According to KPMG, Fintech enables non-traditional financial institutions to use technology to cut into the financial sector and seize the market with more efficient technology to gain higher market competitiveness.
The global fintech market was valued at about $127.66 billion in 2018, and is expected to grow to $309.98 billion by 2022 at an annual growth rate of 24.8%.
There is no doubt the fintech industry is making waves on a global level. Financial Technology is helping a lot of banks in offering better service to their customers. It continues to disrupt the economy with innovative technologies that are used to offer improved financial services that are compatible with the modern consumer.
Simply put, FinTech is a term for the segment at the juncture of financial services and digital technology. This basically prompts the use of digital technology that is focused on start-ups and new market entrants pushing to innovate products and services.
People are constantly looking for easier and more effective ways to access essential financial services in a digital way. From ordering a new product to managing finances and receiving advice, consumers are looking for a way to meet their needs as quickly and conveniently as possible.
Customers’ ever-increasing needs and no time constraints have driven the banking industry to seek well-defined and highly successful solutions.
When Fintech became known to the public with its cutting-edge innovation, and it’s working to provide tailored solutions for end-users and consumers, they found that it is much more quick, immediate, sturdy, and adaptable.
The products and services under the Fintech umbrella have caused a notable disruption to the financial services industry. FinTech has revolutionized how monetary transactions are made and completed, with most payments now taking place online using internet banking or mobile apps, eliminating the need for individuals to go to branches physically for such basic activities.
Especially for small startup businesses, Fintech demonstrates unparalleled advantages, including remote access, no more paperwork, no waiting time for making transactions, and so on.
Moreover, customers expect digital advancements to live up to their expectations and empower them digitally. They hope to be accessible to the banking businesses at anytime and anywhere without going to the counter within the required time.
While, Fintech will provide consumers with 24/7 access to its services, allowing for open communication channels between banks and financial service providers. Not just limited to time, people can transfer money from any place.Whether you are looking to check your balance or you want to request a new credit card, you can easily do it online from the banking portal you have.
The rise of the Fintech industry has given companies an opportunity to create new goods, develop innovative business procedures and establish better business models. The financial sector, particularly banking, has welcomed such inventions since firms are constantly looking for ways to differentiate themselves from their rivals and enhance their value relative to their competitors.
Every day more and more fintech startups are emerging that will totally change financial sectors and how future bankers will work.
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