Fintech Write For Us
New technology that aims to enhance and automate the provision and use of financial service is called financial technology (better known as fintech). Fintech exists to make firms more efficient at managing their operations-processes- and lives of business owners and ordinary households. It comprises of dedicated software and algorithms, employed on computers and smartphones. The word ‘fintech’ is short for ‘financial technology.
Initially, when fintech came into existence in the twenty-first century, it referred to the technologies used within the back-end systems of traditional financial institutions, like banks. The focus changed from around 2018/2022 to consumer orientated services. Today, fintech encompasses various areas including education, retail banking, crowdfunding and non-profits, among others.
Generally, financial technology can be described as any technique that allows businessmen and women to transact differently from writing of ledgers to introduction of electronic Financial technology has been growing explosively as a consequence of the internet revolution.
You may be using an aspect of fintech every day. Examples of this are transferring funds from your debit card into your checking account by using your phone, payment send through Venmo to a friend and overseeing investment by using an electronic broker.
The majority of consumers use at least two fintech services based on the findings of EY’s 2019 Global FinTech Adoption Index, with two–thirds of them seeing fintech as an integrated part of their everyday life.
Fintech in Practice
The most talked-about (and most funded) fintech startups share the same characteristic: These companies have been formulated with the objective of challenging as well as supplanting conventional bankers who cater mainly to the affluent class.
Affirm has been an example of cutting out credit card companies in the online buying process by enabling consumers buy now and pay later on small duration purchases. However, Affirm alleges that it provides one of the rare options the consumers with bad or poor credit have an opportunity to obtain credit and establish their credit history.
Similarly, Better Mortgage offers a digital-only solution that allows customers get a pre-approved letter within 24-hours after application. GreenSky’s goal is to connect the borrower of home improvement with bank by reducing interest for those who may not be able to go through lenders and offer zero-interest promotion period.
Fintech’s Expanding Horizons
In the simplest form, fintech undoes the traditional bundle of financial services by breaking them down into separate offers. Fintech companies can achieve cost efficiency by combining its streamlined offerings with technology to minimize expenses for each transaction.
With just that single word disrupt is an apt descriptive of the many ways these fintech innovation has transformed traditional trading, banking, advice and products which one might hear a lot in day-to-day discourse or media. Nowadays, financial offerings previously found in branches, sales people, and desktop are increasingly being offered through mobile.
Fintech and New Technologies
With machine learning/artificial intelligence (AI) predictive behavioral analytics, and data-driven marketing; financial decisions would have no room for guesses or habits. The ‘learning’ apps would not just learn user’s habits but involve them in learning games thus making their automatic, unconscious expenditure and savings decisions wiser.
Just like other technologies, fintech has also eagerly embraced automation in customer care, through adoption of chatbots and AI interface for simple customer services, hence reducing on personnel costs.
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