Let’s talk about ‘Is Fintech the future?

This pandemic has taken a toll on all the brick-and-mortar stores. It has affected almost all sectors and all economies. It has taught us a lot of things but the most important thing one has learnt from this situation is that life doesn’t stop! Even if you’re captivated in your house for more than a month, you need to earn to eat if you don’t wanna use all your savings. But with the advent of technology, many of us continued to work from home amidst this pandemic. That’s what the greatness of internet it!

Not just work, the internet could also come in handy if you are a customer. Everything works online these days, be it buying groceries or paying phone bills. So why not the Financial Industry?

Fintech is a portmanteau of the words Finance and Technology. The fintech industry started with the internetisation of everything majorly since the 21st century. Imagine if you weren’t able to buy essential items online and pay for them? Or if you weren’t able to pay your installment for your bank loan as you fear going out? With the implementation of Fintech applications and software, it has all become possible. Initially, it started as a backend system of financial institutions such as banks, large companies, investment and insurance companies but now this industry leans more towards consumer ease and flexibility.

Fintech Future

As today the new normal are masks, internetization of the financial services will also have to be accepted as the new normal. There are a lot of people who have not yet come out of believing Fintech is Godlike and a boon for banking and something that’ll be much more ethical than other traditional banks. But this corona crisis has thrown a light upon it all. Technology does make things easier but it also has flaws. Many institutions did face a lot of trouble with the technicalities. But fintech’s future has never been brighter! All you need is good assistance or a proper setup to help you with your finances or a startup. Check out how easily you can set up a fintech software!

Till now there have been a lot of experiments in various industries through fintech starting with banking to eCommerce to cryptocurrency. But these innovations have also cost much for security purposes in the form of cybersecurity expenses. However, we all know that major innovations in IoT, AI, Robotics, and Blockchain are the drivers of the Fintech industry. Plus with the technological advances in almost all industries, banking and financial services are bound to change to avoid being left behind.

And now it is even more easier to launch a startup through the IT platform. With the apps like M-Pesa, mobile money is also becoming trendy and essential as not everyone has a bank account and those who don’t, can still transfer their money over to various countries with this innovative idea of mobile money. Not just that, Fintech is also very effective to the SMEs to track their finances through online analytics and cloud computing and also get a hold on the current trends.

This pendamic has given a new normal. Earlier it was mostly about the "cashless" system but now it’s more about "contactless". It will shape a new dynamic for the Fintech industry. Plus the crowdfunding platforms are also thriving because anyone can now conveniently donate and add their part to the cause they care about in just a few clicks.

Is Fintech the future?

Well, like every other industry it has its own perks. Everything that is techy is trendy these days but it also comes with a huge responsibility. The same goes with Fintech future. There are basically two categories that Fintech works in:

1. B2B- business to business generally refers to Fintech involved with banks and other financings that limits to businesses like getting loans digitally.
2. B2C- business to customers generally refers to Fintech emerged for the convenience of customers. Digital payment apps, peer-to-peer lending apps, crowdfunding sources, etc.

You can further categorise both into other subcategories but the major focus lies in these two branches. The Fintech future holds a plethora of innovations that can disrupt the Financial world and globalize banking, trading, money exchange and a lot more. For instance, supermarkets should have digital payments like highway tolls. Plus, it’s a two-way street. The engagement with customers on various digital platforms is also analyzed and used for a better experience to retain loyal customers. In all, there are several benefits of investing in the Fintech industry to benefit from this contactless era.

The key principles of any Fintech startup would be Automation, Financial analytics, Financial management, and Security. As stated earlier, there have been various experiments in this field already within two decades of its birth, but there’s a lot more to come.

Is Fintech the future?

Well, like every other industry it has its own perks. Everything that is techy is trendy these days but it also comes with a huge responsibility. The same goes with Fintech future. There are basically two categories that Fintech works in:

1. B2B- business to business generally refers to Fintech involved with banks and other financings that limits to businesses like getting loans digitally.
2. B2C- business to customers generally refers to Fintech emerged for the convenience of customers. Digital payment apps, peer-to-peer lending apps, crowdfunding sources, etc.

You can further categorise both into other subcategories but the major focus lies in these two branches. The Fintech future holds a plethora of innovations that can disrupt the Financial world and globalize banking, trading, money exchange and a lot more. For instance, supermarkets should have digital payments like highway tolls. Plus, it’s a two-way street. The engagement with customers on various digital platforms is also analyzed and used for a better experience to retain loyal customers. In all, there are several benefits of investing in the Fintech industry to benefit from this contactless era.

The key principles of any Fintech startup would be Automation, Financial analytics, Financial management, and Security. As stated earlier, there have been various experiments in this field already within two decades of its birth, but there’s a lot more to come.

If you’re willing to start your own online fintech software– you should go with Indiegogo Clone, kickstarter clone, gofundme clone etc.. which has customized features to let you roll with your own online Fintech business.

Content expert and Digital Marketer from the last 8 years. she is a fan of technology, music, and entrepreneurship. she loves to Writing Blogs about the trending topics. https://www.ncrypted.net/netflix-clone