It can be found, broadly speaking, anywhere where technology is applied in financial services, and its use if on the rise.
Fintech is not a completely new service, it has been in fact around for many decades now. It was only after the financial crisis in 2008, however, that it really started to pick up speed. It has changed the way that we manage our money.
Customers now almost expect to be able to use some form of Fintech every time they make a purchase online and often also offline.
The Disruption of Fintech
The growth of online shopping – More and more people are choosing to shop online rather than in-person. Many people enjoy the cashless solutions for making transactions.
Insurance Products – These products are becoming increasingly tailored to the customers who are demanding more from these services, such as specific locations, timeframes and uses.
AI – This already plays a role in financial services and is slowly starting to replace complex activities which are traditionally handled by highly-trained people.
Banks – Banks are changing the way they offer services. Many branches are beginning to eliminate in-person service and are looking at ways to provide self-service, technological solutions.
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