Anyone who has ever been engaged in paying for any product purchased or service acquired using an application or any medium using their phones or any electronic device, checked their bank account statements, or transferred a share from their account to another is already unintentionally and unknowingly a part of a multi-billion-dollar industry known as the fintech Industry.
Fintech is an abbreviation for financial technology which is currently changing the economies around the world. It has been doing wonders in the global market and includes a huge range of products to be dealt in, technological advancements, and an indescribable number of assuring business models which are enough to shape a new future for the financial market all over the map. It deals in everything ranging from as simple as a cashless payment mechanism to an as difficult and complex platform as crowd-funding and virtual currencies.
Today, a huge sum of money is being invested to disrupt the traditional way with which banking and finance have continued to be carried out. Investors are buying these ways with a keen desire to change the course of action through which money has been borrowed and paid. Since the year 2010, there has been an addition in the investments in the Fintech sector of approximately $100 billion. The graph has seen an incredible surge in the development in the year 2017 itself when the additional investments summed up at nearly 18 percent.
With financial technology impacting a huge number of sectors in all businesses, personal finance is no exception. Fintech has impacted the personal finances in India as much as it has impacted the other digital banking platforms if not less.
Customers have started to become reliant on technology to compare, research, manage and invest in their finances. The evolution and innovation in financial technology are streamlining several processes for the services that a consumer wishes to acquire. It is due to fintech that the world of finances and banking involving vast, not-so-easy to understand complexities is now far more accessible to a large population.
The evolution of financial technology in recent years has given a rise to the ear of digital banking. As we sit in our homes, the pioneering technology has made it so easy for us to turn our devices into our personalized banks, accessible atour fingertips according to our wishes and will. Not only does it provides ultimate security but it also aids the consumers to have control over their finances.
Comparison websites are one of the most predominant and paramount innovations in the sector that allows a consumer to make rational decisions related to important investments. They are being given a platform to dig into valuable insights related to the options for saving and spending their hard-earned money. They tend to save time and effort a person by preventing them to go searching for different financial products and schemes by serving all that they need on a platter. It will result in more tailored and personalized services with less risk involvement.
It cannot be denied that the future holds everything well for the personal finance sector. From unimaginable innovations to personalized developments for consumer choice and transparency, the days ofgeneric, off-the-shelf services are being turned into a technically empowered era. Quite rightly, consumers have begun to take interest in managing and utilizing their precious finances in the most optimum way possible caring about the security aspects as well. The much rewarding ‘fintech evolution’ has proved to be and shall continue to be a promising and hassle-free experience for its users all around the space.
The author, Manikanta Racharla, is Chief of Growth & Co-founder at Coine.ai. The views expressed are personal
(Edited by : Anshul)
First Published: IST