FinTech or Financial Technology is a new innovation that became very popular in recent times. It is because of the increased in a number of application in the recent world of finance and banks. Anything from payments on mobile to OTP-based confirmation is an example of FinTech. FinTech companies consist of both startups and established financial and technology companies. These new companies are focus mainly on FinTech products that change the current market but at the same time offer assistance to the general customer base. These services are provided to consumers at better interest rates and lower processing fees. FinTech is a boom for everyone because of its huge benefits.
To make this topic more simple, here is the list that you should definitely know about FinTech. So, without much ado, here’s what you need to know.
FinTech is the future
FinTech makes your life easier. You can make all bank payments by sitting in the comfort of your home. Financial technology has been used to automate insurance, trading, and risk management. It brings a combination of convenience and simplicity. This decade has seen its fair share of financial crises. This led the banks to impose stronger regulation. As a result, a lot of financial services came up by the FinTech startups and gained popularity.
No more bank tour
FinTech is the future, that doesn’t mean that banks will become obsolete all of the sudden. There are bigger banks that will keep on operating and have a budget to invest in tech and that is what exactly they are doing to migrate into new FinTech. This is happening because these banks know the capability of the FinTech. That’s why a lot of banks are investing or collaborating to offer their best services to the customers.
FinTech is helping a lot of communities that did not have a proper access to the bank in their area. Today, banking is a necessary, not luxury. For people living in rural areas who do not have a access to banking network can take the advantage of FinTech services. So, they can safely share send and receive money using their smartphone. In fact, there is no need for a smartphone. All they need to a mobile phone capable of sending SMS.
Social Media is a huge platform and the early adopters of this technology. WhatsApp is one of the best examples to demonstrate the use of FinTech. It allows people to send and receive payments right from the app itself. There are many other apps implemented this technology and many would be coming into the market to offer more innovative and seamless payment solutions. For small online business, this feature means a lot. They can directly sell the products on social media platforms and receive payments from customers without any hassle. These payment solutions remove the need for middle-man and both parties get the full amount.