Long gone are the days where the idea of opening a bank account made you shudder with the dread of taking an entire day out to go to the bank, wait in line, sign a bunch of papers, provide what feels like countless identity card copies, and be told to come back in a couple of days to finalise your account opening and getting your cheque book. If you were lucky, your ATM card might get to you in less than a month.
But in much of the world, and hopefully now in Pakistan, a process as simple as opening a bank account will become significantly easier through the powers of fintech. The new technology can be shockingly simple. After downloading a mobile application, all you need to do is to make a couple of taps on your mobile phone to open your bank account or to pay online through your debit card instantly without leaving your house.
Fintech possesses the power to revolutionize the way we live and this is just one example of how FinTech will augment our lives. So what is fintech? It is a catch-all term for any technology that digitizes, augments and streamlines traditional financial services that has been popularised by the influx of startups trying to digitize financial services in Pakistan and the rest of the world. The basic idea behind fintech is to use technology and automation to enhance the processes involved in financial services.
Fintech is usually wrongly associated with being just “an app”. The app is simply one of the tools that fintech companies use to offer...
Read Full Story: https://profit.pakistantoday.com.pk/2021/09/05/fintech-shaping-the-future-for-the-better/
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
