10 Easy Ways To Facilitate Innovation In FintechDecember 3, 2018
Fintech is being touted as being ready for disrupting and has a lot of financial investments riding on its back. Fintech is what it suggests, a bit of finance and technology. The financial transactions sector finds immense uses for its services and the advantageous blessings of blockchains. This growth in the Fintech sector fuels the gap of the demand-supply position for aces and the trained professionals while driving their payouts to very high levels.
Uses of automation are at the forefront. Fintech companies use technology and automation to the hilt to satisfy customer needs in the financial sector which employ state-of-art financial processes and have moved away from older processes through inducing effective automation. Innovation occurs constantly in the sector and several measures are in place to give Fintech the edge for innovation. Startup hubs, incubation facilities, disrupt forecasting and several such incentives make it attractive to ride the wave of fintech innovatively. Traditionally banks and financial services especially payments were stuck with ennui. Paypal was one such disrupt recently reported disrupt.
Here are some areas and ideas for fintech innovation
1. Digital real-time financial transactions:
The banking sector transactions take 3-5 days to do a simple cheque clearing within India. Global payments take longer. Fintech courses can help you exploit technologies for online digital payments that are near instantaneous and secure too! Innovatively managing financial transactions in a variety of sectors like banks, insurance, real estate, and other financial transactions are a wonderful opportunity to exploit. It is now possible to use technology like blockchains and pay in a moment with current balance and managing your account made childishly simple. No further fees for drafts, statements, or transactions online!
2. ML and AI adaptations:
A completely virtual and digital world is plausible with better algorithms in ML, better storage facilities like cloud services, and faster hardware that is compatible across platforms and keeps customer needs in mind. And it is the way to go for the ‘Digital India’ initiative. AI and ML can be an exploitable chance for those services which include customer service chatbots, better-scheduled payments, payment options, products that are block-chain based, exposure to new services like the cloud, and those that leverage data to provide efficient business and financial operations.
3. The Industrial canvas:
The industrial scenario itself is moving online and using cloud storage for data. Fintech has the potential to use these opportunities to leave its mark on multiple sectors and verticals. Online transformations, customer service, logistics, supply chain management, digital payments, cloud concept, blockchain technology adaptation and more will pave the way for industrialization to reap Fintech benefits when handled innovatively.
4. Financial services in lending and borrowing:
Online portals are fast replacing the traditional one-to-one networks of lenders and borrowers. Extending this concept buyers and sellers can be matched in the real-estate segment, compatible persons can chat on matrimonial and dating sites, sites like NoBroker, BankBazar, PolicyBazar and such can get you a house for rent, loan online or insurance policy at the click of the mouse. The concept is elastic and flexible to innovate with and has gained customer trust very rapidly.
5. Wealth Management field:
Opportunities abound in managing wealth. Investment planning and better returns especially later in life make a huge difference and form a corpus of funds that are being exploited as SIPs, equities, stock and share trades, and mutual funds. Lack of investment advice was a deterrent thus far. Today Fintech industries can exploit the services of advisors, secure data and wealth storage facilities, virtual management plans and even education itself. Take the lead offered by online training courses services offered. Fintech can make all these possible and profitable too!
6. Networks of Cryptocurrencies:
Virtual cash that can be traded in for services form the basis of the cryptocurrency network. The idea is still in its infancy and worth legally exploiting because of its simplicity, secure transactions, excellent record-keeping, encrypted keys, and a distributed ledger system free of intermediaries and truly decentralized.
7. Currencies like Bitcoin:
The cryptocurrency of BitCoin ushered in the latest technology of blockchains to offer customer-centric virtual money that was decentralized and immutable because of its distributed ledger. Though illegal and banned to the grey-net areas in India the technology and concept are still exploitable for government subsidy distribution, verification measures, biometric networks etc.
8. Technology innovation of Blockchains:
The distributed ledger, immutable record keeping, encrypted time-stamped transaction and lack of intermediaries have allowed this technology to rile the roost of new technologies. They have also spawned innumerable applications using the technology to make digital payments and virtual financial management a reality. This technology is bound to be adapted by one-and-all and across all verticals of the industrial scenario wherever money may be involved.
9. Measures for risk: Risk management and constant monitoring of prices, trends, and asset values opens the field to technology that can boost customer confidence in financial services while sticking to the standard rules. Regtech itself for data, patents, share prices, stock markets and such applications can digitize and automate activity and thus reduce crimes like compliance factors, frauds, money-laundering, fake transactions, illegal money, and more.
10. Transactional Platforms:
While the Ethereum technology is heavily borrowed from the blockchain and Bitcoin technology it also offers to remove intermediaries and provide a platform involving blockchain technology for financial payments, digital gateways and encrypted record keeping fields. The Ether token is used for transactions and is bound to cause a disrupt in the banking sector. There is also a legal complication in India with cryptocurrencies being not considered legal tender.
The doors to innovation in the Fintech industry are wide open. Do a course in fintech innovation from a reputed institute like Imarticus to get ahead profitably. Their courses score and their certifications are widely accepted in the industry. They also ensure you get the right mix of theoretical concepts, practical hands-on experience on real-time real-world projects and certification that endorses your practical skills as being measurable and job-ready. Why delay such a logical path?