Key talks

• What is Fintech? An overview
• Why Fintech is needed?
• What is the Fintech all about?
• How did Fintech came?
• Examples of Fintech

 

What is Fintech? An overview

 

             FinTech refers to Financial Technology. Financial Technology is the application of a new technological advancements to products and services in the industry of finance. It enhances or automates the financial services and processes. It is engaged in the rapidly growing broad industries servieng both the consumers and businesses.Its applications can be seen from mobie bankingand insurances to cryptocurrency and the investment applications.

 

Why Fintech is needed?

           

            The application of Financial technology is very wide spread. This is why it is very important and much needed. The following discussions will give the idea about why it is needed-

It is universal use

          The only thing we have to do to enet to this world of Financial technology is to enter here via WI-Fi it. 56% of the Small and Medium enterprises (SMEs) use banking and payments FinTech Services and 46% of them use financing FinTech services.

It is way cheaper

          Financial technology is way cheaper than the corporate and retail banks. New Fintech banks are focusing on creating banking life easier with in a lower cost.

It is more secure

           The technology of Financing is more secure than the traditional banking facilities. Traditional banks are very slow when it comes to the fact of adopting the cyber security measures. The criminals from the cyber world penetrate the conventional bank systems as they don’t focus on the technologies on the FinTech. Because of the security processes it is better to place deal with the cyber security issues.

It causes a an economic growth

 While helping in the economic growth it also helps in the creating new successful careers.

It is an empowering business

          The technology in the financial works enables the Small and Medium Enterprises to further expand their own businesses and operate those at a higher efficiency.
It helps the companies to turn big data into meaningful data

This technology helps the companies to understand and manage the data that was gathered.

It helps to create inclusion

The Fintech is such a technology that is available for everyone.

It causes the improvement to the traditional financial services

There is a lot of competition between Fintech and Traditional services about finance. Still there is an improvement promoting the replacement of the legacy systems with new innovative solutions.

 

What is the Fintech all about?

 

          Financial technology is used to business operations and the delivery of financial services.Fintech can be a form of software or service or business providing technological advanced ways to the financial processes way more efficient after disrupting the traditional methods.

 

How did Fintech came?

 

 

           

            Financial technology has been launched in 1967. It was done to the first handled calculator and also to the first ATM that was installed by the Barclays bank marking the beginning of the modern period. The online banking facility has brought a major transformation about how the people considered their money and the relationships with the financial institutions.

 

 

Examples of Fintech

There are various examples of financial technologies-

Crowd funding platforms,

Block chain,

Cryptocurrency,

Mobile payments,

Insurance,

Robo advising applications

Stock trading applications,

Budgeting applications