Last updated on April 1st, 2024 at 11:01 am
Financial technology also known as Fintech is rapidly growing in the modern world. Various fields have steadily adopted it. Sectors like education, healthcare, banking, etc are utilising this customer-oriented technology.
This field of technology is used to improve the usage of financial services. It also tries to deliver the services automatically so that the masses can easily avail of them. Financial technology uses special software and programs to assist various businesses and companies with their operations and procedures related to finance.
Modern software like cloud computing is used by financial technology to render their services to big and small organisations. These technologies are also used in computers or smartphones. Fintech has also assisted in the development of cryptocurrency with the help of blockchain technology.
With help of Fintech companies have launched their applications. These apps are mainly used for sanctioning loans and availing information related to investment as well as insurance. Let's drive in to know more about this.
What is Loan Disbursal?
Loan disbursal is the term that is used after the procedure of borrowing money has taken place. This is the phenomenon when the lender credits the borrower’s account with the exact sum of money that he had promised to lend initially. Disbursement of loan takes place after there has been enough verification of the customer.
The disbursement of loans is not a time-consuming procedure. After verification and approval of the loan, the money is credited within 2-3 days in the borrower’s account.
Apps for instant Loan Disbursal
With the assistance of FinTech, companies can create their own financial applications. This has motivated dozens of companies to build instant loan applications for smartphones. It is a new concept in the world of finance that gained immense popularity as soon as it was introduced.
These instant loan applications sanction loans on Cibil score and salary slip. Cibil Score is a 3-digit numeric that is derived from credit history. The Cibil score generally lies from 300-900.
If an individual has a Cibil score nearer to 900 then they are easily granted loans by these instant loan apps. These apps will also charge interest against every loan sanction. The rate of interest varies from one app to another.
This application instantly credits money to the borrower's account. The instant loan apps can be downloaded from the play store. One needs to fill up their bank details to receive money on a loan.
What is Investment?
An investment is considered to be an asset that an individual often generates to grow their well over a long period. Investments are usually done to increase wealth or money for a secure future. Individuals generally prefer to invest their savings so that after retirement they do not face any monetary difficulty.
Investing allows an individual to earn more profits that will assist them. People can invest in mutual funds or can simply buy shares or stocks. Shares and stocks are usually sold at a higher price to gain more profit.
Apps for Investing Money
Besides instant loan sanctioning apps, there are many investment apps as well. These apps have occupied the finance market.
People can easily invest their money in various stocks and shares. These investing apps also hire financial experts who guide people who want to invest. Now, people can easily check the market trends and according to that they can sell and buy shares or stocks.
These applications can be effortlessly operated from smartphones. Applications for investing also allow a user to open a Demat account. This account helps an investor to hold his financial securities and shares in a digital configuration.
Mobile investing applications are extremely popular among the younger generations. To use these apps one needs to fill up certain mandatory forms that will provide the app with one's details. One needs to link their bank account before investing via these applications.
What is Insurance?
There are various kinds of insurance like health insurance, house insurance, car insurance, life insurance and home insurance. So one might have surely come across the word insurance.
Insurance is a mere contract between an insurance company and their customers. In this contract, the company assures the customers to assist them with financial aid against their losses. The insurance companies render their services on behalf of a charge.
Hence, insurance is a kind of security an individual buys from insurance companies to safeguard their belongings.
Apps for Insurance
There are plenty of mobile applications that can be used for insurance. These applications allow their users to easily access the details about their insurance policies and claims. These insurance applications also appoint agents to enhance their services.
This application also allows a user to submit, track the status and receive updates on their claims. These activities can be carried out with a simple smartphone. At times to proceed with a claim these insurance apps might ask for authentic documents and photographs.
These apps even allow a user to compare various insurance schemes provided by various insurance providers. And select the best insurance that covers their needs. Moreover, insurance apps come with a customer service facility that is accessible 24/7.
Conclusion
With the rapid development of FinTech, the establishment of such applications has become easier. Financial technology is going to stay in the future as well. Hence, companies are recruiting more experts who have vivid knowledge of finance as well as technology.
In recent times, a career in financial technology is quite lucrative. There are many job opportunities as more companies are adopting FinTech. These jobs are offering alluring salaries as well as facilities.
Imarticus Learning has brought the best online Fintech certification course in collaboration with SP Jain School of Global Management. This course will take a time duration of 3-4 months and have classes only on weekends.
This FinTech certification course includes a comprehensive knowledge of blockchain, cloud computing, RPA, AI, and Machine Learning. All these strategic and technological education will be taught by top-notch teaching faculty. So without any delay get yourself enrolled in this FinTech course by Imarticus Learning.
