What is Fintech?
The Finance industry has undergone some massive transformations to improve the delivery of financial products and services to customers. The evolution within the financial services industry has been nothing less than phenomenal. One of the most impactful developments in this segment is the Fintech sector that has totally revolutionized the banking and finance industry.
Fintech is the amalgamation of finance and technology that helps to overcome all the challenges of the traditional banking sector. Fintech is among the most rapidly growing industry and a Fintech career is in huge demand in the contemporary.
The Fintech industry is all about leveraging cutting-edge technology to solve traditional banking problems and help with financial inclusion. It is generally used by businesses to manage their day-to-day financial operations and processes.
It initially denoted the use of technology on the backend of financial institutions but slowly developed into a new segment altogether that is more effective in providing financial solutions to businesses and individuals. From retail banking to fundraising and investment management it includes all major aspects of banking and financial services.
Impact of Fintech on everyday life
Now that we have a fair idea as to what the Fintech segment is all about, let’s delve deeper into how Fintech is transforming everyday life.
Easy banking solutions
Gone are the days where people used to take a day off to conduct their banking-related activities. Long queues are a thing of the past and now one can easily avail all the banking features from the comfort of their home using their smartphones. Fintech has simplified banking and changes the way we operate altogether.
From making online payments for e-commerce purchases to availing loans with just a few clicks, Fintech has simplified our lives by transforming the banking segment. Personal banking-related services have been much more efficient and convenient to avail. You can even check your financial data at any time of the day.
Blockchain & Cryptocurrency
Cryptocurrency will shape the future of the finance and banking industry. The core technology at the heart of cryptocurrency is blockchain. Blockchain first became evident to the world when Bitcoin was introduced. Blockchain has other significant uses in the finance industry related to security and other purposes.
A cryptocurrency is a form of digital money that uses cryptography to secure transactions. Digital currency makes the transfer of wealth far easier between two parties. The highly decentralized nature of blockchain makes it almost impossible for users to cheat the system and carry out any fraudulent transactions.
Affordable investment advisors
The Fintech industry uses cutting-edge technology to overcome traditional financial challenges. Traditionally the investment advisory services were limited to high net worth individuals and businesses. A major reason for this was the high-fee structure of investment advisors.
The growth in the Fintech sector has made Robo-advisors more accessible and affordable to provide advisory related services by using sophisticated algorithms. Robo-advisors have shown significant improvement and perform equally well. In the coming future, more companies will deploy Robo-advisors to provide investment guidance to customers on a large scale.
Fintech is among the most rapidly growing industries as the demand for Fintech products and services is on the rise. Fintech provides a better way to do financial transactions and also does it economically saving time and money both for the customers.
Fintech careers are among the most sought-after career options in the contemporary and the demand for Fintech professionals will continue to grow in the near future.
One can opt for a Fintech course from reputed institutions like Imarticus Learning and gain practical knowledge and skills to excel at the job.
Imarticus Learning also provides a job guarantee to the candidates with the top players in the industry.