FinTech

Fintech is typically seen as a dull issue that only those in the boring, cerebral banking business

Fintech is typically seen as a dull issue that only those in the boring, cerebral banking business should be interested in. Most individuals may ignore fintech and go about their lives as if it did not exist, but the fact is that no one in today's society is wholly without the practical advantages of fintech.

Here is a list of the top ten fintech facts you should know right now!

1. FinTech Could Replace Traditional Banks: You read that correctly. Some banks are shutting down their physical locations. As a result, disputes rage from social media to international forums on whether fintech businesses will one day completely replace traditional banks.

2. FinTech Meant Something Else Decades Ago: Everyone else knows how FINTECH came to be Finance + Technology = FINTECH. But did you know that decades ago, in the 1970s, Fintech referred to the back-end technologies that enabled banking activities?

3. FinTech is Not Limited to the Finance Sector: A large portion of fintech comprises financial operations such as loans, credit ratings, and so on, but did you realize that Fintech has also revolutionized how these transactions are carried out? Digital Payments, a critical facilitator of Fintech solutions, has made our lives much easier and more convenient.

4. Revolutionizing Loans: Fintech firms have completely transformed the lending procedure. It is now faster, more convenient, and easier. Consumers may quickly use user-friendly mobile applications and websites to read, get informed, compare alternatives, and decide on the best loan.

5. Fintech has Multiple Takers: Fintech has been a tremendously profitable and appealing venture to invest in since its start. It's no surprise that there are multiple takers, i.e., investors. Yet, because it is a young and rising sector, the market is mostly untouched, offering enormous possibilities and potential.

6. Fintech’s Role in Mitigating Poverty: Fintech has been and continues to be important in raising people out of poverty. Do you think I'm bragging? NO! People in developing nations who have never had a bank account may now do business online, sell their commodities, and earn a living thanks to digital banks and payments.

7. Fintech Gives You the Choice to Manage Your Money Easily: The vast and diverse financial services industry. The lowest operational cost is the most significant benefit enjoyed by Fintech firms. Fintech businesses can better service customers with access to big amounts of data.

8. Remittances Easier and Cheaper: Remittances and foreign exchange can be pricey. Transferring money to relatives or friends might be costly, depending on the service charges each bank pays and other partners involved.

9. Goodbye, Bank: According to one-third of the American population, traditional banks will be outdated in a few years. Are Fintech firms gradually displacing traditional banks?

10. Banked for Good: Between 2011 and 2014, as many as 700 million people are estimated to have opened bank accounts. Mobile-enabled Fintech has aided in this change. In 2014 alone, mobile accounts increased the ratio of account holders from 24% to 34%.