How Fintechs are the modern day solution for your financial needs?

Technology has been changing the world around us. Mobile applications, unlimited internet, the popularity of Smartphones, etc. have eased the way we used to do things. Even the financial segment has not been left behind. With the digital revolution happening all across the world, the financial services industry has also revolutionized itself. Today, fintechs are the modern-day version of the financial services sector as financial institutions, financial services companies, and financial transactions have all gone online. How does this fintech-dominated sector impact you?

 

What is Fintech all about?

 

Fintech is an acronym for Financial Technology. It combines finance with technology bringing you tech-savvy products and enabling online financial transactions. Fintechs provide businesses as well as consumers financial services using technology. Mobile wallets, mobile banking, cryptocurrency, buying financial products online, etc. are some common examples of fintechs in play.

 

Benefits of fintech for customers

 

Customers benefit from fintechs in the following aspects –

 

  • Access to financial solutions

 

Though banks and other financial players are present throughout the country, for a country as big as India, it becomes difficult for companies to reach the nook and corner of every State. As such, promoting financial products and services becomes difficult in remote areas. Fintechs provide financial solutions through the internet and as the internet has reached even the remotest part of the country, it makes easier for consumers to access the desired financial solutions for their financial needs.

 

  • Better products

 

Fintechs have also promoted competitiveness between financial service providers who are coming up with new and improved products to edge out their competitors. This competition is ultimately beneficial for the consumer as he gets multiple choices of products from which he can choose the best products. Moreover, the prices are also competitive and there are various offers which ensure that the customer gets the best deal.

 

  • Ease of transaction

 

The best thing about fintechs is that they provide consumers with ease of doing financial transactions. Everything is accessible at the tap of thumbs or at the click of a mouse. This provides consumers with convenience and breaks down time and geographical barriers. Financial transactions can be done anytime and from anywhere using the internet which makes such transactions easy.

 

Benefits of fintechs for distributors

 

While consumers are benefitted by the different aspects of fintechs, distributors and fintech companies are also not left behind. They benefit from fintechs in the following ways –

 

  • They get to reach more individuals through their online presence. This increases their client base and, ultimately, their turnover.
  • A good turnover also implies higher profits which help distributors to grow and flourish
  • The penetration of financial solutions increases enabling growth in the overall consumption. As consumption increases, distributors benefit from an increase in the potential profits
  • Customer data can be mined using analytics and Big Data which allow distributors to assess customer preferences and then recommend products suiting such preferences. When the customers get products which match their requirements, they readily buy the products ensuring higher business volume for distributors.

 

How to grow your career through fintechs?

 

Fintechs are here to stay. The future of the fintech industry is quite positive as newer technology is being developed every day. Customers have adopted fintechs due to the benefits which they get and financial companies are also integrating technology with their business models. You can, therefore, ride this growth tide and grow your career. Fintech would allow you the ease and convenience of selling insurance policies as your customers would be accessible to you through your Smartphone or your computer. You can also find the relevant solutions for your clients online which would be simple and quick saving you precious time, time which you can utilize to approach more customers and grow your business. So, reap the benefits which fintech provides and take your career to new heights.

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