Over the recent years, FinTech has become one of the fastest growing sectors and this is largely due to companies and start-ups like mytalu offering the newest technological advances when it comes to digital banking and payments. In this week’s blog post, we focus on explaining different aspects of the FinTech industry and how it has impacted society.
1. Fintech systems
The world of FinTech is based on numerous financial technology methods to do with online banking systems which offer a variety of services including API’s (Application Programme Interface), web-based solutions as well as any mobile applications. All of these different systems of FinTech services offer consumers a unique way to manage their money, be more flexible with mobile transfers and be able to get personalised advice from online services digital payment platforms offer.
2. What are the aims of FinTech companies?
Due to the FinTech industry providing numerous online platforms for consumers to manage their money, it is fair to say that some of the collective aims of FinTech is for one’s finances to be easily accessible and for consumers to have more personal control over their financial decisions and feeling more empowered to do so. Additionally, another main aim of FinTech companies is to achieve financial inclusion in the hopes to give people from all walks of life the tools to gain financial freedom. Last but not least, achieving green/sustainable banking also holds great value amongst Fintech companies as digital banking is essentially paperless banking.
3. Technological advances in the industry
Within this sector, there have been countless technological advances to aid the growth of digital banking. This can especially be seen through the use of various AI systems when it comes to customer service and security measures. Some examples of this are chatbots within banking apps that act as a help service and blockchain which is used to develop essential security systems. These are extremely vital as it is some of the unique qualities that digital banking offers.
What does the future hold?
From Looking into what FinTech as an industry consists of it is clear that it can only get better from where it is now. The FinTech revolution has not only taken digital banking systems to the next level but has also opened up banking for a lot of people who weren’t able to have it readily accessible in remote locations. Overall FinTech plays such an important role in society and has helped consumers, businesses and small businesses for the better.