When was the last time you bought a voucher to replenish an account on a mobile phone or stood in a queue at the cash desk to make a payment? This is already far in the past, now in most cases, we use mobile applications of banks and perform any transaction literally in a couple of clicks. Such speed of technologies development and convenient services has already become the norm, and the quantity and quality of these developments are only growing every day.
The financial technology industry (or FinTech) is developing at a very rapid pace. Every year, a huge number of applications appear on the market that simplify the financial life of users (payment for goods and services, obtaining loans, investment, performing various transactions, etc).
Investors willingly put their own savings in payment services. Trends for the next few years:
instant money transfers from card to card;
conducting transactions via QR codes;
increasing the speed of payments;
cryptocurrency integration in FinTech.
Recently, startups of online banks that do not have physical branches in offline use (for example, Monzo, Starling и Tandem Simple, Moven, Fidor bank, Monobank, Tinkoff, and many others) became very popular.
If to follow the financial technologies news closely, then it appears that industries, that are related to the finance, began to emerge in this area (insurance, certification, smart contracts, etc.). The fact is that smart contracts are almost impossible to misinterpret or falsify, which completely exclude the human factor. Many experts believe that tandem FinTech plus blockchain technology is the future of the financial industry.
The main mission of development in the financial sector is to simplify and accelerate the conduct of any banking procedures for consumers. For companies that provide financial services, Internet banking allows to save significantly, because there is no need to rent or buy a huge amount of office space, hire thousands of full-time employees, etc. The communication between clients and bank employees often happen in messengers, and the most frequently asked questions are generally answered by bots.
This industry is developing very fast, new products and services constantly appear. If you want to know the latest FinTech news, visit our website The Coin Shark. In the FinTech News section, you will find information about the most interesting applications that will make your life easier.