Introduction
Within society today, FinTech continues to play a huge role in ensuring that people can access financial facilities and since the FinTech revolution it has become exceedingly popular. It is no surprise that FinTech is in everyday use whether that’s in the form of online shopping, sending money to friends and family, or creating a digital storefront for a small business. In this week’s blog post, we explore some of the core aspects of FinTech and how they are becoming more standardised.
Greater accessibility
One of the main points of FinTech’s existence is creating greater accessibility; as through online and digital platforms, people in any location whether central or remote would have access to the same financial opportunities and means. For instance, it gives people the freedom to not only feel confident in their financial decisions but also the ability to get guidance through AI (artificial intelligence) chatbots on any issues or queries they may have. Ultimately, the accessible nature of FinTech proves to be helping close the global financial literacy gap.
Appealing to all age groups
Due to the nature of FinTech being widely accessible as mentioned above as well as being relatively easy to use, digital banking and payment systems somewhat appeal to both younger and older age groups. Even though the use of digital banking is viewed differently by both younger and older age groups, the effect of the lockdown of COVID-19 encouraged more people to be okay with the idea of banking necessities being fully online as it was the only option at the time. Fast Forward to today’s society, younger people are still more inclined to opt for FinTech services over traditional banks however older age groups are coming around to the idea as with the use of AI (artificial intelligence) technology, there are various enhancements that can be applied such as speech buttons or bigger texts that make it more user friendly for all.
Cybersecurity
Given that financial crime has been significantly on the rise, FinTechs are constantly coming up with new ways to combat this issue. Over the past few years, technological advancements such as blockchain have not only enhanced the security of mobile banking apps/ digital banking platforms but also provided people with a good range of security options to choose from.FinTech ensures security measures are tightened by certain practices such as KYC (know your customer) as well as APIs (application programming interference) and cloud servers which all work together to provide the safest possible experience for customers.
Conclusion
From looking into the numerous ways in which FinTech is growing in popularity and is becoming more and more in use each day, it is quite clear that FinTech is here to stay and continue to become a part of people’s everyday lives. Delving into the different factors like accessibility, targeted age groups and cybersecurity, goes to show how much FinTech services are offering society, as well as its potential to become even more prominent in the future.
