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| Name | FinTech 2020 | What Is FinTech? | STT |
| Video Uploader | Video From fintelics |
| Upload Date | This Video Uploaded At 02-11-2020 19:59:45 |
| Video Discription | In this episode of Savants Tech Talk we answer the question What Is FinTech? Fintech has become one of the fastest growing areas in the past few years and today I’m going to discuss what exactly Fintech is and Fintech applications The startup ecosystem is filled with Fintech possibilities; let us try to understand what it really is and what defines its scope. You receive a check in the mail. you open your bank’s mobile app, take a picture, and upload it to deposit it. While on your smartphone you also check Mint for your monthly entertainment budget. Then you go to meet your friends for dinner. You use Venmo to split the tab. Later, you go to a bar where you pay for a drink with Apple Pay. After an enjoyable night, you call for an Uber which you pay for with a stored credit card. Fintech was the unsung hero of your night. In 2020 Fintech is a big part of people’s lives that are busy, trying to manage a schedule, and own a smartphone. Back in the day, Fintech simply meant financial institute’s back-end technology systems, with time its scope, tools, platforms, and services have all broadened. If you are still wondering what Fintech exactly is, then here it is: FinTech Explained: Fintech is derived from Financial Technology. It refers to any new technology that is used to improve and automate traditional financial services. Any company that offers financial services through software or other technology can be described as Fintech. It's changed the way consumers perceive, manage, and access their finances. Fintech has been used for many technological developments that have disrupted the traditional banking and financial industries to the extent that it threatens brick-and-mortar banks and financial institutes. Examples of that include mobile payment apps like Square (SQ), PayPal (PYPL) or Venmo to cryptocurrency. Where do we find Fintech? From the Banks’ perspective, Fintech is used for both back-end processes like monitoring account activity and consumer-facing solutions like using an app to check the balance. Consumers use Fintech for taxation, budgeting, insurance, and credit checks, stocks with hardly any prior investing experience. Fintech has transformed mundane tasks like transferring money or paying bills to technically intricate concepts like peer-to-peer lending or crypto exchanges. Businesses use Fintech applications for payment processing, obtaining loans, e-commerce transactions, accounting, and, more recently, seeking government assistance like Emergency Wage subsidies. Start-ups like Airwallex facilitate businesses’ international fund needs. The pandemic has given a boost to fintech enabled features like contact-less payments or other tech-fueled transactions. While most banks and credit unions had to close their doors physically, they've been able to offer support and services digitally. Digital platforms have eliminated the need to queue up at the banks or any other financial institutes as well as have shortened telephone services wait times. Fintech Applications 1. Robo-Advising & Stock Trading Apps – Robo-advising offers portfolio management and asset recommendations based on algorithms with increased efficiency and lower costs compared to wealth management experts. Certain financial institutes now offer online robo-advising services. Stock-trading apps have allowed investors to buy and sell stocks at the tap of a finger on their smartphones. With apps like Acorns and Robinhood, investing has become inexpensive with any budget. 2. Crowdfunding Platforms – platforms let app and internet users send and receive money from others. They even let individuals and businesses pool funds from different sources in a single place. Eliminating the need for banks for loans; instead, companies go straight to investors for support. Platforms include GoFundMe, Kickstarter, Patreon, etc. 3. Blockchain & Cryptocurrency – BlockVerify – a service of Blockchain that limits fraud by keeping provenance data on the Blockchain. Exchanges like Binance and Huobi allow users to buy and sell cryptocurrencies like Bitcoin or Ethereum. 4. Budgeting Apps – Fintech’s budgeting apps are the most popular and commonly used apps by consumers. They can now make monthly payments, track incomes, expenditures, and more on apps like Intuit and Mint. Gone are days when budgeting meant making excel spreadsheets, gathering checks, and doing calculations to keep track of one’s finances. Savants Tech Talk Episode 31 __________________________________________________________________________________________ You can learn more about Fintelics by: - Visiting our website: https://www.fintelics.com/ - Following us on LinkedIn: https://www.linkedin.com/company/fintelics/?viewAsMember=true - Liking our Facebook Page: https://www.facebook.com/fintelics/ #fintech #financialtechnology #technology |
| Category | Science & Technology |
| Tags | what is fintech | what is financial technology | fintech explained | fintech startups | fintech trends 2020 | fintech 2020 | fintech banking | fintech trends | what is fintech and how does it work | fintech apps | fintech business banking | fintech banking technology | fintech business | fintech courses online | fintech course | fintech crowdfunding | fintech definition | fintech explainer video | fintech education | fintech for beginners | fintech for dummies | fintech finance |
