What Is Fintech And Why It Matters

What Is Fintech And Why It Matters

Fintech or financial technology is a term used more often in finance that defines the process and tools that drives innovation. The only thing constant in this world is change, in finance and business, it’s the tools and processes that are being used constantly changes all the time. Its labor, money, process, and technology driven.

There is always a better way of doing things, better to the fact that the world constantly innovates and try to do things differently with the aim to make things easier and faster. With recent advancements in technology, more people are technologically inclined and has skills to be the catalyst for change, it’s not that impossible. While in mainstream terms as far as technology is concerned, fintech seems to be silent in this whole change, it’s not, the only reason why people never really see the advancements that fintechs are offering is because they are running in the background.

online consulting and financial services

User experience: The most important thing has always been evolution as far as technology is concerned. Everyone aims for the moon and it’s not just about making some revolutionary process, but it’s also about the user experience. It’s about finding that balance, everyone is not an IT and read “The Matrix” all the time and this is where user experience comes from.

Where it’s playing well at the moment: 20 years ago people never thought that the internet can be used in a mobile device and let alone a phone can do all sorts of things and not just for SMS and calls. Who would have thought that e-commerce is “the thing” now and social media is bigger than ever? Every industry needs fintech and will always need fintech. But there are certain industries that are more growing with fintech. Thanks to technologies that made these companies evolve and add more dynamic to its service. These industries are found below:

  • Lending and finance
  • Investment
  • Blockchain
  • Mobile
  • Banking

The future of fintech: Fintech got a lot of going on considering that not all business follows traditional processes, take retail, for example, you don’t necessarily need to have an inventory in order to sell, heck you don’t even need to have a physical store to sell nowadays and everything is better with mobile apps.

Fintech (financial technology) is a common terminology in terms of the process and technology that goes in the background as far as finance is concerned. While it’s not really the most recognizable term in most industries and profession, this is because it’s working in the background, it’s pretty much involved with the world and you can even say that it helps run it. While it’s technology-driven, it also has a balance of user experience, it’s expanding its horizons in the other dynamic that the future has created in terms of lending and finance, investment, the blockchain, mobile, and banking. As a catalyst for change and given how technology is growing that creates various opportunities, fintech is in the right spot. Come SOL partners, a fintech company and an industry leader in risk management, online consulting and financial services. Mark Curry fintech company SOL partners are the industry leader and have been the manifestation of what fintech is and what it can do. If you happen to need one, SOL partners are the company for the job.