With a market that encompasses several sectors from Real Estate to Banking and Retail, there is no one who can really tell the true potential size of the Fintech market, but it certainly higher than $50T. People have always been reticent to change, but almost every time, it was proved that change was good. This is the reason why FinTech is a billion dollar idea: it will be very useful and will bring a great change to the traditional world of finances. It is the disrupter that will break the traditional banking. Here are the most important reasons that will make the FinTech revolution a success:
1. It is simple and easy
Today, if you want to get an investor, you have to search for the right person that will see the potential and profit that you see in your business. This can take a lot of time and effort. Also, if you want a loan from the bank, you have to get through the pain of signing tons of papers, and you will give a high interest for a business that you don’t even know for certain if it will bring you profit. With Fintech, you will find everything that you need under one platform, one click away. This way, you will be able to get your money through crowdfunding, from people all over the world, that share the same ideas with you and want to invest in the same ventures.
2. It brings a more innovative culture
FinTech is not the traditional way of financing that was made to enrich the bankers and enslave the person who needs the loan. FinTech companies don’t want your money to buy their yachts. They work to develop a technology that will help you engage better with your finances. Their culture is about innovation and revolution in the financial sector.
3. It creates new career opportunities
The career opportunities created by the FinTech revolution are not a few. Experts will be needed for development, infrastructure, user experience strategy and design, product management, technical writing, etc. Many people that are trained in these areas of expertise will benefit from these new financial platforms.
4. The customer is important
We all know that the finance industry is full of sharks that want to get their next Malibu beach house with your money. The good news is that if you use FinTech you will be independent of the traditional banking system, and you will always be informed and secure about your money. You are in charge of your own money and you know everything that will happen to your finances.
5. Driven by talented and motivated individuals
The people involved in the FinTech field are eager and determined to change completely the financial sector and bring new opportunities and products that will make your life easier and more profitable. They are disruptive visionaries who believe that tomorrow can be better than today.
6. Finances and data security
The FinTech platforms are constantly improving the user experience and developing new technologies to your finances and data security. Using these platforms, you won’t have to be worried about these aspects. With the Blockchain technologies, your data, agreements and transaction information will no longer be held on a single server with a single level of security and access to your sensitive information and finances. It will be across multiple servers and locations, verified via encrypted technologies that check each transaction.
7. More transparency
Banks and transparency are not a match made in Heaven, as we all know by now. You know how much money you gave to your bank, but you don’t really know what is happening with your finances in the process. FinTech is a transparent way of handling your money and you will be pleased to know all the time where your finances are.
FinTech is the future’s greatest industry that will make our lives easier, reduce costs in financial transactions whilst increases profitability in savings, as well as investments. Fintech is not just technological innovation, it solves real human problems, hence its utility in the day to day life of any person. Technology aims more and more to solve many of the nowadays problems, and FinTech is the disruptive answer to many issues in the financial field.
Author: Mru Patel, Partner and COO of Flash Group, CEO of Sapian Capital