All your payment and financial transactions to different services today is the concern of fintech. If you are experiencing fast and easy way to transaction online and offline it is because of fintech that is slowly embracing all financial transactions in businesses today. If you are lazy falling in line and waiting for your turn in a businesses and you wish there was an easy and comfortable way, you are probably wishing for fintech to be used by businesses. We live in a fast, dynamic, and changing world were the demand of fast and convenient services are being recognized and demanded by both business and the customers for efficiency and satisfaction.
Financial technology ranges from software's, systems, processes, and applications that is found online and can be used and downloaded from your phone, laptop, and desktop. Fintech automates the process of financial transactions of businesses in conducting business. Banks, financial institutions, insurance, lending institutions uses fintech to enhance its processes, services, and efficiency. There are four areas of fintech 1. Blockchain 2.Cloud computing 3. Artificial intelligence 4.Big data 5.Robotic process automation Many countries all over the world have invested in financial technologies because they see the importance and benefits that the financial institutions can get from that technology. However, they see fintech as a vulnerable industry that uses information rather than concrete goods. The fintech industry is prone to hackers but fintech experts are doing there best to make fintech secure and safe for everyone. Fintech is not something new because it has been existing since the 1950s and the good thing about fintech is that it keeps on evolving up to this very moment. Entrepreneurs and start up see the potential of the fintech industry. Today there are many fintech apps and services that is geared towards comfortability and convenience in both businesses and customers. One of the most important evolution of fintech is the blockchain technology and cryptocurrency that disrupts the current processes and systems in the financial industry which made banks and other financial institutions worried on the impact of fintech in there respective operation. Fintech will continue and the people will experience the benefits of fintech in every financial transaction that they will have. New fintech are surfacing and emerging and we expect more of it in the future as the world continue to navigate into the future of digitalization and robotics, fintech will continue to evolve and make progress in the financial industry sector. Photo is not mine credit to the owner. if you like what you have read, like us on Facebook or subscribe here. ©2020 JAR RAMOS ALL RIGHTS RESERVED
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