In the business world, Fintech is revolutionizing finances. However, the beauty of Fintech revolves around how it makes life easier for the consumer. Customers reap significant benefits in terms of faster, cheaper and easier use of financial services. More banks are dedicating most of their resources to digital migration to keep up with the new trend.
Let us look at some of the ways Fintech apps are revolutionizing the financial arena and benefiting consumers.
1. Cheaper remittances
Sending money across the globe is now much economical and faster. Recently, big banking institutions like the Malayan Banking Bhd in Malaysia launched digital payment systems with the international player western union in a bid to keep up with the advancement in digital trends in finances. Now consumers can send money to more than 200 countries faster and cheaper.
2. Robo advisory
Fintech allows platforms where investors and businesses can access professional advice more efficiently and at a reasonable cost. To participate in the platform, the provider has to gain the trust of investors and show they can provide reliable business advice. Analysts predict that this space should make more transactions in future with more and more investors showing growing interest.
3. Peer to peer lending
Good news for SMEs. They can now access small loans owing to the future technology based platforms aimed at matching investors with institutions lending out money. This new technology will ensure SMEs can access small loans that banks cannot provide, meaning they will no longer need to wholly rely on banks.