Fintech or Financial Technology is a revolutionary step. It is an emerging industry that uses technology to improve activities in finance. Fintech refers to the innovation and technology that aims to compete with the services to create better and new financial services for the consumers. The areas that fintech covers are banking, investing, insurance and mortgage, management tool, payments, savings, compliance, back-end financial platform, etc. Thus Fintech can be defined as a business based on using software to provide financial services. As we all know everything has two sides so now let’s discuss its advantages and disadvantages.
Advantages of Financial Technology
1. Convenience to customers
2. Improves the security
3. Rate of accuracy increases
4. Reduction in the cost
5. Upgraded the Payment system
6. Speedy work
7. Improves the quality of financial services
Disadvantages of Financial Technology
1. Many product gaps
2. Limited market captured
3. low brand awareness
4. Fluctuations in market success
5. Strong existing competitors
6. Limited channel access
7. Limited services
Some examples of Indian Fintech companies are as follows:
Paytm
Policybazaar
Razorpay
Cred
Freecharge
In short, fintech is a bright future for financial services. I will cover more about Fintech in another article. Till then share this article with your friends and family who don’t know about fintech
Comment if I miss anything 😛
