How Fintech is Transforming The Financial Industry?September 24, 2019
The digital industry has made huge advancements in the last two decades. Now, every industry is using these new technologies to integrate their process highly sophisticated systems to get better results. Even in the Financial Industry, we are seeing a huge shift in the use of smartphones and PC’s for banking, investment and even the digital currencies such as cryptocurrencies.
Fintech, short for Financial Technologies, are the latest changes and enhancements offered to the customer to ease their financial services. In India, a country with a billion people, these financial changes have resulted in better customer experiences altogether.
International-level Fintech Courses are offered at Imarticus Learning for students to have rich experience in this new style of banking. The staff uses the latest curriculum to offer their expertise and build a strong foundation for students in this comprehensive financial course.
Many companies have come up with unique products like mobile wallets, cash cards, etc, where consumers don’t need to carry cash to buy things. Consumers can easily send a digital confirmation of sending money to merchant rather than sending paper money. Even the Indian government has offered its support with the emergence of UPI (Unique Payment Interface), an instant real-time payment system which allows the direct bank to merchant transactions using their personalized credentials and an internet-accessible device.
Now stock markets are accessible to internet-based devices. Investors can trade online using these sophisticated platforms smoothly. They can observe the behaviors of the foreign exchange in keeping with their investment to make changes with just clicks on their smart devices. Custom alerts are there as notifications for your specific funds and stocks. Now, robot-advisors provide investment assistance using machine learning algorithms with minimal human intervention. Consumers with little or no information about the market funds use these automated systems for assisting them for building their investment portfolios.
Fintech is also quite helpful in assessing underserved customers and small businesses with effective financial services. Automated offers are generated to these customers for affordable loans, keeping the costs for loan processing to a minimum. This was possible only with the analysis of large data using machine learning programs to find consumers with positive activities. Fintech training is now a prerequisite for modern professionals for applying for the best jobs in the financial sector.
The e-commerce industry has gained the most with consumers now using online activities for checking and buying through an online payment gateway. Debit cards, credit cards, and electronic wallets have eased the process of financial transactions. Consumers get an OTP message for each transaction they carry out on their devices keeping a double check on their financial activities. With Fintech in the future, consumer fingerprints and unique eye retinas can further increase the speed of verification.
The International Monetary Fund(IMF) and the World Bank have collectively presented Bali FinTech Agenda on October 11, 2018, consisting of 12 specific policy elements as government guidelines and guidelines to central bank authorities to apply rapid advances in financial technology.
These Fintech Courses are the need of the day. Top finance companies are now hiring individuals with skills and experience in these new technologies, they are better equipped to understand these concepts and carry forward these changes to the future. Fintech has completely changed the way people used to do banking. It offers a unique experience for consumers to manage their financial transactions.
Imarticus Learning is a leading institute in real-time Fintech training for imparting education in this industry with the highest standards. Students who are interested to know more can contact Imarticus education counselors for more information.