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Fintech leverages tools, technologies, apps, software, and other platforms that enable banking and financial organizations to harness technology for efficient and smooth operations.
FREMONT, CA: Fintech blends finance and technology, which shows technology can create a pleasant and seamless experience for stakeholders of banking, financial services, and insurance (BFSI). FinTech would be advantageous in realizing efficiencies through economies of scale and synergies from merging separate and independent operations. Without FinTech, banks and financial services organizations would struggle to provide the same range and scale of services.
Technology to drive business
Technology is a game-changer, especially for BFSI organizations. As technology surged in the 1990s and the new millennium, BFSI was again the first to adopt it and use it to achieve a competitive edge. FinTech gives scale, speed, and synergy to place, price, and products that meet client needs. FinTech's scalability, speed, and ability to integrate operations highly help BFSI organizations. It eliminates geographical and place limits and can provide low-cost or at least affordable services to most BFSI organizations. It also has a wide choice of goods adapted to small and large firms' needs, delivering on the 3Ss and 3Ps.
Access and affordability can improve by turning Tablets and Smartphones into banking gateways. Many BFSI organizations work on applications for all retail banking and financial needs, and FinTech tools will simplify corporate and private banking for customers. FinTech may leverage Blockchain to develop a new generation of peer-verified, ethical data warehouses. FinTech's most significant promise may be in helping the less fortunate.
When automated and integrated, front-end functions and back-end operations lead to gains for all stakeholders. High-speed algorithmic trading platforms that work 24/7 are programmed, so prudence and otherwise cautious human interventions are replaced by purely transactional machine processes leading to trading for profit. Automated bots and robotic callers automate the customers' concerns regarding privacy and intrusion into personal spaces. FinTech has revolutionized the banking and financial services and will be a game changer for BFSI organizations.