Post the financial holocaust that gripped the US and the demonetization era, this led to the rise of the technological innovation sector – Fintech. Fintech aka Financial Technology is one of the most heard about word in today’s world. What exactly is it, is still a question for most. How has its importance changed the way entrepreneurs were conversant with finances for their business start-ups. Read on to know more and understand its total profoundness. There are lots of Fintech companies in the world.
Fintech is basically the use of technologies that are applicable in the financial services sector. Fintech is mainly used on the back end by financial organizations. But as the presence increases of Fintech with newest technologies, it is completely disrupting the traditional financial services platform and bringing a sea change to fundraising, asset management, money transfers and mobile payments the world over.Nearly 70% of Fintech companies are backing by financial lending majors. fintech stock is very useful for finance company.
According to the KPMG Pulse report on Fintech, worldwide Fintech funding went up by 120 percent from $50.8 billion in year 2017 to $111.8 billion in year 2018. This trend doesn’t seem to waiver off or slow down for years to come. Fintech is here to stay. It is not only imbibed in the financial services sector, but also in every industry sector touched by financial services. Fintech’s are small, nimble start-ups that have the ability to innovate the way of providing financial services for the SME business sector and disrupt the traditional working methods of the gigantic and magnanimous traditional financial institutions. What is fintech & how it is important for us. Mtoag is leading Website development company also provide fintech solutions.
Fintech has equally had a profound effect on SME consumer expectations and behavioral acumen. Consumers have become so used to conveniently accessing information about anything from any location of the world that they now need to be able to fine-tune their financial portfolio or financial transactions on the go. Consumer expectations do not differentiate between company sizes because they presume the same level of service to get from them. Do you want about fintech jobs then keep reading this blog.
Fintech has helped to conduct money transfer transactions through its peer to peer services the world over. Overseas trading and cost of overseas fund transfers have lessened considerably due to it. In traditional banking systems, the charges meted out to customers was exorbitant in lieu to the services provided by them.
Businesses need not engage in manually calculating their business budgets anymore. Thanks to the latest Fintech budgeting technologies, accounting software are incorporated with them and positioned at one sole spot so that you and your accountants can easily keep a watchful eye on your business transactions and avoid mishaps in budget planning in future. fintech startups are going on boom now these days.
In the past if an entrepreneur had a eureka idea and wished to start his business venture, there was an arduous path that he would have to walk upon. He would need to visit his local bank and apply for a loan or go door to door finding a traditional investor. Thereafter the lengthy process would start of paperwork, collateral security, equity capital and what not. The entrepreneur would be so harried that he would naturally rethink upon going on with his business idea.
If a business wished to cash on the credit card payment module to enhance their sales, they would first require installing landline and card equipment plus hold an account with some of the leading credit banks and financial institutions. But now Fintech has revolutionized how small start-up companies and organizations conduct their day-to-day business of accepting credit/debit card payments, wallets app, going global and expanding their business reach all thanks to Fintech services such as mobile payments, money transfer facilities to name a few. Companies such as Paypal have eased and paved the path for small businesses to increase their business volume locally and internationally with complete payment security. Fintech companies engaged in international money transfer services provide nearly 90% discount as compared to traditional financial institutions.
Robo Advisory aka wealth management solutions are gaining acceptance and tractions in the financial services sector. They also involve Artificial Intelligence (AI) and Machine Learning (ML) which are programmed to offer quick investment solutions.
Blockchain will enhance better underwriting and security of financial data that will help to curb manipulations by fraudulent borrowers from credit bureaus (silos).
UPI – Unified Payments Interface will see a significant increase in the current year. The financial services sector will increase its digital footprint to provide convenience to the end user.
What is crowdfunding and how cans a start-up or small business enterprise benefit from it? Crowdfunding is the quick and cheap process of raising startup capital for your business idea from people the world over whom you have never physically met. Even if you do not have collateral or funds to take a traditional loan, crowdfunding is the convenient method of getting funds for your startup in just a matter of a few weeks’ time. Get update with us for fintech news.
Gone are the days when it was fanciful to wave a credit or debit card for making payments, Fintech consumers have now become adept to make payments through their smart phones. Fintech companies are not bogged down due to regulatory processes and traditional internal structures of financial assistance and financial management. Users find digitalized business transactions are a more harmonious and congenial process of conducting monetary transactions through the facility of your smartphone.
Fintech is here to stay. The traditional financial industry needs to change with the times. The rapid shift has propelled a drastic need for them to embrace latest technologies while they still have time on their hands before they start losing business. Fintech companies are programmed to deliver the best of services at conveniently lower price bands; those with the cutting edge solutions will outlast their competition. Those who stay stringently traditional will eventually lose opportune clientele and see a cut in their market share.
Mtoag Technologies has been engaged in the web and Custom Mobile App Development Company industry and the ecommerce sector since more than a decade. We make it a point to bring insights and help our readers get an informed view of the latest innovations and trending news in the industry.
Mobile App Development
Generating revenue from an app is the ultimate goal of every developer. Nevertheless, they often encounter a challenging situation before initiating an application development project – Which App store will generate more revenue for their app? Although there are dozens of app store alternatives available, most developers will still opt for the obvious two ‘main’ […]
Mobile App Development
The term ‘Future of Work’ is one of the hottest topics on the internet today. Even a single search for the term on Google gives about 3 million results, showing how professionals are preparing for the change. Not only this, you will find several research reports on the future of work and what it would […]
Mobile App Development
Today, every business is running to stay in the race of digitalization, and wedding photography is no exception. In fact, it is one of the world’s 4th largest industries, holding immersing opportunities for businesses and enthusiast photographers. However, it is not everyone’s cup of tea, as you need to be highly creative, passionate, and dedicated. […]
Dairy Delivery Software
Native Milk always had to deal with route optimization to maximize profit and frequent changing of delivery boys. While this was easily manageable manually in offline business, it was a big headache when their business went digital.
We developed a mobile application for the drivers with route optimization. The total delivery area is divided into various routes and orders are sorted according to different routes. A driver is then assigned a single route.
Construction Software
PlanTech, (Construction Project Management software Case Study) a well-established US based construction company with huge projects, needed an improvement of their business processes and better optimization of their resources. As their business expanded, projects continuously got delayed which resulted in lawsuits by unhappy clients. We faced a variety of challenges to develop niche technological solutions for a company involved in the construction industry.
We designed separate web and mobile applications for foremen i.e. project managers and for construction staff (labourers). The applications has synchronized features such as calendar, attendance etc. that were updated real time Simple user interface for the layman was developed after many iterations and approval from the client.
We developed a dedicated central project management panel. The purpose was to have a centralised system update where all team leaders from different departments could update on their tasks at work.
Trading Software
We needed a fast technology to synchronize the source data to our system.
We had to run our programs real time during the horse race.
We ran our calculations on the given data, but by the time we generated an analysis of the probable winner, the market trends and positions of the race horses altered so our result had no value.
We used the Node JS as it as an open-sourced JavaScript run-time environment that has the fastest libraries.
The reason behind using node.js is that we were able to establish a swift and persistent connection between betfair and our algorithm.
We could run our program with race data and generate results using the latest trends up-to-the-second with more than 99 % of the source data matching with our index.
On-Demand Delivery App
The client was clear with their needs but was not tech savvy enough to state specific requirements.
In GetIt the driver and vendor are treated as separate entities unlike a regular taxi application where such division does not exist.
We initiated brainstorming sessions with the client to plan out the project.
We built application functionality to optimize the process while simultaneously taking all stakeholders into account.
NFC
The client had an understanding of NFC but they had no idea of how the technology behind NFC works.
The client needed a secure platform as they wanted to keep the customer data secured.
We did a knowledge transfer with the client and explained the technology behind NFC and QR code.
We undertook a variety of security measures to prevent any leakage of user data.
Loan
The oldest insurance company of Lebanon reached out to us. They needed to digitize their operations and develop a lending application.
The target customers of the bank were mostly laymen with not much technical know-how. They consisted of old people, rural families, middle class urban families etc. Thus digitization was a challenge.
We developed a mechanism for the bank to directly disburse the loan amount to the customer’s bank account. This saved a trip to the bank of the customer and saved a lot of time for both the parties.
