We are all aware of the e-commerce development that world has undergone in all the services like banking, investing and insurance etc. now another technology in financial services called the Fintech has successfully paved its way to creating a new route to the financial service industry. Aiming as a startup it began its career in a small level and has now grown to play a major role in most of the companies.
Now we can see banks are very interested to acquire these Fintech startups to aid their business growth. As it is understood that the customer range using the services of the Fintech startups; have been enormously growing. People prefer easy and quick money transactions with no mental tensions and too much work. This is the success of Fintech as it has exactly these features.
FINTECH in E-commerce
By altering and improving the online payments methods this has been very crucial for e-commerce. There are people in certain countries with no bank accounts, debit and credit cards, Fintech is the complete rescue to such people as these payment processes are easy and these can be simple to use as well.
With the introduction, many platforms for the payment and transactions the international transfer of money has become easy and fast and with lesser friction. Whichever platform we choose we are using Fintech and contributing to its growth.
Blockchain technology is the most crucial technology backup for Fintech which enabled the working of the operating system and database systems providing the financial services. It is the complete background technology for the successful growth of the technology.
The banking industry has also completed taken a swift into the use of this service and since the launch of the mobile and online banking the payments have become convenient and effective.the people who prefer very quick, safe and convenient services have got more than what they expected. Standing in the long queue for many hours and enquiring about any issue can be really time-consuming in a bank . all these barriers have been broken with the services online. People needn’t visit banks often but can do their transfers from the comfort of any place with good internet connectivity.
This has brought the possibility of international money transfer. Else, people have to plan the bank visit as an individual routine.
Future of Fintech
When this was introduced, many banks and other service companies have opposed against this in a fear that this will completely take over the businesses. With all the confusions and problems the Fintech survived and grew and captured its customers.