Have you ever noticed that the payment methods these days have become a lot easier? Several online services, including banks, provide you with ease of payments, wherever you are, and with however you want to pay, all can be done with just a few clicks and taps.
Although there are some geographical restrictions and specific payment methods are not yet available in parts of the world, the pace at which the world is progressing, time is not afar when everyone will be reaping the benefits of technology.
BUT, WHAT IS FINTECH?
It seems that you are not aware of what FinTech is. No worries, we will explain it in plain words for you.
FinTech or Financial Technology, as the name suggests, is a combination of two terms, Finance, and technology. Making sense, right? We knew it. But wait, how does it work?
FinTech is just a fancy (and a cool looking) name for solutions pertinent to the financial sector delivered through technology or multiple technologies. FinTech has transformed the world of online payments and transactions, small or big, and it is easy as you like.
When used in conjunction with business solutions, or otherwise, these solutions have proved their worthiness, and the world of business is ever-thankful for them.
OKAY, BUT WHAT OTHER BENEFITS DOES IT OFFER?
FinTech services and FinTech trends come with many benefits depending upon where you are and what you do.
For example, if you are a bank’s customer, you might be getting several services without even paying heed to it, like transferring cash online, receiving payments, paying your bills and tickets, getting updates on your account’s balance, and much more.
Furthermore, FinTech is not just about payments, but it is everything about payments done through technology. Sending, receiving, and managing invoices, crediting amounts, monitoring investor relations, online sales, and so much more comes under the umbrella of FinTech.
Moreover, as we are progressing, developing countries face more and more corruption issues, which is where FinTech can help overcome this problem. All the future payments can be regularized and managed through digital platforms, ensuring transparency, setting FinTech trends for a better future.
At times, alluring perspectives relating to FinTech trends and mobile apps can turn out to be a misadventure and a recipe for disaster. Here is what we think about how financial technology systems will do in the future and what needs to be taken care of.
MOBILE APPS & FINTECH: IS IT THE FUTURE?
One would argue that if financial technology or FinTech is the future, what do mobile apps have to do with it? Good question, let us explain.
According to a report on Statista.com, there were around 140 billion app downloads in the year 2016, and the number soared to a whopping 218 billion by the end of 2020, and the graph is expected to rise even further in the upcoming years.
The point being, with such a massive number of app downloads, the need for online payment platforms would go up significantly, and their usage will benefit a much bigger audience. Moreover, it will also help relevant authorities to keep a close check on money inflow and outflow.
Furthermore, with more influx of digital currency in our financial games, FinTech would become a necessity. People have already begun using multiple trading apps to buy and sell bitcoins and other virtual currencies, and this will be more of a norm in the future.
FINE, BUT THE WORLD ISN’T READY FOR IT?
Nope. We have a different point of view on it. With increasing ecommerce sales, FinTech trends would sky-rocket, and the world will embrace the change with wide, open arms. Who wouldn’t want the convenience of payments?
We agree that there might be a lack of trust in global FinTech organizations, but with regulatory authorities and governmental institutions’ involvement, this will be the ultimate future. The time is not long when people would prefer shopping online than going out physically.
FINTECH TRENDS & CONSUMER BEHAVIOR
FinTech is already a known term in the financial circles but what matters the most is whether the consumer behavior allows the technology to sustain or not? We say yes. Why not?
With the induction of the latest technology, managing financial matters would become more manageable, even for a layperson. Whether it is some payment or a mortgage application in process, or you have to look at the savings you have done, everything is pretty much at your fingertips.
Besides these benefits, the world with other technological developments, more and more features would be added, and as a matter of fact, will be added to complement the system and to make it finer.
According to The World Bank report, more recent technologies like virtual/cryptocurrency and Blockchain will also reduce the cost per transaction, saving significant capital worldwide.
TAKEAWAY
To sum up the whole talk, it can be conclusively said that FinTech and Mobile Apps are the evident future, and the trend will continue to grow further in the future. With all the personalization features and added value, FinTech is the recipe for future success.
So, your app doesn’t have the payment platform integration yet? Say no more. Click Here to get in touch with our finance and technology experts, and rest assured, you will be forever happy with our services.
