What is FinTech? FinTech cases in 2020
If you have ever paid for something using your phone, transferred money through an app, or even checked your bank statement online, then you have already gotten yourself in a multi-billion dollar industry. Well, the industry is called FinTech, and it’s changing and upgrading economies worldwide. So, to make things understandable for you, brights.io/projects/fintech will try and clear every concept of FinTech to you along with highlighted cases of 2020.
What is FinTech?
FinTech stands for financial technology, seems like an easy nut to crack, right? But the term FinTech includes a massive range of products, techniques, and business models that are revolutionizing the financial services industry. It is a broad term and includes everything from cashless payments to crowdfunding platforms to virtual currencies. So each time you donate any kind of money online, that’s the part of FinTech.
Revolution brought to the industry
Thousands of companies are investing in FinTech, disrupting the banking industry by changing the way we borrow and pay money. And the investors seem to be very fascinated by this concept. Since 2010 the global investment in the FinTech industry has risen to a hundred billion dollars. Also, it is not only startups that seem to be attracted by FinTech, but the more prominent companies like Apple and Alibaba are also interested in such fresh concepts too.
Why are companies leaning towards FinTech?
One big reason for companies to get into FinTech is because the consumers are adopting FinTech fast. The statistics show that one out of every three people across twenty major economies uses at least two FinTech technologies in the last six months. China and India are leading consumers of FinTech availing services like money transfer, financial planning, borrowing, and planning. FinTech has helped several people who do not have access to traditional banking services. All they need to do is open their mobile phones and get a loan or insurance.
Concerns regarding FinTech
Now FinTech might have eased up the path for most of the difficulties faced during traditional banking services. But on the other phase of it lies the potential risks it holds. Without proper banking details, people could back out from repaying loans, which is a risky affair. Also, data privacy is compromised, making FinTech prone to cyber-attacks and threats.
Apart from all the information, the cases in which FinTech proved to be wonderful are described below:
Biteffect Payment Gateway
Biteffect Payment Gateway is one of the exceptionally well-planned services of FinTech offered through the ES6 and Java technology. It is based on an excellent UI/UX interface that extends to conduct online transactions by any merchant or civilian through a payment website or application via effortless integration. The best part of Biteffect Payment Gateway is that its services are not confined within the borders of a country but are highly independent of rolling across international seas and borders.
Cryptonomicon is a well-versed service offered by FinTech through vue.js and. net core technology. It is an investment platform that is open to a large number of investment means, resists high loads, and any sort of adherence to data integrity. It is an ideal platform to offer investment packages to several people and analyze statistical work and referral trees.
SignalIntent is one of the leading services of FinTech offered through the technology of vue.js and node.js. It is a UI interface technology that provides virtual calculators to estimate real-time analytics. A powerful online calculator that is easy to configure and is set up using an admin panel, it solves calculation formulas and codes. It could be used on a mobile, tablet, or PC with highly customizable features regarding color, fonts, and logos. It possesses a real-time analytics dashboard to measure views and clicks without any system conflicts.