What is fintech and how it is changing financial products

Fintech is simply a combination of the words “financial” and “technology”. It describes the use of technology to deliver financial services and products to consumers. This could be in the areas of banking, insurance, investing anything that relates to finance. Today technology has changed the financial industry. This has resulted from internet combined with the widespread use of devices like smartphones and tablets. The fintech is changing the world of finance in a myriad of ways. For example you can now open a bank account over the internet, without physically visiting a bank. You can link the account to your smartphone and use it to monitor your transactions.

Fintech is also rapidly changing the insurance and investment industries. Car insurance providers can sell “telematics-based” insurance where your driving is monitored using data collected through your smartphone. The data can be used to determine how much you for your insurance policy. These advances in technology means consumers can also invest over the internet on an execution only basis without any face to face interaction. In time, you may be able to get automated financial advice with little or no human interactions. Customers now expect seamless digital on boarding rapid loan approvals and free person-to-person payments.

Fintech is empowering consumers to take charge of their financial lives, leading to much greater financial literacy than ever before. Its tearing down the old silos and helping to advance the consumers financial situation and outcome by leveraging advanced technology. In short, the concept combines traditional financial services with the latest in digital technology and big data to make end-users’ lives easier and better. The growth of fintech is due to large part to the opportunity it affords small players to compete on same field as traditional banks and financial institutions. Thanks to fintech, it's no longer about who is biggest, but who is fastest and most responsive to effectively addressing the ever changing consumer demands. From Trendpro Systems Ltd

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