Is FinTech Really Shaping The Future Of Industrial Sectors?
FinTech aka Financial Technology is the application of software technology for providing financial services, which is now widely accepted in different sectors. With the fast-pace changing environment and everyone learning technological skills, fintech is a rising and promising industry for the future growth of the economy. From monitoring all the transactions to personalizing the product references for the customers with respect to the transactional habits, it is already revolutionizing the way companies operate. Financial technology is providing innovative solutions for customers as well as providers. From introducing digital money to influencing the regulations in the financial sector, Financial technology has come a long way. After the 2008 financial crisis, it has emerged as a strong solution for the financial service industry. The Indian FinTech market has a substantially higher growth rate globally. Moreover, many researchers say it is estimated to grow up to $300 billion dollars by 2025.
1. Banks are reaching out to FinTech
With the increasing customer demand for having access to their finances at their fingertips, many banking institutions are turning to FinTech to create optimal customer solutions to improve their services. Today almost all the major banks have their own online portals for their customer to have all their transactional records, financial statements, and cash history at their convenience.
2. Improved security and regulation
As technology evolves, so does the law protecting it. Know Your Customer (KYC) & Anti-Money Laundering (AML) was introduced to prevent any kind of fraud. Also to protect the interest of the user of financial technology, there are many cybersecurity standards set to improve the usability and reliability of the customers. Although, when it comes to the implementation of fintech, security still remains a major concern. However, there are many companies and government bodies to tackle this problem and make fintech all-inclusive.
3. New players entering into FinTech
The financial service sector is not the only one to take advantage of financial technology, it is also inclusive of education, private-owned companies, cybersecurity companies, startups, and even government bodies. FinTech is indirectly improving many more industrial sectors, other than the financial service sector. This in turn also contributes to the economical development of the nation.
4. Opening doors for new career opportunities
FinTech demands some of the most in-demand and advanced blends of technical as well as non-technical skills to set up a strong career path in this field. With a very strong estimate of future growth, the FinTech industry has a lot to offer to the new and promising fields of operations. That too, not only in the field of finance but in other industrial sectors like IT, Cybersecurity, Stock Markets, etc. Many startups are working to improve the challenges faced by the fintech industry, creating the need for more employment opportunities.
5. Increase in usability and customer satisfaction
With technological advancements and mobile services improving by the day, there are new and improved financial services and products available online with a lot of benefits as compared to the traditional financial service providers. This enhances the quality of transactions and also helps in creating a larger impact on the economy at a macro level. The fintech industry is also to include technologies such a blockchain to further on breakdown the barriers in financial trading.
The world is shifting fast from, and adaptability is the key to keep up with the technological advancements. Workforces are shifting radically around the globe, and with this change comes an innovation in the traditional way of operations. Considering all the possibilities, FinTech sounds like a very promising industrial sector with a lot of upcoming innovative solutions to financial services, which makes it a very interesting and essential subject as well. Start learning FinTech today.