FinTech is a combination of the words Financial and technology and it’s is utilized to help companies and individuals better manage their financial operations.
Our research is approaching how FinTech works for our life and what kind of technology is needed to perform it.
Nowadays, there are lot of consumer-oriented FinTech application such like bellows:
Cashless payments
Needless to say, credit card settlement is mainly incorporated in a lot of stores, restaurants and so on.
And contactless payment such like a QR code or specific application is received more attention especially since COVID-19 happened.
For those things are using NFC, FeliCa or Bluetooth technology.
Mobile Banking
Mobile banking is the act of making financial transactions on a mobile device (cell phone, tablet, etc.).
Mobile banking makes accessing your account information and balances quick and easy.
Your money is typically accessible wherever you go, as long as you have your cell phone.
Mobile bank deposit and electronic transfers could be done over the bank mobile app and you can also send money to like your friend or family, receive funds, and split checks easily.
Digital Lending and Credit
Digital lending is the way to offer the loans that are applied for, disbursed, and managed through application.
In which lenders use digitized data to inform credit decisions.
By using the any data, customized or personalized data is offered to the client and it builds intelligent customer engagement.
Cryptocurrency & Blockchain
A cryptocurrency is a digital currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Many cryptocurrencies are decentralized networks based on blockchain technology a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Insurance
FinTech is also built in Insurance industry and it’s sometimes called Insurtech as a subset of fintech. It’s the technology that lies behind the creation, distribution and administration of insurance business. Smartphone apps, wearables, claims processing tools, online policy handling and automated processing are all insurtech. Insurtech is useful for collecting and analysing customer data to provide a better service.
Trading
In the recent times, trading on stocks has become as simple as shopping online. Investor can do that sitting in a coffee shop using a smart phone. All it needs is a good internet connection, subscription to 3-in-1 account, mobile banking application and sufficient funds in the bank account.
Fortunately, all the hectic paper work has come down to a single click or touch on the mobile screen.
Many free and paid mobile and web applications and portals for trading are available on internet.
Online trading involves the trading of securities through an online platform. Online trading portals facilitate the trading of various financial instruments such as equities, mutual funds, and commodities. It helps investors and traders to buy/sell stocks and other financial instruments.