18/05/2022

What is Fintech? What are the Effects on the Finance Sector?

FinTech, which stands for 'Financial Technology', is a concept whose function can be understood from its name.

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FinTech, which stands for 'Financial Technology', is a concept whose function can be understood from its name. On the basis of this concept, it is possible to say that the finance sector and the technology sector are brought together and somewhat blended. In summary; FinTech is the practice of blending traditional financial transactions with technological developments. For example, financial technology enables a person who has a job in a bank to perform his/her transaction within seconds with technological systems without going to the branch and making no physical effort. In this way, both the process of the person is facilitated and the work volume of the staff is reduced and the burden is alleviated.

What is Fintech?

Fintech is a financial industry that uses technology to improve financial services. This industry, which is still new, is struggling and competing with traditional financial services within the framework of its technological power. As a result, new, practical and technology-oriented financial solutions that can be used around the world emerge.

It is known that in the early periods when they were established and started to be used, these systems were seen as the representative of traditional financial services in the technological dimension. However, considering the current situation, it is seen that fintechs have gone far beyond this framework and have reached a size that cannot be estimated.

To put it on the basis of more concrete data, the monetary equivalent of investments in fintech was only $22.5 billion in 2017. In the first half of 2018, these investment rates reached 57.9 billion dollars. This is a concrete example of the growth rate of investments in technological financial services.

What Can Be Done Through FinTech?

There are many functions that are involved in our daily life within the framework of technological financial services and developments. It is possible to reach the most concrete examples of these functions in the light of the examples given below:

Customer support via chatbots named by various names,
Effortless money transfers from person to person,
Portfolio management supported on the basis of artificial intelligence,
Cryptocurrency and blockchain formations,
Increased security measures with fingerprint, eye and face recognition.
What are the Effects of FinTech in the World of Finance?

In fact, there are many advantages that Fintech brings to our daily lives. However, considering the example we have discussed above, the rate of increase in investments made for financial services is also quite high. However, it is not yet possible to say that these investments are sufficient. As fintech, which brings virtual currencies, contactless payments and many other advantages to our daily lives, is supported, its contributions to the financial sector will increase.

What are the Benefits of FinTechs for Users?

1. Practicality
Practicality is the most fundamental benefit obtained with technological financial services. It is possible for people to perform most of their financial transactions with just a few clicks from where they are sitting.
 

2. Price advantage
Fintech has a high price advantage in most of the transactions carried out with organizations. The main reason for this is that the expense margins of physical establishments are much higher.

3. Location-Independent, Enriched Service
It is possible to say that fintechs, which offer their services regardless of location, are able to perform more transactions in this way. Traditional financial services, which require a different direction for each transaction, lagged behind fintechs in these aspects.

4. Personalized Customer Experience
It is not possible for the personnel in physical and traditional financial institutions to know each customer directly and to offer them tailor-made solutions. Whereas, fintechs powered by artificial intelligence and collecting information in a cloud can offer customized services and solutions to individuals.

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