Have you ever heard of what fintech is? Or perhaps you are inquisitive about what it entails? If yes, don’t be perplexed. The main purpose of this article is to explain to you all you need to know about fintech.
Fintech basically means financial technology that is involved in providing financial services through the use of the latest technology development and innovations, internet, mobile devices, and cloud services to businesses and consumers.
What Are The Examples Of Fintech?
Here, am going to tell you some of the examples of fintech, follow ardently as I list them below.
They are as follows:
- We have digital lending and credit which assist small businesses with loans.
- Also inclusive is mobile banking and payment.
- We have cryptocurrency and blockchain.
- We have the trading platform
- The last one is the insurance platform.
How Does Fintech Affect How I Bank?
If you are in the dark about how fintech can affect your bank, it’s not hard. I will dissect it below
- Through the provision of financial services and apps such as the payment app, fintech can influence your transactions when enabled.
- You must also understand that financial institutions like banks partner with fintech financially and assists in insurance policies and management.
How Does Fintech Affect Me?
Fintech has an effect on a whole lot of things positively, it isn’t an arduous task.
They are given thus:
- It can help you expedite and fasten processes such as financial transactions, traditional re-tape-bound processes like distributing economic stimulus funds, credit score returns, and international money transfer.
- Fintech also helps you in your financial complex task, traditional clunky processes, brokers, or algorithms.
- Finally, fintech helps to fill the need for unbanked and financial inclusion where governments or institutional support is lacking.
What Are The Uses Of Fintech?
Fintech has a whole lot of variety and miscellaneous use due to the various services integrated into the system and can be rendered, I will list some of them below.
- Fintech is a crowdfunding platform that allows for sending and receiving money and allows the application of a loan as an internet or app user.
- Fintech as a company fosters cryptocurrency and blockchain, helping in reducing frauds and increase in savings and financial transactions.
- Payment and service exchange online is possible through the use of payment apps and the help of sophisticated and efficient technology.
- The insurance policy and services are now commonplace in fintech ranging from car insurance to home insurance and data protection which will assist as an individual or corporate business.
- Fintech has experienced rapid development in the stock market and exchange by making stock-trading.
- Through the use of Robo-advising which is the asset management sector of fintech, it is now possible to provide algorithm-based asset recommendation and manage portfolio which helps in improved efficiency and much more.
- Finally, you must understand that fintech budget apps for customers, navigating excel spreadsheets, gathering checks, settling of income, and expenses for financial management are also inclusive.
Having understood what fintech is and what it entails, it will be good for you to make use of it by joining the organization.