How fintechs are disrupting the finance ecosystem
Disruptions in financial services are nothing new, but the rate at which modern technological advancements are changing the landscape is unprecedented.
In 2019, we have innovations like digital wallets, peer-to-peer loans and cryptocurrencies. And, according to Fortunly technologists have successfully forced complacent banks to shape up.
Fintech startups have been putting billions of dollars worth of venture-capital investments to good use by rendering across-the-border transactions far less costly. Remittance has become quite immune to exchange-rate volatility, which has translated to more earnings and savings.
Furthermore, open banking has made financial planning and wealth management less painful and more rewarding. Since treasure chests of consumer information is now available to all, the utility of fintech mobile apps is growing every day.
Insurance is undergoing disruption as well. Different breeds of insurers have been experimenting with blockchain (the decentralised ledger that powers Bitcoin and a host of other cryptocurrencies) to improve risk prevention and anti-fraud measures. Thanks to smart contracts, claims processing and pay-out distribution are faster than ever.
The fintech revolution is not going out of steam any time soon. Its unstoppable momentum is making all things finance delightfully less complicated.
Check out the infographic below to discover how fintech has changed and will transform banking, retail and other industries in the coming years.
Photo by Erol Ahmed