The financial service sector is one of the fastest-growing in the world. The industry is estimated to be worth at least $135 billion worldwide, with thousands of fintech startups being founded each year. This large number comes as no surprise; after all, financial services are an essential part of daily life, involving everything from banking and investments to financial technology.
Financial technology or fintech has greatly impacted the way financial services are handled. It’s
now much easier for companies to deliver services, manage operations, and
automate processes. Although the term broadly refers to any innovation in the
way people do business transactions, fintech also describes activities such as
money transfers and mobile payments.
How has fintech reshaped the financial services industry for the
better? Here are four examples:
1.
Crowdfunding
You’ll be surprised to find out how many
startup companies have been funded purely through crowdfunding. Digital
platforms like Patreon and Kickstarter have made it easier for individuals to
pool funding from various sources into one place.
Gone are the days when aspiring business
owners would take out bank loans. Instead, they can receive funding directly
from investors to support their projects.
2.
Mobile payments
Mobile payments are some of the best
innovations to come out of fintech. Anyone with a smartphone can now quickly
pay for products and services, minimizing the need to take out a wallet and
handle cash.
The global mobile payment industry is almost
worth $1 trillion, proving how efficient and productive the technology has
become.
3.
Stock trading
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