Fintech innovation or innovation in financial technology has been on the rise. We see many businesses shifting to the online mode of operations or using tech-driven solutions for serving their customers. There is a boom in the fintech industry ever since the emergence of the COVID-19 pandemic. The reason behind this is that because of the lockdown, all the employees shifted to the work-from-home culture. However, even today when we have come out of that pandemic, the progress in the fintech industry is unstoppable. In this blog, we will share with you some of the major impacts that fintech innovation has on almost all industrial sectors.
Fintech Innovation has Forced Banks to Reshape their Business Strategy
Fintech innovation has indeed given very tough competition to the traditional banking industry. By introducing multiple features for fast and secure transactions, fintech has managed to attract a vast majority of consumers. Earlier, this came as a threat to the traditional banking industry. However, now, the banks have started realizing that to survive in the market, they need to reshape their entire operating strategies. They can achieve this only by matching their pace with the fintech industry rather than refraining to abandon the old banking practices.
Increase in Online Banking
The trend of online banking has increased tremendously over the last few years. All thanks to fintech innovation. With the ability to securely perform online transactions, customer satisfaction has increased unprecedentedly. This has led the fintech industry to grow by leaps and bounds. Apart from this, online banking offers many other benefits too. If you want to learn more about this, then you can read our blog on the benefits of online banking.
The usage of E-Wallets has Become All the More Common
Fintech innovation has also made the usage of e-wallets extremely popular. By e-wallets, we essentially mean all those platforms that allow you to save your money and make your transactions. That too without opening up an actual bank account. Examples of such e-wallets include PayPal, Payoneer, etc. These platforms facilitate local as well as foreign transactions. It means that you can conveniently send and receive payments across countries in almost any currency of your choice.
Fintech Innovation has Introduced Branchless Banking
In the quest of matching pace with fintech innovation, many banks have introduced branchless banking. It means that you can conveniently perform almost all banking activities online without physically visiting a branch. To facilitate this, all banks today have associated banking applications. These apps get updates on a regular basis to incorporate all the latest technological features. Moreover, some banks even allow opening a bank account while using their app. It means that you will not have to visit your bank even for opening your account. What can be more convenient than this?
Enhanced Online Buying and Selling
Because of the ease that fintech innovation offers, online buying and selling have become very common. People are getting extremely comfortable with ordering everything online. We see an immense increase in the usage of food delivery apps, grocery shopping apps, clothing apps, etc. All you need to have is a digital device with an Internet connection. With these two things at your disposal, you can literally buy or sell anything online.
Concluding Remarks
Fintech innovation has indeed impacted all the industries around us very positively. During its early years, it came as a threat to the banking industry. However, if all the industrial sectors gear up to work hand in hand with the fintech industry, then this technological paradigm will surely bring about great changes for us. The growth of all businesses is expected to improve extraordinarily with the incorporation of fintech.
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