FinTech – the buzzword for financial technology – has made transactions easier. It is blurring the lines between service providers, allowing bankers and tech providers to provide almost similar services. Some investors have put a large sum of money into FinTech. This is to help provide better services to Millennial customers.
Around the world, digitalisation is happening in the value chain, and automation is rapidly being used to serve customers. The use of chatbots, virtual assistants, and machine learning, instead of a live agent, is helping solve customer issues.
Some companies in the financial sector tend to rent out a chunk of their facilities to other tech companies. This enables a distribution experience that includes relevant financial functions. Some companies offer insurance for their products – for example, Tesla car insurance or financing for home improvements, etc. The beauty of FinTech is that users won’t have to go for it; instead, it will come to them. Financial infrastructure is growing at a rapid pace. However, we still need to research to ensure that there are no vulnerabilities that can affect the prosperity of businesses or the overall distribution of services and products.
There are certain drivers of innovation in the FinTech industry. Technological advancements have ideally changed the mode of doing various tasks. These technologies include the internet of things (IoT), artificial intelligence, blockchain, cloud computing, and much more.
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