Do you know what the word Fintech implies?
Fintech is a combination of two words namely finance and technology. It is the culmination of these two fields that have made consumers the real kings that they are!
Information on the fingertips!
Today, information, thanks to the internet is at everyone’s fingertips. There were days not too long when people had to read books and try to understand or derive application based knowledge but today, smartphones and connectivity has brought the whole wide world of information to only a click away. Now, any chore is only a press of a button away; including making decisions as to what to buy, where to purchase, the comparison of prices and even making payments online all in a flash of a second without actually traveling anywhere – that’s Fintech for you!
Business startups have the best of times:
Startups and expansions now may look like cake walk when people can only post their ideas on the internet for the whole world to view and maybe someone who is on the other side of the globe may think that it is a brilliant idea and stake a big sum of money into the new business without even knowing from whom the idea originated. That is what is this crowdsourcing is all about?
Traditional startups had to run from pillar to the post to be able to get loans from the banks and to woo the investors to put some money into the business. But thankfully, those are the days gone by!
Checking balance in the bank account is so easy!
Since the internet has cast its net on the people and the people have become smartphone savvy banks have experienced a steep spike in the number of account holders. The fact that net banking and mobile banking is so convenient has prompted people to open bank accounts even with nominal savings because they want to keep their money stashed safely. Also, with a bank account, using the money to transfer online albeit even for smaller expenses like at the grocers, shopping malls, and even cabs is so easy. One can literally travel cashless but still be able to carry as much in their account as they can.
The other day, I saw a granny checking her account balance on the phone and I smiled and thought to myself, this is amazing. In normal circumstances, she would be checking it on the ATM or at the teller in a bank but Fintech gave her this awesome power to check anywhere even if she is waiting in a queue at the bus stop!