The Use of Fintech as Key financial platform

The Use of Fintech as Key financial platform

General Purpose: To Persuade

Specific Purpose: To Persuade the audience that The Use of Fintech will be the next Key financial platform

Organizational Pattern: Choose a pattern that allows your speech to flow the best

Claim: You will need to construct your arguments into one of 3 types of claims: Fact, Value or Policy.  Explain why your argument falls under the claim you selected.

INTRODUCTION

1. Attention Getter: Hey, do you know what FinTech Is? Well, many people do not know this, but Fis the product of the marriage between Finance and Technology (Zavolokina et al., 2016). According to Iman (2020), FinTech may also be defined as the integration of technology with financial services
2. II. Topic Revelation Statement: Today, I am going to prove to you beyond doubt that FinTech will succeed in traditional banking as the next key financial platform in less than a decade.

1. Identification of Opposition Statement (Fair Hearing): One may argue that the concept is barely a decade old since it was coined in and that there many challenges associated with the technology. As such, you may think that technology may not be any significant financial platform anytime soon. While these challenges actually exist, the benefits attributed to FinTech by far outweigh the problems associated with it (Khrishna & Anusha, 2019).
2. Significance: The reason why knowledge of FinTech is important to you is that the technology presents to its users a lot of benefits, including reduction of transaction costs, accessibility to financial services, and enhanced convenience (Bates, 2017).
3. Credibility: As a senior student in Financial Studies, I have conducted a lot of research on the subject and interviewed some of the leading financial experts in the field.
4. Preview Statement: From my research, I established several compelling reasons why FinTech will replace current financial institutions such as banks as the next key platform of financial matters. First, the technology enables 24/7 access to financial services. Secondly, the technology reduces geographical barriers by enabling users to transact from virtually anywhere. Thirdly, it reduces transactional costs due to the automation of services. Fourthly, it simplifies the requirements and procedures of creating financial accounts. Finally, users can access a greater variety of services from a single account.

MAJOR TRANSITION: Having introduced you to the content of the discussion, let narrow down to each point.

BODY

1. Main Point: FinTech brings with it an unmatched convenience to users
2. Sub-point: It enables 24/7 service
3. Customers can access services anytime including at night (Arjunwadkar, 2018)
4. Users can access services from any location
5. Sub-point: Opening an account is simple
6. Users can create an account from the comfort of their homes
7. There is no need for physical presentation of documents as they can be verified online

Minor Transition: Here is the next advantage of the technology

1. Main Point: High Customer Experience
2. Sub-point: Greater personalization
3. FinTech has access to large quantities of user information enabling them to offer personalized services (Khrishna & Anusha, 2019)

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2. Ease of recording of user patterns enables FinTech companies to study user tastes and preferences. This allows for constant improvement of products
3. Sub-point: Greater service speed
4. FinTech has allowed great automation of services. Carney (2017) argue that computers used in FinTech process user requests faster and deliver the desired service
5. FinTech has removed the traditional systems where users had to queue in financial institutions for service. The services can now be accessed through applications and USSD codes from the user’s phone.

Minor Transition: The next benefit of FinTech is my favorite

III.  Main Point: FinTech Companies have simplified the process of financing

1. Sub-point: FinTech has removed bureaucracy associated with borrowing
2. Users can access and repay loans without visiting banks
3. Financial Technology has eliminated the time and cost involved in assessing of credit-worthiness of potential borrowers (Gomber et al., 2017)

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1. Sub-point: Financial technology has enabled cheaper and more efficient sources of business funding
2. Startups can raise funds through crowdfunding. As stated in Wonglimpiyarat (2018), this type of funding enables donors to give their contributions as a charitable activity
3. Small businesses can opt to use reward-based crowdfunding. Here, donors give their contribution to financing a specified project in exchange for non-financial benefits (Cai, 2018)

MAJOR TRANSITION: Having said all that, let us now have a recap of the main points to remember.

CONCLUSION

1. Review: FinTech offers great convenience, improves customer experience, and simplifies the process of financing for both profit and non-profit making firms. Although the technology currently experiences a few challenges, FinTech companies are working to resolve them. The huge benefits of the technology that obviously outweigh challenges currently make FinTech makes it a promising successor of financial institutions such as banks.
2. Call to Action: Young people can avoid being left behind in the new technology by implementing a three-point plan as below
3. Read an article about FinTech once every week
4. Make a summary of the main points from the article
5. Review your previous summary midweek
6. Make sure to utilize financial technology every time you make a transaction such as payment for online products or service

• Final Thought: The leading cause of poverty is not unemployment. It is rather caused by financial ignorance. If you think this is a joke, pay attention to this finding of recent research. According to Arslaini (2016), More than 70% of all the millennials prefer consulting a dentist rather than  listen to the advice of their banks. The financial experts now advise young people like you to embrace FinTech as it will occupy a central position in financial matters in the days to come.

References

Arslanian, H. (2016). How FinTech is Shaping the Future of Banking. TEDx Talks.

Arjunwadkar, P. Y. (2018). FinTech: The Technology Driving Disruption in the Financial Services Industry. CRC Press.

Bates, R. (2017). Banking On The Future: An Exploration of Fintech and the Consumer Interest.

Cai, C. W. (2018). Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain. Accounting & Finance, 58(4), 965-992.

Carney, M. (2017, January). The promise of Fintech–something new under the sun. In Speech at Deutsche Bundesbank G20 Conference, by Bank of England Governor Mark Carney, January 25th.

Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537-580.

Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537-580.

Iman, N. (2020). The rise and rise of financial technology: The good, the bad, and the verdict. Cogent Business & Management, 7(1), 1725309.

Krishna Priya, K. Anusha , 2019 . Fintech Issues and Challenges in India. International Journal of Recent Technology and Engineering (IJRTE) ISSN: 2277-3878, Volume-8 Issue-3

Zavolokina, L., Dolata, M., & Schwabe, G. (2016). FinTech–What’s in a Name?.