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Entrepreneurship

FinTech has revolutionized the financial industry in various ways

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FinTech has revolutionized the financial industry in various ways

FinTech has revolutionized the financial industry in various ways, which are of great benefit to the banking sector. Financial technology, popularly known as FinTech, has changed the way we perceive banking services. The traditional banking methodologies were inefficient and consumed a lot of time as individuals had to wait for days for loans to be processed, mortgage credibility to be accessed. Transfer of Funds to be available to customers. Fintech changed most of that, and I believe its positive impacts outweigh its negative impact.

Reduced Financial Loss

Fintech through the use of smart chip technology and Biometric sensors has dramatically reduced the financial losses which were experienced before in the banking sectors. That is, the smart chip technology through ATM has introduced a one-time PIN which can be used by customers to withdraw funds from ATM. This PIN protects customers from hackers from accessing their accounts; hence security is guaranteed. Biometric sensors enable the bank to add a layer of protection to customers’ accounts as they can identify account owners using fingerprints. This has led to a decline in cases of fraud and theft.

Online Transaction – Convenience and Time saving

The electronic payments, deposit, processing, and clearing of loans have significantly impacted the financial industry. According to the Federal Reserve, the number of online transaction processed in 2016 were 3,362 million as compared to 1,189 million transactions in 2012 (Allan, 2019). This shows that the adoption of the online transaction has been positively received by customers who feel more convenient to transact online than physically visiting a bank premise. The online transaction allowed banks to access global customers, as there was no need to visit them physically. The time-saving aspect has also increased the profits for the bank as they can serve more customers as compared to the traditional method of serving customers in queues.

Reference

Allan, G. (2019). What is FinTech, and how has it impacted banking?  Digital Finance Solutions, e-wallet Payment System, Wallet App Development. https://www.digipay.guru/blog/the-impact-of-fintech-on-banks-and-financial-services/

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