The Change Fintech Is Bringing In Banking:
The world has gone fast in previous years. Time is precious these days and in the world of business, if you are not keeping yourself busy on the right spot, you aren’t on the path to success.
Yesterday – Today and Tomorrow
The world has gone fast in previous years. Time is precious these days and in the world of business, if you are not keeping yourself busy on the right spot, you aren’t on the path to success.
Gone are the days when people had to go to bank to check their bank balances, transaction history and the urge to send money to someone.
Thanks to Fintech services, we now enjoy online banking. This is just the tip of the iceberg. App developers and business enthusiasts are experimenting to find the ways which could increase the facilities towards an average layman.
Millennials and Our World
An important thing to know is that the millennials lead our generation, in terms of having the most purchasing power.
Due to dynamic life approach, it is fair to expect banks and financial institutions to adapt to our needs, instead of us getting adapted towards their traditional models.
Almost half of millennials believe that tech startups will change the working of banks. It is important to mention a startup by the name of “Mint” – Sign up with this startup through your smartphone and it will analyze you. For a tech savvy generation, these applications are getting popular by the minute because not only they save time, they also adhere towards the nature of millennials.
Based upon your lifestyle and your preferences, the startup will recommend you the best credit card for your needs.
Banks have also started to realize the unparalleled growth potential of startups and many of them have started partnering up with tech joints.
Fintech Technology
KiTTi app is made due to collaboration between Santander UK with two tech firms. Thanks to the app, you can now pool money for your vacations with your friends. In January 2016, Alterna Bank partnered with a tech startup called Lendful, which facilitates consumers with loans up to 35000 dollars.
Future only demands innovation. If you are not keeping yourself updated with newer trends, you will lose the financial race.
Talking about present scenarios, maybe today, the banks will resist the Fintech change due to large number of credit stored by them, through a number of centuries, but what about tomorrow?
Unless they start collaborating more and more with tech startups, they themselves too know the fact that they cannot be ahead of everyone, if they keep on the way they are working.
