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ITC Group - Listen to the article:
How is Fintech impacting businesses in their operations?
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00:00Fintech, which is fully “financial technology,” is the advanced technology of the 4.0 era to facilitate products and services in the financial industry. Since Fintech appeared, the financial and banking markets have reached a turning point and have come to represent a digital revolution that could radically change the way we work.
Besides payment, lending, money transfer, and other services, Fintech offers broader services such as crowd-funding, peer-to-peer (P2P) lending, personal finance, insurance technology (Insur-Tech), digital currency (Crypto Blockchain), data management and so on. As a convenience, Fintech plays a significant role in enhancing the financial apparatus and bringing more value to businesses and customers.
Payment
When it comes to payment, online payment has become a trend, even a norm. In addition to its speed and convenience, online payment is inevitable in the pandemic period because users don’t need to touch the cash and it reduces the risks. Thus, businesses increasingly prioritize that payment method to maximize their customer experience.
Consulting service
Consulting services include all kinds of related services such as investment consulting, wealth management consulting, insurance services, customer support and management decisions. FinTech has been a breakthrough in the field of consulting services. Due to the application of fintech technology such as the Internet of things, AI, learning machines, and so on, the process will focus on personalization, minimizing costs, automation and enhancing the user experience.
Finance
There are a variety of traditional finance services, including loans, venture capital, government funds, the stock market, debt, bonds and others. The evolution of FinTech solutions provides advanced methods of financing to innovate or even replace existing traditional systems. Fintech reduces transaction costs and increases flexibility and automation in financial activities so as to help businesses mobilize capital and improve financial capacity.
Cryptocurrency – Bitcoin
Cryptocurrency or Bitcoin is one of the outstanding products in the financial industry currently. This is a decentralized digital currency for exchange via an Internet-connected device such as a phone, computer, or tablet without going through a financial unit. There are many available exchanges on the Internet to buy and sell Bitcoin. It is considered a real currency with a circulating value, payment value or reserve. And this is an outstanding achievement of Fintech financial technology in recent years.
E-wallet
E-wallet is a form of electronic account that allows users to make online payments. At the same time, users can receive or transfer money to anyone or any unit through their account. Users just need a device connected to the Internet.
Source: techkow
Stock trading
Traditionally, users had to go to stock exchanges directly to conduct securities trade. However, the investors who would like to invest in securities can proceed without going through a broker.
Loans
One of the most effective methods for loan service is an online loan application, where users can proceed to register profiles and perform other payment activities. For now, users need to access an app or a website, and then the app will connect the borrower with the lender to simplify the loan process. Not only financial companies but also banks have started to approach this method.
Fintech has brought thousands of benefits to a wide range of industries, but no solution is completely perfect. In fact, the potential risks and issues are not totally eliminated. In contrast, these concerns are negligible and it’s still a thriving industry. With our expertise and talents in Fintech software development consulting and solutions, we provide custom Fintech software solutions that fully satisfy all the needs and requirements of financial as well as Fintech businesses. Our customized solutions are appropriate for a wide range of segments, such as digital payment, digital banking, Wealth Management, P2P lending, Blockchain/ Cryptocurrency, Credit Scoring, SME financing and so on. No matter which segment you are in, we always commit to your data security guarantee and maximize ROI.
If you are looking for Fintech solutions for business, do not hesitate to contact us for IT consulting!
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