What’s common among PayPal Apple Pay and Google Pay and Pay tm permit you to send any amount to anyone with the click of a button something not possible decades back without even bank. Programs or mobile payments have completely changed the way users manage. No wonder Smartphone users use payments programs since they are easy to use provide convenience flexibility and security that is needed. Moreover these programs have attracted its customers anytime anywhere banking services and at an affordable way.
Do not have time to visit the bank or ATMs that are tired of standing in long queues you have a good reason to use money programs that are mobile. But there are lots of individuals particularly people in rural areas access to ATMs and banks is a possibility. For such money programs that are mobile offers opportunities enjoy banking services and to make transactions. FinTech is bridging the gap by assisting under-banked and unbanked gain access. For many decades the traditional lending process was characterized by filling up loan applications forms submitting many different documents and there is little prospect of a swift reply and even after all this time there is no chance you will find a positive reaction. And if everything goes right you are not likely to get the funds.
However this is a thing of past as a result of FinTech solutions borrowing money got quicker and simpler. No more do you need to go to the bank do a good deal of paper and wait for days to listen to the news that is fantastic. Cash in hours what used to take weeks or even months from the comfort of home all with no stress and tension. The technology is at the centre of lending success which has allowed FinTech players to keep costs to a minimum and provide services and products tailored to fit the needs of target groups. Lending is one solution that promises to present a good deal of advantages for both for lenders and borrowers. They say technology is a good leveller because banking agencies what was a domain of banking and financial institutions has witnessed many players in this area competing with the big and banking 46 and there cannot be a better illustration than FinTech. However this is not to say since them certainly from the race the banking institutions are falling behind in the race that is digital. But banks due to frameworks and their legacy systems are slow to change and cannot leverage technologies that are emerging as fast. Here is some of the ways technology revolution in the financial services sector:
Since they understood the day creation is online all the time which have changed their expectations no one took seriously than FinTech companies. Manage interactions more efficiently and social online and cellular technologies have created opportunities to engage with their audience with relevant information and services. Conventional banks should pick up quickly when it comes to attracting customers because customers are expecting a lot and they need the exact same sort of experience they are getting from Amazon Face book etc.