Although its concept is broader, an accepted definition is that FinTech is a new industry that applies technology to improve financial activities. Visit this site to know about white label fintech.
What solutions do FinTech offer?
These solutions can be found today in all the online services that allow transactions such as payments, insurance, transfers, investments, use accounting instruments and request credits, among other services. Click here to know about white label fintech.
How do they arise?
Mainly, due to the limitations of the old economic model, where physical money was the protagonist and all products and services were hired in person. Today it is not possible to meet all the consumption and immediacy needs demanded by the current medium under that model and it is here that FinTech have advantages over traditional banking:
- Public that is not banked
- Unlike Traditional Banking, they have managed to cover a more selfless geographic scope.
- The rigidity that banks have in their policies and the delayed reaction to modernize.
- Bureaucratic procedures that exist in banks when requesting and / or consuming their services.
- Deficiencies in its operational processes in its branches.
- The impact of technology on society
FinTech focuses on any product, service or process in which the monetary factor or value of money has to intervene, either through:
Cryptocurrencies: administration of virtual currencies (Bitcoin, Ethereum).
Investments: creation of purchase platforms – sale of papers, assets, contracts, etc.
Consumer goods: different applications offering products and services with online payment method through devices, both wireless and wired (totems).
Means of Payment: different applications that offer ease of money transactions, means of payment for various types of commerce (electronic commerce and physical establishments, among others).
Services: for example, purchase – sale of medical bonds, exam payments and mobile medical records.