Fintech or financial technology is the technological revolution that particularly aims at challenging the traditional old financial methods of using financial services. These are based on innovation with technological improvements to outcast outdated financial activities. The main focus of FINTECH is on the Smartphone and mobile banking investing services as well as cryptocurrency. This makes financial services and business finances easily available and assessable for common public and general people.
Financial technological companies can be both startups as well as an established company, both whose prime aim is to enhance the usage and experience of the existing services in the financial services. Even many existing financial houses are introducing FINTECH solutions and technologies to improve and develop their current consumer base.
Examples of FINTECH
Some very well known companies are currently using this technology to emerge in the past and also consumers to take wishful decisions that influence their financial outcomes.
1. Digital Lending and Credits
In this company directly funds the small business loans that are powered by the financial data to make quick lending decisions easier. This allows the company to tap in the peer to peer lending. This also allows the P2P lending for business ventures without much involvement from the traditional financial institutions.
In the current growing scenario, FINTECH is providing services like free credit score and reports in exchange of ability for a business loan.
2. Mobile Payments
We all know how the internet has revolutionaries our banking and financial priority, any person would love to use mobile apps which are short and precise and less comparatively less time to finish the transaction. In 2015 it was estimated that mobile point of sale was 4.5 Billion worldwide. They provide the tailor-made loans options for the specific need of the customer.
How FinTech Grows:
The growth of the FINTECH industry is due to the unexplored opportunities small investors and entrepreneur has in order to compete with old large volume traditional finance companies or bank. Now more than the just company name it’s more important to responsible, fast convenient and less complex in term of procedures. This proves in the favor of FINTECHon ever-changing trend of the consumers and there increasing demands. As well as the solution offered by the FINTECH Company is not one size to fit all but n the bases of trial and select where your vision is important in every aspect.
They also focus on both the classes and the masses and target to fit in the gap between customer and conventional financial providers which provide the finances at a much higher cost.
FINTECH companies are in constant try to bring out more solution that a consumer faces due to the failure of terms and policies of these finance providers.
They also have a fast selection program where they work on the FINTECH solution using the data analysis and predictive approach.
FINTECH provides the data analytical platform to young startups to show the powerful dynamics and innovation for digital financial services including financial solutions and third-party developers.