The Fintech sector is booming, and new technology is creating an en evolution in the industry. If you haven’t being keeping up, here is what’s buzzing these days.
Maximum Output- Minimum Input
The finance sector has always embraced technology to hone its efficiency almost to a magical point. Enter a simple pin on your cell phone application, click enter and voila, you’ve successfully transferred x amount of money in a far off country. As simple as that.
But the revolution in mobile banking and online banking is only the beginning of Fintech magic. Companies are working on creating even better technological models to enable minimal contact with the customers through maximum insight to the end customer.
Ditching the Paperwork
Banks are now venturing to completely capitalize the advantages of technology and its perceptible efficiency. With an acute rise in mobile and internet banking, banks and financial institutions are now working to digitize the paper based methods of lending and borrowing.
Since the process requires scrupulous documentation and countless prerequisites and procedures, the introduction of paper/document free lending can make a huge impact. The time spent on this irksome procedure can be halved and thus efficiency doubled.
When companies want to reach out to their customers, there is no better way than the internet. Long gone are the days of pamphlet and flyer distribution.Many insurance companies, financial institutions, banks and investment agencies now offer online registrations and provide an online interface for the audience.
The Big Players
Everyone wants part of the action , and many companies these days offer new-age facilities.Some of these give the option to weigh, compare and corroborate different insurance policies offered by the slew of insurance companies in the market. The customer can download the application and reap the advantages from just a click. Some prominent players include :
- PayTM – online wallet service
- MobiKwik – online wallet service
- Citrus – Payment company
- Billdesk – Payment company
They show the favorable trend that the audience is willing to use newly introduced online methods of payment and buying. In Pakistan prompt and prudent methods of payment via cellular company connections is omnipresent . (Easy Paisa, Mobi Cash,etc).
US backed companies like Karandaaz are also working on similar lines in Pakistan. They are working to ensuring that the untapped/underground economy ,which greatly remains undocumented and unaccounted for, can be given access to financial services.These can assist the financial welfare of the users by linking them to the wider economy as active economic citizens.
The Virtual Takeover
The use of Bitcoin in financial startups is also revolutionizing the borrowing and lending in an efficient and risk free way through a bevy of ventures and apps. Although this mode of payment is in its infancy, considerable work is being done to make it more widely used.
The industry is still looking towards technology for solutions to financial problems, one of which includes monetary losses in transactions. When exchanging money globally there is a loss incurred and the minimization of that loss using technology is and coming field of research.
The use of Technology has immensely facilitated the finance sector and will further do so as the realm of information and technology morphs into a system which will encompass all aspects of borrowing, lending & buying, methods of payments. Before we know it, the idea of finance without technology will be unthinkable.