Everything is getting virtual, so why not banking? Well Fintech is already taking over the traditional banking system by storm and everybody has a thumbs up for it!
The Innovative Use Of technology in the design and delivery of Banking and financial servicesis known as fintech or in simple terms Fintech refers to using technology in banking and finance Sector.
- Digital Payments
- Digital Loans
- Crowd Funding
Rise of Fintech:
Paper Currency was the first ever financial technology, then came the plastic debit and credit cards, the first ATM , introduction of the computers and internet lead to the emergence of of banking and popularity and then the fall of banking sectors , as the banks faced financial crises the focus of the banking sector went to reparation and the innovation halted which turned to advantage for Small start-ups which started springing up determined to contribute towards innovation, uncovering various aspects of banking using
- Digital data
- Mobile technology
- Giving customers better experience
Examples of Fintech:
- Crowdfunding platforms like Patreon, GoFundMe
- Block Chain and Cryptocurrency
- Robo Advising and Stock Trading Apps etc.
How Fintechwill prove to be Helpful?
- Fint3ech is helping to access financial services effectively closing the gap existing between financial services
Eg. : haven’t we all faced problems like bank servers down , failed transactions , time limitations etc. ?
- Fintech has the capacity to bring financial services to the people who do not have access to a simple bank account still, which is 2 billion people
- Fintech can help these people in borrowing , sending money without going through lengthy procedure of banks
- PayPal was the first ever developed fintech
- Fintech has also changed the behaviour of customers over a period of time.
- Imagine waking up and having to not go to the banks and stand in those long ques only to see a bank rep or teller that the procedure can’t happen due to immense work load and handing over other possible date.
- In today’s world best form of customer service is self-service , customers and consumers are so used to access their financial services anywhere and everywhere on their phones on their tablets , hence customers expect that same level of services regardless of what the instituions , a small or large institution
Imagine waking up and having to not go to the banks and stand in those long Ques only to see a bank rep or teller that the procedure can’t happen due to immense work load and handing over other possible date
