What Is Fintech: Beginner’s Guide To Financial Technology In 2019
What is fintech?
Financial Technology In 2019 – Fintech usually refers to the back-end technology used to run traditional financial services organizations. But has turned into a term that is mainly used to describe disruptive financial technology.
Fintech’s investment ballooned from $ 1.89 billion in 2010, to $ 27 billion in 2017. The increase in fintech spending is expected to continue, with the Asia / Pacific and African markets driving a significant part of market growth.
Payung Fintech includes insurance technology (insurtech), regulatory technology (regtech), financial, payment, banking, and mobile banking data APIs, among other types of technology. Each category represents a different category of specialized financial technology.
Financial Technology In 2019
The explosion of the internet and mobile internet has triggered the rapid development of financial technology. Even the sluggish, highly organized, and very careful timber industry (such as insurance) has begun to embrace innovative opportunities to increase the effectiveness offered by fintech solutions.
Financial service institutions have carefully detained fintech companies, seeing them as industrial disruptors and potential competitors. Personal wisdom and interest have won over caution, it seems, when the financial giant has started investing and partnering with fintech companies.
The acceptance and promotion of this newly discovered fintech innovation. As evidenced by the many investments in the fintech industry. Will accelerate the development and implementation of fintech across the financial services sector.
Benefits of Financial Technology In 2019
The Fintech application offers B2B space a number of potential benefits. While some fintech applications are specifically for consumers (personal finance applications for one), or directly benefit consumers, most solutions in space are B2B focus.
Businesses can always take advantage of technology that provides more automation. In the regulatory technology industry, banks are ready to save billions of dollars a year by implementing regtech solutions.
In addition to reducing the number of employees needed to perform tasks that can be automated. However, the insights provided by fintech applications can streamline business operations and improve operating efficiency.
Improve decision making
This is one area where fintech can greatly help businesses, especially given the increasing use of AI in solutions. Businesses can now rely on AI-powered insights, driven by data to form strategies. Armed with this insight, businesses can make better decisions about where to direct resources and how to target clients.
One of the main benefits of fintech, especially in terms of blockchain-based fintech and regtech which is empowered by AI for the financial services industry, is the introduction of transparency. The Fintech Project creates an audited money trail and can help identify fraudulent activities that have the potential to be faster and easier than humans.
However, Transparency introduced by these projects will catalyze the evolution of the anti-money laundering (AML) section and get to know your customers (KYC) from this industry.