Financial technology (Fintech) has become one of the most important and most famous Trends. Have you ever thought about financial technology (Fintech) and its most important areas? We will show you in this article all you need to know about financial technology (Fintech Knowledge).
Fintech Knowledge-The Concept of Fintech
Financial technology means relying on innovations and updates in traditional financial and financial services, facilitating the management of corporate financial operations, managing money for people, using smartphones in banking services, telephone investment services and encrypted digital currencies to facilitate access to these services to customers at any time and in any a place.
Fintech Knowledge-The Emergence of Fintech
At the beginning of the emergence of financial technology. It refers to the technology used in the back-end systems of existing financial institutions in the 21st century and then began to evolve to include many consumer services, which encompass many sectors and industries such as education, retail banking, Encoded digital like Bitcoin and others.
He also contributed to the emergence of startup companies, which were created specifically to solve the financial problems of individuals and companies, where technology is used to improve activities in the field of financial finance and improve the financial services of banks.
So that the customer can conduct transactions on the Internet through any device, whether personal computer or smartphone, and provide modern tools for financial investment through the Internet, and all activities aimed at saving time and effort for individuals.
It is now used to automate insurance, trading and trading in electronic financial markets, fraud prevention and risk management processes.
Fintech Knowledge- Areas of Fintech
Financial technology encompasses all areas where innovation comes in to facilitate business dealings, such as digital money, financial activities, such as remittances, check-in on the smartphone, request for credit from the bank’s branch, fundraising for start-up businesses and financial investment management.
Recent studies have indicated that the number of consumers of financial services has increased significantly, with at least a third of consumers serving one or two financial technology services on a daily basis.
Fintech Knowledge- Fintech Companies
Financial companies are the most important examples of financial technology, including the following:
1. Affirm company
Affirm seeks to provide a means for consumers to secure immediate short-term loans for purchases, thus excluding credit card companies from online shopping.
2. Better Mortgage
This company simplifies the mortgage process at home through a digital presentation only, without having to resort to traditional brokers, where a pre-approval letter is sent to the user to be verified within 24 hours.
3. Tala Company
Tala provides consumers in developing countries with financial services, such as microcredit, through smartphone data, giving consumers better options from local banks and microfinance institutions.
4. Commercial loan providers
Companies such as Funding Circle, Accion, Lendio, and Kabbage offer business loans to start-ups, helping them secure capital, which benefits them quickly because they are easy and fast platforms for working capital, such as Oscar, an emerging Internet insurance company Million dollars in funding.
Fintech Knowledge- Users of Fintech
Financial technology offers the opportunity for unprecedented interaction between the previous categories to provide online banking services by telephone, access to more information and data, and more accurate analysis of traditional methods.
One of the most important segments and categories that use phenetic products and services is the millennium generation, because of the millennium generation’s interest in the internet and technology, and the pleasure of exploring everything new about technology and saving the time and effort necessary to obtain banking services, especially that helps them in online purchases Of electronic stores.
The financial products also provide electronic payment methods in every business, whether in the shops on the ground, or electronic stores through the Internet, and provide opportunities to work through the Internet and access to money for this work through the Internet through various means such as electronic wallets and electronic bank accounts And others.
Users of Fintech are divided into four main divisions:
1. User categories for the B2B category of banks
2- Customers to banks
3. B2C user categories for small businesses
Fintech Knowledge- Use of modern techniques in Fintech
Artificial intelligence(AI), automated learning, predictive behavioural analysis, and data-based marketing in financial technology are used to facilitate financial services to consumers. The purpose of these techniques is to learn the habits of users in order to benefit from their marketing behaviour and to ensure their use For these services.
Automated customer service techniques, such as the use of a chatbot, artificial intelligence interfaces, are used to assist customers in the core task and reduce staff costs.