Fintech has become the most popular and favourite catch phrase of the people in the financial sector and the investment banking sectors. The global market have accepted the fintech as the most powerful and innovative technology to support the financial and banking system. Fintech constitutes the all the companies that have used the technology in a much broader way to support the current financial system and to provide them the strength and security making them a lot more efficient and effective in their working and functionality.
Financial sector is one of the oldest sector in the global market and in the past times, the finances were handled by the human brains but now the involvement of the technology have took it a step ahead. The fintech have provided a new direction to the financial market and the investment banking sector. While the fintech was getting associated with the financial sector, it was a common though that with the presence of the eminent human brains, what is the need of the fintech and why is the technology getting more interested in the financial market. All of these have created a landscape for the fintech in India.
The world is becoming a globally digital world and it is very much easier to stay in touch with the people that are miles away from us through the means of internet. The smart phones, laptops, tabs and PCs have revolutionized the communication through the world so much effective and efficient. And the fintech is using these pre existing technology to bring about an ease of access to the financial world at any point of time. With people becoming more tech savvy, the technology has developed itself to become compatible with the financial market.
There are various aspects of the financial market that has been covered by the fintech and some of these are –
- Loan Services: The fintech have helped the various companies in the market to launch their own financing services that can be accessed online. The lending services have followed alternative methods and well organised algorithms to provide loans.
- Online and Mobile Payment Services: The banks and the companies allow the people to carry out the financial transactions via the internet. There are particular apps and websites to keep the track of the transactions and maintain the merchants’ accounts.
- Remittance Services: The remittances are very hectic and tiring and the charges that are applied on the transactions are so high that it becomes very expensive to carry out. But the fintech start-ups have been using new technologies to carry out these remittances with almost negligible amount.
- Managing Personal Finances: The fintech is also involved in the management of the personal finances. With the help of the fintech, one can create a perfect financial portfolio and can choose amongst the various options by comparing those options.
- Investment in Equity Funds: The retail market is rising with the growing investment in the equity funds and the crowd funding by the ventures is also increasing at a very low rate.
- It is also helping in building up the banking infrastructures.
- The use of the virtual currency like the bitcoins and the technologies like the Blockchains to manage the transactions.