Fin-Tech or Financial Technology, are modern-day technologies to provide automated and improved financial services to businesses. This innovative progress such as online/digital payments has changed the way businesses have started managing their finances. A shift has been seen from the way we expect smooth money transactions, lending, investing, and loan management. Fin-tech has made it possible for this process to be effortless, reliable, and accountable, and without the assistance of a person or the bank.
Fin-tech, a combination of words “financial” and “technology”, is an efficient concept that applies and helps the consumers and assists financial institutions deliver financial services faster than traditional methods.
It encompasses all the traditional financial services that augment, digitalizes, and streamlines the online portals. They are basically software, a bunch of algorithms and applications on your computer or mobile device.
History and the Benefits:
Since the internet and smartphone revolution, financial technology has gained more and more popularity. With each person having access to the internet and smartphone, fin-tech has become a part of that person’s life.
Fintech has now become a technological intervention into personal and commercial finance. Fin-tech includes a variety of financial activities such as money transfers, depositing a cheque with your smartphone, bypassing a bank branch to apply for credit, raising money for a business start-up, or managing your investments, this is generally done without the need for a person. Fintech is becoming a part of our daily lives as we utilize financial services technologies.
Fin-tech first started flourishing in the 1990s when the internet and e-commerce business came into more light.
Fintech: The future
- Financial technology has become the future now. The difference between fintech and banks can be seen through the real-time availability of your financial statements. Unlike the bank where you have to be present, you can view all your transactions on your mobile.
- From the consumer’s ability to go online and see their financial transactions, to transferring money from accounts and apps that allow you to pay all. Fintech has made 50 has made it possible for individuals to make quick lending decisions and this has become a part of an evolution of financial services. The ability for the person to research and choose their own stocks portfolio performance in real-time is the finest example for fin-tech.
- Therefore, fintech has transformed into a system wherein easy money handling and all transactional services are available.
- With consumers looking forward to financial stability many institutions have adopted mobile banking and mobile payments for the rising demand for digital banking among consumers.
- Many banks have begun offering mobile banking capability on their platform.
- Cryptocurrency exchanges also have begun happening through blockchains on the digital platform.
Conclusion:
The growth of fin-tech is due to individuals deciding on the fact that traditional banks and financial institutions are on the same level. Through fintech, transactions have become more responsive and effective in addressing the ever-changing consumer demands. The solutions offered by fintech fits all individuals and their needs.
As consumers become savvier and more connected, the FinTech companies have succeeded in be the ones that continue to
