Used quite often in the media and in technological sectors, ‘Fintech’ is a word that the business world should know. Despite being commonly used and in vogue, it remains a term which many tech savvy and update business owners do not know how to handle. The importance of Fintech cannot be denied as it is an area which is radically changing the way businesses and society operates.
Also, known as Financial Technology, Fintech is applied of a section of technology foundation which is affecting sectors like money transfers, loans, fundraising and mobile payments. Millions have been invested in this new sector which is said to boost the financial industry in the upcoming years. Furthermore, this new way of coping with financial regulations, new inventions and customer behaviour is slowly bringing growth. The impact of this technology which assesses how finance is run is mainly used in cities like London which chases new technological advancements to ensure that the market is at its best.
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For instance, the UK financial sector is the main driver of their economy, and to go forward, tech talent is a must. A survey shows that 40% of London workforce is made of technology and financial services solely.
The rise of this sector has forever changed the way business is done. No longer are business turning to local high street bank or conventional investor to take over new business. For instance, entrepreneurs now have a choice, and it’s much cheaper to either expand or create a business.
For example, crowdsourcing enables people to grab bigger ideas for quick funds through any parts of the world. Instead of spending months to talk to investors, businesses can directly target investors from around the world. Those who know how to turn mountains into diamonds, can see funds arrive in only few weeks, instead of months. Another area which is being worked on is the transfer of money. Innovators has brought TransferWise, which lets small firms and individuals to transfer funds for lower costs. These are only a few ways in which Fintech has made business easier with lower costs. Fintech firms can also allow huge savings as they are more alert than traditional banks, and are therefore less of a burden than banks.
A new world of possibilities has come up with the emergence of Fintech. Businesses can now offer more services for a much lower price, than ever before. Businesses, however, have to keep themselves updated with the latest fintech developments. By doing so, they will be able to seize the newest opportunities and learn about the developments within their sectors, so that the businesses are improved and held in the