What is Fintech? – More than the merging of words is the merging of worlds.
Great strides in the field of finance are currently being undertaken in the systems, processes, and mechanisms via technological advancement to keep creating an innovative customer-centric environment.
What is known now as FinTech reflects a seismic shift in the way we do finance that legacy financial systems are inevitably disrupted on a global scale. Financial institutions that fail to adapt to the megatrends may be left way behind or may have to fold up on the next bend unless drastic measures are employed as a matter of urgency.
What is FinTech?
FinTech is a noisy buzzword for financial technology nowadays. But actually, FinTech has been around since the 1950s when credit cards were introduced to the public for the first time. Then came ATM cards and bank mainframe computers that spelled a bit of efficiency in transactions that people did not notice even with daily use.
Expansions took a rapid turn due to FinTech-driven innovations that saw the flourishing of bank branches everywhere. Not until the financial global collapse of 2008 that FinTech services began to take center stage away from just back-end office solutions as people began losing trust in banks and traditional financial institutions.
Thus, FinTech solutions suddenly found themselves revolutionizing the whole financial industry. The traditional way of physically going to a bank through long lines to transact business just over a decade ago has now become optional.
FinTech brought everything from opening an account to borrowing funds to payment transfers possible at the touch of a finger in the comforts of one’s home. Not only that, FinTech start-ups began niching faster banking services to the delight of restive customers offered with online lending, borrowing, saving, investing, and trading on a 24/7 basis.
Centralized solutions are traditional designs that are nothing short of selfishness as these processes circle around how institutions can get the most from clients. Now, times have changed and customers are starting to know better. Their migration to fintech solutions shows how customers value time.
The fast and frictionless delivery of goods and services across channels in automated ways have now been integrated into fast-paced lives and the virtue of patience is quickly thinning out among customers who are expecting more sophistication in processes like streamlined services, one-stop payment gateways, and automated routine tasks.
Fintech solutions optimizing customer experience need not be reactive anymore but must be ten steps ahead in innovative provisions never before imagined possible.
Once seen as threats to legacy financial systems, banks, and established financial institutions are now seeking to collaborate and partner with fintech firms to digitize their systems in response to growing demands in automation from customers themselves. The integration of legacy systems and fintech solutions into one operative mechanism based on data will thrust traditional finance into a future of relevance and functionality.
It is a matter of software solution flexibility in the accurate extraction of essential data, file navigation, and cleanup and conversion performance that fintech firms can be catalysts in this integration.
Organizing Raw Data
The collection of raw data is filling up legacy storages with bank statements, tax documents, and loan applications pouring in in a continuous fashion. It is a sleeping wealth of information waiting to be sorted and structured comprehensively by fintech algorithmic solutions.
The deployment of analytical tools will deliver important information in the trends it will produce including potential risks so that the extracted knowledge is critical in making strategic decisions that render only relevant and timely actions.
The challenge brought about by the coronavirus pandemic in 2020 was how fast fintech can cover the bases to fill in the need of the masses who were in many ways forcibly being taken into the digital strata. Disruptive the effects may be of the pandemic to normal lives, so, too, is fintech to the traditional financial industry.
This 2021 will be seen as the year that adaptation to fintech solutions will dramatically increase. And there is no turning back. Lives as we know it will never be the same again. Fintech solutions will be in for the long haul as contactless human interactions will be the new norm. Industries then must be ready. Fintech-ready.
Xion Global was founded to fulfill a need
Challenging existing practices and constructing a new business model for eCommerce, businesses and customers are empowered with a decentralized eCommerce platform that simply works.
With Xion, companies of any size can create, sell, and manage their products and services online without the need for intermediaries or 3rd party providers. This frees up time for businesses to more effectively serve the needs of their customers, leading to greater satisfaction and better business results. When a system runs on autopilot, it is much easier to maintain a stable business and plan for expansion.
From young entrepreneurs to CEOs of established businesses, our decentralized platform will enable business growth and allow more and more people to become financially free & independent.
Our service is constantly evolving and expanding to offer improved features, reach untapped markets, and help the entrepreneurs of tomorrow.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.