- Oct 15, 2019
- Oct 10, 2019
How Fintech Revolutionized the Market Have you ever imagined a world without physical bank branches, where all services could be solved at any time of day through your smartphone - with the right quality service at your disposal?
Imagine a scenario where you could raise and lower your credit card limit without talking to anyone with just 1 click on the app. To the terror of traditional banks, which cling to bureaucracy to tie their customers, this world already exists and is called fintech. But do you really know what fintech is?
The fintechs are the result of the 4th Industrial Revolution that marks our life today. In the manufacturing sector, smart factories are already starting to produce large-scale custom items without the need for inventory. In the financial market, this revolution has also been changing old concepts and transforming the sector.
So how about learning what fintech is and knowing more about it?
What is Fintech?
A lot of people already use the services of these companies, but not knowing essentially what fintech means. Fintechs are companies that redesign financial services with entirely technology-based processes.
But these innovative services are not just about digital banking. Although under the same name, these companies may offer different products and services.
Here are some possible areas of expertise a fintech might have:
Payment fintechs arise to make our lives easier when it comes to buying and selling. They may offer news on credit cards or card machines, for example.
Credit or Loan Fintechs
Have you ever thought about approaching who needs money and who can borrow by charging lower interest? Well, that's the idea of credit or loan fintechs. They have lean structure and perform credit analysis from technology solutions to improve the dynamics of financial services.
Having a business idea is easy. The hard part is getting this idea off the paper and getting the capital to materialize it.
With Bitcoin fever around the world, fintechs have sprung up to ease investor transactions around here.
Financial Control Fintechs
For those who need to keep finances in order, came the fintechs of financial control.
To make it easier to make your money yield, came the investment fintechs.
What are the advantages of a Fintech?
Unlike many traditional banks, fintechs work to make life easier for people, so that they can solve problems and use services quickly and safely. This innovative stance explains why these companies grew more than 350% between August 2015 and May 2017.
While a traditional bank requires the presence of the customer when opening an account, with fintechs the process is much more practical. Today, you can open an investment account without leaving your home by filling in key data such as social security number and identity.
Check out some of the benefits that illustrate well what fintech is:
- Technology: You can solve almost anything online without giving up security.
- Agility: less bureaucracy.
- New: Services that innovate the industry and bring new solutions.
- Fair price: They often offer lower-priced services without compromising on quality.