Let’s explore why Fintech is booming and going viral?
The non stop pace of technology did some alterations in the financial sector by letting a new term emerge and go viral in a short time span called Financial technology or best know as “Fintech” it is aiming to facilitate the financial services for any business with the usage of innovative technology. Prior 2008 the concept of Fintech was limited to the banking sector serving their customers after that the concept has expanded by focusing more on the customers needs and offering services aiming to eliminate the financial ignorance and change the habit of the consumer by bridging finance and technology.
The main features that distinctive Fintech and makes it stand out and compete with the typical traditional financial services are the speed, the high efficiency, the accessibility and most importantly being cost effective.
Who are the beneficiaries and examples on how Fintech comes in handy for them?
-Individuals:- merging the finance with technology had facilitated many things as many services became no longer costly like before. For example; you no longer need to pay a whopping amount of money for international money transfer service. You can simply transfer the money you want right from your cellphone without paying an arm and a leg.
-Banks:- Fintech spared the bank sectors a lot of hassle and unburdened them from the heavy responsibilities .Consequently within time people will be no longer dependable on the financial institutions and will off the load from them. only with a few clicks on the mobile phone and in a glimpse , people can simply do money transfer ,loan application and even open an account.
Fintech is best applied in the following cases:-
1-Digital banking:- with the regulator consent ,some banks had securely granted their clients an access to their data through an application so they can check their accounts to know their financial status moment by moment.
2-Payment:- mostly related to e-Commerce with Fintech people can do shopping from any where and easily pay for the purchased products.
3-Loans:- with the presence of the Artificial Intellegence concept, it helps in choosing the right individuals for the right loan.