FinTech has already taken over a big part of what we call the financial sector today. However, what we think we know about how the sector operates could change even more than it already did during the last couple of years.
FinTech Changing the World of Money
The new era is here, technologically and socially speaking. The world of finance has changed accordingly, with the rise in digitalization of services, making the payment processes easier for users.
Ways of handling funds have never been more diverse. We live in a world of online gaming, subscription services, online shopping, digital goods, you name it, and all of them will ask you for some form of payment sooner or later because the free trial periods can last so long. Most traditional financial institutions also use high-security payment gateways, which go a long way for users who like to relax with some causal online casino games or place a bet on their tonight’s favourite UEFA Champions league team. In that regard, most igaming websites incorporate top-notch payment gateways (casino online Canada Betsafe brand comes to mind), where users’ security is of utmost importance. Still, on top of that, FinTech companies can provide another level of real-time protection compared to regular banks.
Did you know that 73 percent of the financial sector executives think consumer banking will likely soon be wholly disrupted by FinTech? The customer service that FinTech companies offer is simply more satisfying for many.
FinTech could, with no surprise, disrupt the banking world as we know it today.
FinTech Making Things Easy with Loans and Savings
FinTech companies mostly take less provision from their customers than banks do, which is why many people choose to invest in FinTech, support it and use its services for taking up loans and saving money in general.
Banks do still dominate the holding of credit assets and lending loans. However, around 40 percent of the credit assets got held by FinTech companies and other companies that are not banks. Yet banks remain the largest holder of credit loans, with around 80 percent of global lending assets.
FinTech is relatively new in finance, and it has already made considerable progress, becoming the second largest industry that holds accountable for the global money flow.
FinTech companies are offering diverse solutions for customers who cannot get loans due to poor credit scores. At the same time, FinTech has made peer-to-peer marketplaces available for customers unable to secure loans from other “traditional” sources.
Business-friendly Services in the Digital Age
FinTech is providing security, making loans and savings more accessible and more profitable for their customers. Also, many innovative solutions have been introduced by FinTech companies that could change our world forever.
Banking has come to its digital age, alongside businesses of all kinds. What makes FinTech reliable to different business owners is that it provides stability, personal finance management tools, and a high level of security.
Different B2B solutions and contemporary technology that are easy to maneuver will allow FinTech to gain the trust of many companies worldwide looking for new ways of managing their finance.
Offering virtual assistance, fully digitalized banking services, as well as effective fraud detection, FinTech companies could soon have a more extensive list of clients than any bank. However, the banks are trying to keep up, with more services available in digitalized forms. Future has only just begun, and who knows what it will yet bring.