Fintech: Shaping the Future of Finance
• Published in Magazine & News
•Jan 09, 2023
•2 mins read
Fintech, the word, comes from finance and technology that had taken the place of traditional financial services in the last few years. If we look behind, things were not the same as we used to practice our financial activities, whether being an individual or an organization.
Fintech was introduced to enhance and automate the use and delivery of financial services. Since its inception, it has been growing widely day by day which would not only affect the operations of most industries but also bring into life totally new concepts as we’ve already seen in Cryptocurrency (Bitcoin, Ethereum, etc.), digital tokens (e.g., NFTs), and digital cash.
The biggest benefit of Fintech has been taken after the pandemic. COVID has totally changed the way of looking at Fintech Services. The global finance industry and governments have encouraged contactless payments to prevent COVID infection. Although we were already practicing online payments for eCommerce, telemedicine, e-learning, etc., now it has been preferred for most payments.
Nowadays, we can see that most of us are able to access the web and other financial services through mobile devices like smartphones, tablets, laptops, etc. which has made our life easier than ever before. Providing the best customer experience is always the main goal of any organization, and by utilizing the latest technology, businesses are now able to practice better financial service to their customers. In fact, Fintech is somewhere dominating financial services throughout the world.
After accepting the new trend, there is always one question in our mind and that is about safety. Whether it is safe to go with Fintech compared to traditional practice. Even after taking the best safety measures at the time of introducing and developing new technology, one should always take care of fraudsters. We can not stop some nuisance, but better to develop a skill to avoid trapping them.
Nobody can clearly predict the list of innovations that would take place in the future. But one thing is sure, businesses and individuals would become more dependent on Fintech for their financial livelihood. Along with that, it would definitely bring more opportunities for businesses to grow while moving towards a digital and scalable structure.