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FinTech banking can be a solution to difficulties associated with traditional banking methods. FinTech banking companies are those companies who make use of the latest technology in the best ways to help banking sectors grow and flourish. In this blog, we will let you know all the details about FinTech banking, and why is it necessary for today’s world?
Table of Contents
FinTech banking companies are companies that make use of technologies to do banking. Unlike traditional banks, they have technology backing them. Therefore they are more successful than other banks using the old ways of banking. They use and develop various techniques that make things easy for the bankers and also for their customers.
FinTech companies are companies that provide financial, technical assistance to other companies. Also, they are known as innovative technologies used to improve traditional business methods and to develop effective methods and solutions for financial institutions. The examples of development in financial technologies are banking software and mobile banking applications.
India has the second-largest number of financial technologies companies {FinTech companies}. India has over 2000 FinTech startups, and 42 per cent of them are situated in Bangalore, and Mumbai others are present in New Delhi, Gurugram and Hyderabad. Until 2018 730 functional FinTech companies get bigger from the year 2015-2018 and 1300 more FinTech startups were added in the Indian FinTech organizations. The top 10 FinTech companies in India are;
Here are a few advantages of FinTech Banking Industry for the current Indian market;
Complete Overview of the World Fintech Industry
FinTech companies work to refine the ways companies and other consumers do transactions daily. As now the FinTech industry is growing and proving to be beneficial people and industries are getting more and more interested in investing in them. The investments in FinTech companies have been increasing rapidly from the year 2013 to 2015. India, the scale of the growth, is smaller but is similar. The percentage of growth of the FinTech industry in India is 282% from the year 2013 to 2015.
And with the growth in other types of businesses making more investments in FinTech companies, banking sectors are also getting interested in them to digitalize their services.
FinTech banking companies provide service offerings to help companies emerge on a digital platform. These fundamental services are;
Traditional banks make most of their income in these two ways;
Traditional banks earn 35% of their income in the form of Fee Income. They levy service fees on account services, transaction charges, insufficient fund charges, and other charges to make emolument.
And they earn 65% of their income in the form of interest income. Banks allow liquidity, credit, and capital risk to make profits.
The FinTech banking organizations can help extant traditional banks in these ways/manners;
FinTech companies are growing and providing services to other crucial industries. They use various technologies to help these industries grow. FinTech companies also work in providing services to individuals. They provide services to multiple businesses like NBFCs, companies, banks, and even to individuals.
They can help grow the economy of our country and bring solutions for all like never before. Moreover, FinTech in banking can transform traditional ways into better, faster, and secure means of banking online with the comfort of your home.
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