Over the past decade, FinTech rose from obscurity to be one of the top buzzwords in the financial world. Although we hear the term being thrown around but many are still unsure what Fintech really is. Who can blame them? The explanations sound pretty complicated!
Great! But first, what is FinTech? 🚀
But banks use technology too, right? 🏦
- FinTech companies rarely encounter legacy issues. They are usually up to date with their operating systems or applications.
- FinTech services are able to serve the current banking customer base and the unbanked.
- Moreover, by utilizing technology, Fintech companies are able to offer more tailored services. Think personalization!
- Lastly, FinTech services are accessible anywhere because their services are largely digital!
Okay, FinTech sounds cool and all, but why is it important? 🧐
- Reduce internal bureaucracy.
- Allow for greater innovation and experimentation.
- Enhance the customer experience.
- Making the service accessible to all anywhere, anytime.
Wait, FinTech is regulated? 🙉
Why would Central Banks be receptive towards FinTech? 🚦
What will the future of finance be like? 🇱🇷
One thing is for sure:
What are your thoughts on the Fintech Revolution? Let us know in the comments below!
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