Things have changed drastically as we have moved from the traditional methods of working things out to a modernized way of operations. Gone are those days when we need to go to the bank to perform certain transactions. All these can be done without stress, thanks to the fintech companies who have put their best into making life simple. Now, you can use a small device called a smartphone to perform transactions easily.
These fintech companies are those companies that use technology in the improvisation of financial services. That’s what they are in a simple text, but they are actually more than that. Now, you can bank, invest, and also make loans of any sort without having to walk to the bank. All you need is just your smartphone. The use of these services was a great boom in the year 2020 during the time of the Covid-19 pandemic as lots of people switched to the digital way due to movement restrictions.
Benefits of Fintech Companies
Many fintech companies have grown substantially, as the globe is changing into a digital world, many customers have come to recognize this technology and many have turned to it. Presently, lots of financial institutions have begun to utilize this method integrating it into their business, and has gained massively. Due to their innovative ideas, they’ve made things so fast and easy that customers have a lot to benefit from.
There are lots of Fintech companies around the world in all countries. In the UK, we have the likes of Revolut, Monzo, Starling Bank, etcetera. In the US, we also have fintech companies such as Brex, Plaid, Affirm, etcetera. Also, in Nigeria, we have the likes of Paystack, Flutter Wave, Inters witch, and many others. All these companies come with their special benefits, follow on to know more
Following the traditional method in running financial activities, lots of charges are given to perform certain transactions but through the innovation of the fintech companies, there has been a great reduction in cost. Due to the process financial institutions go through according to laws and regulations brought about their intense charges. Now, fintech companies arising with a great solution has counter such process causing a great reduction in cost.
Safe and Security
This has been one of the great fears everyone tends to have. You get yourself asking ‘is my one safe here?’, ‘can they be trusted?’. This is as a result of a lot of scams happening around the world and even got worsen as development increases. Nevertheless, due to the innovation and rapid improvement of cybersecurity, this is never a problem as all your transaction details are well safe and secured.
Speed and Transparency
Unlike the traditional method, where you have to walk to the bank, make your transaction. And have to wait for a great number of business days to complete your transactions. On the contrary, due to fintech companies’ advancement in technology, transactions are so fast and it have no working days as they operate 24 hours round the clock. So, you can use their online application anywhere at any time.
Based on their level of security, publicity, clear details of transactions made, it shows their transparency and likewise creates trust. Their software is so unique, you get to see every process happening right in front of you on your device. So, you get to know what you are charged for and each time updates are available through notifications.