The word “Fintech” itself signifies the mixture of finance and technology. Fintech refers to the tech using applications for the working and delivery of financial operations. In other words, it is the tech used by the financial institutions for the futuristic purpose of achieving the financial goals for satiating our economical requirements.
According to a popular study report, a country like India has more than 1500 fintech startups that have surpassed the developed nations like Germany, the United Kingdom, Singapore, etc. this clearly reflects the importance of fintech companies in the growth of developed nations to the emerging nations. When the tech of fintech applications was launched it was limited to backend systems only in certain sectors of finance but now the market size has increased massively.
Fintech services are catered in a number of applications such as online payments, mobile transactions, management of funds, stock markets, etc. Thus we can tell that it has revolutionized the whole financial sector and made a whole new ecosystem in terms of the finance and banking industry.
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Contribution of Fintech application in transforming the banking and finance industry
Payments
The feature of digital payment in fintech application is one of the reasons behind its popularity. It is the major cause of adaptation of people for the fintech services which has benefitted both customers and the banking as well as the finance industry. The introduction of a digital mode of payment with a digital wallet, QR code-based payment, real-time money translation, payment of utility bills, etc has made the bill payments and utilities very smooth. Now a customer can pay their bill and due payments without standing in a queue.
Management of wealth
Digitization of the financial sector has given a strong push for traders in stock markets. With the inclusion of fintech applications, a normal person can have a balanced portfolio with the comprehensible insights given in the trading applications. Additionally, the best part is this all can be done under the fingertips sitting in any part of the world. Whereas the cloud-based data applications and chatbots made it very easy to choose the desired form of trading as well as a selection of mutual funds. They give deep analysis reports of the fund manager, performance history in the last few years, average yearly return, acquisitions, financial news, etc. the following features of fintech applications are a game-changer for the banking and finance industry.
Credit and loans
In contrast to the traditional methods, fintech application have brought a total overhaul in the banking and finance industry. Now a person using its smartphone applications can apply for a loan or credit policy very easily. Deep useful data insights and careful analysis of data enabled the banking and financial organization to provide loans to the potent customers. The risk and credit capabilities of the customer are well predicted with the data analytics tools of the fintech applications. Therefore the customers, as well as the companies, are hugely benefited from the coming of fintech apps in their lives.
Data integration
The ability to integrate fintech applications across various platforms is remarkable and path-breaking. It serves as one of the best methods to enable cross-platform synchronization using several inbuilt tools by fintech tech. Using the fintech applications and services using this service both individuals and entrepreneurs can serve their needs with a variety of features included by the third-party vendors.
Authentication
For any modern application, especially fintech applications security and privacy are some of the major Security and authentication at multiple levels are some of the key features enlisted with the fintech applications. The inclusion of biometrics authentication, double factor authentication, multiple security passwords, etc. is some of the ways for securing the safety of transactions. Whereas third-party authenticators such as google authenticator, Digi pass, etc. serve the most essential needs for the verifications of the user and maintains security across the platforms.
