What's Fintech?
Fintech is also called financial technology. It basically refers to offering financial services over the world wide web or the internet. From mobile banking to payment-related applications and even blockchain, everything is a fintech innovation. If we put it in simple words, every business you could think of uses fintech to enhance the work and procedures.
Unravelling the Importance of Fintech Companies
There is no doubt that Fintech companies have made some crucial changes in the way all of us buy and companies sell products. Using smart devices and utilising computing systems wasn't seen as a possibility at some point, but today, we are living all of it in reality.
Ask anyone about how they make payments and they will tell you that they are using mobile payments. We have now moved towards a cashless society.
Instead of using cash, people use mobile payment methods because it's easier and there is never a problem of paying the exact change via cash.
Managing finances effectively is now a possibility. And the whole idea of corruption has decreased too.
Fintech companies have also introduced crowdfunding platforms wherein people can send and receive money for different causes and business ideas. Let's say a cancer patient's family needs X amount, they can use these crowdfunding platforms to receive money and get the treatment and surgery done. In earlier times, you had to go door-to-door to receive financial help. Crowdfunding platforms have reached the masses and it's easier to send and receive money.
Moving on, there are stock trading applications that help you carry out transactions and also manage your assets.
The reason why Fintech is important is because they let businesses give up the old ways and embrace several alternatives that are convenient and safer.
If you remember, transaction money across borders was an overwhelming task, but now it's easier. The credit goes to Fintech companies.
Where It All Started….
It's a misconception that Fintech is a new concept. It has existed since the 19th century. Money could be moved around using Morse code and telegrams.
You might not think it's a revolutionary thing, but at that point of time, it was a revelation. Most investors won't get excited about this historical story now, but that's how fintech started. Risk-averse and highly regulated - Fintech is away of living now. Nobody can imagine going without secure payment applications and crowdfunding platforms at this point.
Concluding Thoughts
Managing money is easier now - all thanks to Fintech companies.
It creates fiscal inclusion. No matter where you are living - a big city or a remote village - Fintech allows everyone to reap the benefits.
Fintech is a secure way to manage your money and it also makes the whole process quick and affordable. Thus, the presence of Fintech companies is important because they make life convenient for both businesses and individuals.
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