![]() This allows their users to trust them with their personal information and this in turn helps them to form a strong relationship with their customers. Now the big question is “How does FinTech work?”įinTech can work efficiently because of these three independent factors įinancial APIs are used as a form of communication between third parties and online banking systems.ĭo you remember how you had to fill in your personal information every time you opened a new bank account, well it’s the same thing here because after you’ve filled in your personal information this information will automatically be provided every time you need to create a new account or carry out a transaction without you having to go through the process again.įinTech also offers a strong security system that does not easily allow fraudulent activities. Why do you need to stand in long senseless queues when you can carry out your transactions from the comfort of your home through a mobile app or web browser? People prefer procedures that are quick and easy which is why the FinTech industry is in such high demand. It has pushed the banking sectors to rebrand and provide better services to their customers. ![]() Now let us look at an overview of what will be discussed in this article īefore we get into the 6 popular types of FinTech and how they work let us pin down a definition for FinTech.įinTech is the combination of two phrases, Finance, and Technology, it simply means the merging of financial services and technology to provide a better service to customers.įinTech is here to unburden us of the long and tiring procedures in traditional financial institutions and give us solutions to reoccurring problems. The real money in the FinTech industry is gotten from the banking sector. ![]() We carry out activities related to FinTech industries every day, for example, transferring money and online shopping are basic activities we do every day that is a big part of the FinTech industry.Įven when cryptocurrency seems to be the face of FinTech industries nowadays. When people hear the phrase “FinTech” they automatically think it’s something related to some next-level activity done by tech gurus but they are wrong. ![]()
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