Finance is one of the common sectors that have secured a prior place in each type of business, regardless of its type. This sector has seen great variations in the past few years after the incorporation of the latest technologies in it. Fintech, which actually means financial technology, has developed with the intention of automating the process and making it easy to use. The finance sector has involved a number of technologies to upgrade the finance operations and it has been used by small to large scale companies, from mobile banking to crypto currency and other types of investments. The applications of fintech are uncountable and have a major role in each type of business industry.
Technologies used for finance sector development:
Enhancement of finance sector was started over a decade before, but the real change that the world started noticing was just a couple of years ago. Earlier, folks were much trusting the traditional financial ways due to unawareness of technologies used in this sector. But now folks are much familiar with the words like artificial intelligence and blockchain, hence understand the potential of this growing sector. Major technologies used in the finance sector are data science, artificial intelligence and blockchain that ensure to make the procedure faster and safer than ever before.
Uses of finance technology:
Banking sector:
One of the major parts of finance technology is taken by mobile banking. This technology is ruling approx. 80% of smartphones and making their transactions and other bank related procedures simpler and faster. Mobile banking serves an easy access to their bank accounts and other bank related operations via digital platform.
Cryptocurrency:
Cryptocurreny is totally a different sector but the emergence of this industry is utterly related to the finance technologies. Growth in the fintech is one of the biggest reasons for the development of cryptocurrency, as both are going parallel complimenting each other.
Investments and savings:
An explosion has been noticed in the saving and investment rate. Now more folks are aware of investments and saving benefits and the user-friendly options they have for investments due to fintech tempts them more to invest.