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FinTech Development: The Future of Finances

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Let’s start with FinTech in the field of business. Over the past year, FinTech companies in the United States alone earned $ 17.4 billion, and the global share of profits was $ 84 billion. Not bad, right?

FinTech History

You have already heard the word “fintech”, because everyone has already heard it. But few people understand its meaning. However, while we say: “Few people know”, several people in the world manage to understand this phenomenon – after all, it changes. And very soon will change even more our habits, way of life and the idea of ​​comfort. We have long been using what is called financial technologies, or, in short, FinTech. Every time you pay taxes through an online account, go to an online bank or buy music from iTunes, you are using the achievements of the future of fintech. It is because of the vastness of the use of technology in finance that it is difficult to explain exactly how FinTech works. But we will figure it out!

Consumer behavior

Along with the popularity of the Internet, the frequency of online transactions, including financial ones, has also increased. Now it is much more convenient to transfer money to relatives to an account from a smartphone than sitting in a bank or even standing at an ATM. The younger generation is completely immersed in online operations.

Banks cannot afford and change the principles of operation. However, financial heavyweights also try to keep up with the times, because they have competitors every day.

Experts from https://alty.co/industries/fintech/ believe that soon fintech industry trends will also develop personal funds management. In this case, users may ask themselves if they need a bank account at all.

However, FinTech still has quite a few open questions. One of the most acute is the low trust of potential customers.

Research shows that about 50% of customers still prefer traditional banking services. Albeit through mobile applications

FinTech as an enabler for better financial service

Modern technology has amazing potential that can be embodied in completely unexpected areas. It is now difficult to say what exactly financial technology industry will be like in the future. But it will continue to gain popularity both among businessmen and among potential clients. Experts are now ready to evaluate some of the new areas of FinTech that have yet to appear.

It is believed that FinTech companies will work more closely with banks and may try to reform the banking system as such. It may seem strange. But centralized governments are very interested in using decentralized FinTech products like blockchain. The potential of its application in government agencies is limitless. It could greatly facilitate the operation of databases, simplify financial transactions related to taxes. As well as the exchange of data between health care institutions.

What Does Fintech Hold for the Future?

All these are just the most obvious possibilities of using FinTech in the future, but we can already say that the global approach to finance is completely changing. The popularity of this area is provided by the growing needs of the new time, which means that until they are fully satisfied, FinTech will remain one of the fastest-growing industries in the world economy.

Closing Thoughts

Big data technologies and their analysis by Alty offer a huge number of solutions and services. In addition, the recognition of the competition between fintech solutions and traditional payment methods is also important as it highlights the potential of such fintech solutions to surpass traditional payment methods and banking. 

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