Traditional Financial processes are fast changing in the age of FinTech.

We have so many Financial institution around us. Daily we encounter instances where we interact with these financial institutions. Essentially Finance means study of money.In my opinion specifically money in motion, exchange of money i.e. exchange of worldly goods and services against valuable currency.

Was there any FinTech organisations available a decades back. Yes, the FinTech organisations were always there. The technology was very early stage with more focus on manual processes and paperwork. With advent of New and emerging technologies, the manual process and paperwork was automated and more technology driven.

The fundamental paradigm shift is the internet and accessibility to the internet. As this started growing the technology became more accessible.The manual Financial processes and paperwork was made faster and more secured.

Typical Financial institutions evolved into new age FinTechs

1. Traditional Banks adopted Digital Banking – Digital Account Opening, Internet Banking, Online KYC.
2. Traditional Insurance companies are now becoming #InsurTech companies offering comparative insurances, online insurance processing along with claim processing.
3. Financial Institutions and NBFCs offering Loans are new generation #LendingTech Companies offering online credit check and online loan processing along with different models of lending with short term, medium term loans for car, house and recently for electronic goods with monthly instalment without any interest.
4. #WealthTech – there is new range of companies proving platform for multiple institutions offering retail investor multiple investment instruments. This include but not limited to Online Stocks , Mutual funds, government bonds. Retail investors have all the tools and analytics to dive into the details of each instrument before making the investment decision. There are new trends of #AlgorithmicTrading and #Roboadvisor that be coming a norm for retail investors. The WealthTech Companies are also offering #CryptoCurrency Trading as well as #NFT (Non Fungible Tokens) trading as this is the newest investment instruments.
5. #PaymentTech #PayTech- These are new age companies offering payment methods for consumer in brick and mortar as well as online shopping channels. These company includes the credit card brand issuing credit cards, acquiring institutions processing these transactions in real time. The technology has been real boon to the PaymentTech companies. We see #ContactlessPayments, #QRPayments, #WalletPayments, #CryptoPayments being offered across the world in shops and online along with traditional credit/debit card payment.

🆕🆒 The new technology trends is revolutionising

These fast innovations in Tech driving in FinTech startup ecosystem, Boosting the sector along with offering best solutions to the consumers.

• API : Application Programming Interface
• Data Analytics using AI & ML
• API Gateways
• Document Storage Technologies
• Last but the biggest one : Cloud Computing

📢 What do you think? Waiting for your thoughts …