Fintech Industry – An Overview
What is Fintech? The word ‘fintech’ came from combination of two root words ‘financial’ and ‘technology’. It is a modern and technical term. It is a technical tool, to support financial system. Providing financial services through technology or online platform has helped the start-ups to provide better financial supportto its customers than traditional banking system. It was designed to banking and other financial experience smoother.
Why Fintech came into Picture? Fintech basically came into existence so that banking and financial services become easier to access for the customers. With the large scale technological improvement and wide range use of smart phones, it was inevitable that banking and financial will also embrace technological innovations in order provide better service to its customers.
Advantages of Fintech
Real Time Approval:
Fintech has the potential to approve financial, banking and other schemes at a faster speed than ever before. It reduces unnecessary delay in the approval of the schemes and insurances.
More Efficient Payment Method:
Fintech companies uses internet connectivity in mobile, tablet and laptop for more convenient and hassle free payment method. Making and receiving paymentand getting invoices are easier with this technological uses.
Updated and Upgraded Security System:
Financial Institutions keep data of its customers safe with modern security systems. Technology will ensure that the data of the consumers are kept safe from financial frauds.
With technological improvement data analysis has become easier. It enables Financial Institutions to provide customers more personalized service than traditional method.
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Challenges of Fintech
Hacking: Hacking is threat to any internet platform and Fintech is no exception. As it deals with financial transactions hackers will be more attracted to Fintech than any other industry. Any breach of data, no matter how small the amount is, it will directly result into liability of company. So, companies will have to be equipped with advanced data security system in technologies like biometric data, encryption and tokenization.
Government Rules and Regulations: Fintech companies face a number of challenges to comply with ever- changing and complex rules and regulations of the government.
Winning the Trust of the Mass: Though the current scenario is changing winning trust of the customers is still a tough task. Peoples of remote area still relate unbanked financial institutions with financial frauds.
Future Prospect of Fintech:
With more and more technological advancement, wide-ranging use of internet, availability of internet at the grass-root level, there is no doubt of the fact that Fintech Industry will grow stronger and stronger in coming days. Therefore your investment in Fintech industry might turn up as a masterstroke because of its bright future.
If You Want to Invest:
If you want it invest in Fintech Industry, A&T Capitals and its team has the perfect business plan for you. Investing in erroneous project can leave you at deep sea, so you can always look for the help of A&T Capitals that will assist you in funding as well as in other business expertises. Our expert team researches the best ideas and recommend necessary steps so that companies can get desired return from their business. As a business partner, we work with the firms whose proposed projects have adequate back security / NAV (Net Asset Value).