Fintech is a new financial industry that makes use of technology to improve financial activities. To understand fintech better, this article will discuss some of the sector’s four main areas.

Fintech is the short form for financial technology which refers to the segment of technology startups disrupting financial services sectors like asset management, lending, payments, money transfers and fundraising. In essence, fintech is a new financial industry that makes use of technology to improve financial activities. It includes the new processes, applications, business models or products in the financial services industry composed of one or several complementary financial services provided as end-to-end services through the internet. To understand financial technology better, we propose to discuss some of the sector’s four main areas.
fintech

Innovation in the payments sector has led to significant transformation. Fintech payment has seen the unbundling of some financial services. Consequently, non-bank players are now venturing into the foreign exchange sector and maximizing on the available cost-saving opportunities. The establishment of market standards and industry wide initiatives like SEPA and TARGET2 have led to more innovations in the corporate and wholesale payments sectors. Fintech payments is wide and encompasses;
  • Mobile wallets
  • P2P mobile payments
  • Foreign exchange and remittances
  • Real time payments
  • Digital currency solutions
  • Subscription economy
Ernest and Young reports that the gap between customer expectations and traditional wealth management institutions provides an opportunity for fintech startups to fill the gap. The rise in the number of people using mobile phones in doing business, especially so in the third world countries, has significantly helped fintech startups to exploit areas of dissatisfaction and underinvestment. Fintech wealth management is also wide and includes;
  • Mobile computing
  • Cloud computing
  • Advanced analytics
  • Robo-advising
In fintech cloud computing, computing services are delivered over the internet as opposed to computing services hosted on personal networks on personal premises.  Cloud computing services could be as simple as internet based emails or as complex as advanced customer relationship management applications. Fintech cloud computing services can be offered as;
  • Infrastructure as a Service (IaaS)
  • Software as a Service (SaaS)
  • Platform as a Service (PaaS)
Fintech debt management is the application of financial technology in debt management. Instead of the traditional debt counselors, fintech debt management uses programmes that customize your situation as a debtor to suit your income. The programme allows you to view all your debt balances, interests and the years that you will spend paying off. You can add new creditors and remove existing ones as need arises. Fintech debt management also includes online and mobile debt counselling services.
Fintech user experience (UX) design has improved the accessibility and usability of financial services leading to more customer satisfaction. In addition to the traditional human computer interaction design, fintech UX design encompasses other aspects of fintech products perceived by users. Elements of fintech UX design include;

  • Visual design
  • Interaction design
  • Usability
  • Accessibility
  • Information architecture
Share To:

NetworkAfrica

Africa Technology News Media, News And Articles on Latest Technology Innovations in #Africa. Digital Marketing and Advertising Services. Please contact editor@networkafrica.com for any news or articles.

Post A Comment:

21 comments so far,Add yours

  1. Good to know!
    Buy/Sell Bitcoin, Perfect Money, Ethereum, Neteller, InstaForex in Nigeria.
    Visit: www.mytopexchange.com. Call 08144333114. WhatsApp: 08065167701.

    ReplyDelete
  2. Keeping in mind the end goal to limit the danger of awful advice is to measure in genuine terms.Fintech experts

    ReplyDelete
  3. An organizer ought to never disclose your own and financial data to anybody. Some worthy special cases are: imparting it to different experts to lead business for your benefit, at your assent, or when commanded by court supposition or law.hard inquiry removal

    ReplyDelete

  4. For decades, the Japanese have focused on operations that have driven innovation and a culture of continuous improvement.Windows USA Offers Tips For Windows

    ReplyDelete
  5. Finances - are money sources, budgetary assets, their creation and development, appropriation and redistribution, utilization, likewise practical relations, which are adapted by intercalculations between the efficient subjects, development of money sources, cash flow and use". Stifel

    ReplyDelete
  6. Neat little marketing trick right? Lead off with the word "Fee" so the general public thinks the compensation model is akin to the likes of attorney's or accountants, then add the word "based" after it to cover their tails when these advisors sell you productssite
    for commissions!

    ReplyDelete
  7. Nice Informative Blog having nice sharing.. ad network meaning

    ReplyDelete
  8. A sub-group of 'Traditionals' is 'High Status Traditionals' for whom status is the highest priority. They cite Donald Trump as the epitome of a High Status Traditional.mcsa certifications

    ReplyDelete
  9. Our services are available in all cities of Minneapolis and its surroundings. We are having years of experience which enabled our customers and clients to trust our services. digitalisieren

    ReplyDelete
  10. Customer Relation is the key-point of any business. Kanhasoft is crm software development company providing solutions to offshore clients. Our CRM developers build CRM system from the scratch to meet your business needs.

    ReplyDelete
  11. Hello I am so delighted I located your blog, I really located you by mistake, while I was watching on google for something else, Anyways I am here now and could just like to say thank for a tremendous post and a all round entertaining website. Please do keep up the great work. 192-168-i-i.com

    ReplyDelete
  12. Regular visits listed here are the easiest method to appreciate your energy, which is why why I am going to the website everyday, searching for new, interesting info. Many, thank you Download Skype For WIndows

    ReplyDelete
  13. The app advertise is a blasting billion dollar industry. Investigators anticipate inside 3 years deals figures will surpass 8 billion dollars or more. children monitoring apps

    ReplyDelete
  14. Great post! I am actually getting ready to across this information, is very helpful my friend. Also great blog here with all of the valuable information you have. Keep up the good work you are doing here. Protecting intellectual property rights

    ReplyDelete
  15. Thanks meant for sharing this type of satisfying opinion, written piece is fastidious, that’s why I’ve read it completely.
    best tactical flashlight

    ReplyDelete
  16. Shot cameras are additionally perfect for vast homes since they are weatherproof and can zoom in and out to focus in on explicit regions of a video. Cassy

    ReplyDelete
  17. We have sell some products of different custom boxes.it is very useful and very low price please visits this site thanks and please share this post with your friends. https://cydiaimpactor.online/download-cydia-impactor/

    ReplyDelete
  18. with the goal that one trusts that you are fit for taking care of their circumstance. With regards to business tasks and technology,https://techeries.com/ trust assumes an essential job.

    ReplyDelete

  19. Furthermore, utilization of solar panels guarantees continuous free vitality for the individuals who use it. Zonnepanelen Kopen bij Installateur Soloya

    ReplyDelete
  20. Hello I am Interested in this gig please send me sample I want to check before placing order.

    ReplyDelete
    Replies
    1. Hello First time I visite your website. I read some posts I got some good information from your posts. I got quality of work from your website. Now I'm your permanent user many Thanks for your writing
      Bepanah Pyaar

      Delete