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The term Fintech is the acronym form for the word Financial Technology. It refers to the amalgamation of software and other advanced technologies used by businesses that offer automated and improved financial services. The fast and innovative advancements such as the Mobile Payments have revolutionized the way we manage our finances. Further, the IT skilled customers want ease and security in the process of money transfer, loan management, lending, and investing and that too without the assistance of a person or the visit of a bank. Some of the leading Fintech companies that are performing remarkably well in the Indian markets are PhonePe, Paytm, PayPal, Google Pay, etc.
On the other hand, some of the stock trading companies that are continuously increasing their presence in the market are Money Control, Share Khan Etc. Also, the insurance companies such as the Policy Bazaar cannot be excluded from this list. Also, as per the leading news portal, the Fintech market in India is expected to exceed the threshold of $31 billion in 2020.
Further, the Established bank services find themselves increasingly displaced and for both customers and businesses, banking has mostly become more convenient, efficient and easily accessible. On the contrary to the traditional banks, Fintech startups operate more flexibly and fast when it comes to executing new services based on dynamic demands. Hence, the Fintech can also be considered as the Epicenter of reinvention of the Banking sector.
Further, the year 2020 is predicted to showcase an even stronger collision of two worlds, i.e. the technology and financial services. As the term Fintech stands for a powerful synergy of these industries and also promises to show up modern banking to a new level.
The most famous examples of Fintech in our day to day life are Mobile Payment applications, Cryptocurrency, and Blockchain technology like the Bitcoin and Gemini. Further, in the future, the range of Fintech services are expected to transform the market even more with AI (Artificial Intelligence) and machine learning and will also make Fintech products an integral part of our digitalized life. Here, in this article, we will be talking about the global trends that will revolutionize the face of the financial sector in the coming years.
Fintech has significantly evolved during recent years and has continued to develop fast. The ten trends mentioned above showcases the most significant and vital movements and changes that are forecasted to occur soon and revolutionize the future of the financial sector in the upcoming years.
Also, Read: Many Fintech Startups are sanctioning Payday Loans.
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