicated apps, are great examples, as they have mastered instant transaction systems. They are using everything the fintech market has on offer – from e-wallets and prepaid cards to incorporating crypto payments. Their goal? To provide instant, safe and anonymous transactions with minimal or zero possibility of data breaches.
For instance, Paddy Power accepts PayPal deposits and withdrawals, while Betfred cancelled out credit card payments altogether, only relying on debit cards or e-wallets like PayPal, Skrill, or Starling.
These methods are setting new industry standards. They are pushing traditional banks to keep pace with the fast-growing market and find a way to respond to user expectations.
Another contribution is higher safety. Gaming, betting and casino platforms are processing mutual transactions every second, which requires highly advanced AI tools to detect suspicious patterns and activities, and alert users immediately.
Even the user interface is influenced by gaming. Gamified financial apps are seen as more interactive, user-friendly, enjoyable and fun to use. This way, savings, investing, budgeting, and paying are becoming more rewarding experiences.
With the fast pace of the digital technology evolution and the surge in gaming platforms, the line between gaming and the financial sector is blurring. The influence gaming has on fintech is almost impossible to ignore.
What started as a simple need for fast and secure transactions became a total financial innovation. UX design has changed; the fraud detection and gemified interfaces have become the norm. What we are all witnessing is how the entertainment industry is no longer just shaping its own future, but is redefining other sectors as well. In London, this trend is accelerating, placing the city as the capital of a new digital economy.
Please play responsibly. For more information and advice visit https://www.begambleaware.org
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