What “I’ll PayTM” really is.
One of the fastest growing sectors in 2020, FinTech has been around since a long time. Earlier it was introduced in the ATMs, whilst today it has evolved into a much bigger and advanced segment with companies using algorithms, data analysis, blockchain, and the cryptocurrency.
SO, WHAT EXACTLY IS FINTECH?
Amalgamating the two words Finance and Technology, FinTech implies the introduction of technology in financial sectors such as to improve and regulate the financial services for the consumers and of the businesses.
The primary means through which we see FinTech leading the new era is Mobile Banking. PayTM and PayPal are already established FinTech companies around many parts of the world, including India at the top.
CONSUMER BENEFITS
Personalized experience. FinTech companies are more sensitive to consumer demands, hence a more custom experience for the customers.
Faster Approval. Unlike physical operators, FinTech increases accessibility and greater efficiency in its services.
Advanced Security. Biometric data and encryption are just some of the examples by which FinTech companies have adhered to strong security of its consumers data.
LEADING FINTECH COMPANIES
Ant Financial
Based in China, Ant Financial has evolved from its start in 2014 to leading the FinTech market in wealth management, credit reporting, private banking, payments and cloud computing. It is the most sough-after IPOs currently.
Adyen
Netherland-based service Adyen caters to some of the biggest names in the world including Netflix, Spotify, Burberry, Loreal, Netflix, Uber, and many more. In 2016, an increase of 80% was seen in its transactions.
Qudian
Another China-borne, Qudian was formed in 2014 operating as a student micro-loan site and investment management company.
SoFi
“A new kind of finance company” as the brand says, SoFi is the brainchild of four students from the Stanford Graduate School of Business. The company provides student loans, mortgage loans, life insurance, and wealth management. It’s a multi-billion dollar company today with over 19 million dollars funded.
