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Author Topic: FinTech – A Rising Demand of the Finance Industry  (Read 175 times)

digitalcryptoinvest

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FinTech – A Rising Demand of the Finance Industry
« on: March 04, 2019, 11:45:44 AM »
FinTech – A Rising Demand of the Finance Industry

Fintech (Financial Technologies) – are businesses that aim to improve financial services users experience. Such entities enrich the financial process and relevant transactions to a higher standard of service. The financial industry has seen a continuous rising in a number of new entrants due to the high profitability opportunities and makes this area more sensitive than ever before.


Let us quickly go through some plus points of Fintech for every individual

From the entrepreneur's perspective

Fintech compliments vast opportunities for investment, saving and innovations which every firm wants to welcome. This development ranges from crowdfunding which assures quick and up to date funding from anywhere around the globe to convenient e-payments.

From a customer perspective

Fintech makes the financial affairs user-friendly and timely. At this point of time when people are habitual of smartphones and apps, they expect their financial transactions also to be done via apps without visiting the financial institutions. Here Fintech plays a good role by offering their clients opportunities to complete their transaction while resting on a bed, or going on a date.

From the perspective of Financial institutions:

Fintech replaces the time-consuming activities with just a few clicks on mobile, this saves time and automatically updates the data, assuring security. Financial institutions are also partnering with the Fintech firms in order to integrate technology into their daily practices for lowering the transaction cost and turnaround time. For small and medium enterprise (SME) clients, Fintech firms provide digital technology-driven solutions facilitating ease-of-doing business and management of customer finances. For example, GST solutions that aid firms in mandatory, regulatory tax filings are a prime example of new age business models that provide rich sales information to lenders about their customers.

Institutions that adopt this new technological advancement will accost add-on productivity and dropped off overhead costs.

2019 greets the year with technological elevation — from blockchain and intelligent AI, to design thinking and the cloud.

[size=25]Let's have a glance at some crucial and weighty technological fashions which we must acclimate[/size]

Biometric technologies: Security is undoubtedly the first and foremost priority in today’s digital era and biometric technologies are the best solution to avert scam and cyber attack.

E-banking: Digital banks are replacing physical banks at a good pace. Millennials prefer to use smartphones for their financial transactions through apps provided by banks.

Mobile technology: A new wave of mobile technology puts the bank in the client's hands, which makes the transactions convenient and gives all the day and night long access.

Fintech digital vs paper currency: An opening of Bitcoin ATM at Las Vegas in February, made digital currency more acceptable and made a cashless society.

Blockchain: Most Fintech based industries use blockchain because its a decentralized, distributed and open ledger that can record payments or other transactions between the parties quickly, in a valid and everlasting manner, Maintaining transparency. The blockchain is also critical in terms of streamlining the entire KYC process for financial institutions. The use of blockchain can also reduce the overhead costs related to document management and authentication in financial processes. Similarly, the low transaction cost and reduced settlement time in blockchain technology make it extremely valuable in creating new business models leveraging micropayments in different financial categories such as savings, loan, and insurance. The complex financial agreements like mortgages, derivatives, letters of credit, and insurance policies can also be easily completed with the help of blockchain applications such as smart contracts.

Artificial intelligence: Fintech offers artificial intelligence which completes data analysis like reasoning, learning, and problem-solving in the fraction of minutes ensuring verification, validity, security, and control. It also creates chatbots and Robo-advisors also and helps in quick detection of fraud and anti-money laundering solutions.

Artificial intelligence for Voice: People can work remotely and therefore can handle all kinds of tasks with these automated, personal, smart, digital assistants or software applications that assist the user in understanding natural language in either written or spoken form.

Omni-Channel Banking: The rise of omnichannel banking is evident in this new digital era, where a large number of FinTech service providers have arisen leveraging the digital capabilities for providing a convenient banking experience to the customers. A majority of the banks across the world is looking for innovation in their financial services to overcome the barriers of traditional banking. Banks across the globe are looking to partner with FinTech service providers so that they can integrate or take advantage of emerging technologies such as AI and Robo-advisors for improving the customer banking experiences.

More Financial Startups, Solutions & ICOs: Fintech companies have become a fascinating point for starts up and organizations to invest their money as they prefer Initial Coin Offerings (ICOs) as the channel capitalization replacing traditional forms of funding. Fintech firms are breaking new grounds and becoming the upcoming demand for finance.

Collaboration with the new innovation: As financial organizations are becoming more and more innovative and inclining towards the latest technologies, startups are facing difficulties in leveling up with them, and this is budding out the necessity of association between the two.

Drone-based technology in financial services: Drone-based banking is becoming increasingly mainstream among the financial service providers and can be considered as a Fintech future. Financial Institutions (FI) often face issues like poor communication channels and location access. Due to such limitations, FI is unable to provide financial services to users living in remote areas. Drone-based technologies have emerged in the technology space, assisting FI to reach to users in a more efficient manner.

Fintech is just at the starting point and is gaining the pace to become a global urgency so banks and costumes need to give a pause to acknowledge this advancement.

DCI, An Upcoming FinTech Solution

Digital Crypto Invest (DCI) is one such upcoming Fintech solution in the blockchain industry. DCI is an investment-based financial ecosystem that has been designed to overcome the barriers that are evident in the existing financial market. Following the pathway of modern Fintech business solutions, DCI uses advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Robo Advisory to create a trustworthy platform for secure financial transactions and also assists clients or investors in building an efficient portfolio. It also offers a 360-degree overview to clients of their investment portfolio by bringing all their existing relevant financial data together into the one-stop DCI eco-system.

Fergo

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Re: FinTech – A Rising Demand of the Finance Industry
« Reply #1 on: April 19, 2019, 02:33:44 PM »
When I first read the groundbreaking financial analytical piece - https://blog.s-pro.io/ai-driven-development-as-an-innovative-market-tendency/ - I was amazed by the way technologies may impact the financial industry. Just imagine, Artificial intelligence targets at a fundamental change of current financial services cost structure estimated at more than $1 trillion! That's pretty exciting! Just think about the numerous possibilities hidden under it.

 

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