Saar Pilosof Gives 5 Reasons to Move On to Fintech
Technology is making it easier and more convenient for the individuals to accomplish many different tasks. It was only a matter of time before technology began to impact the financial world and as a result, today we have the technology what is called as Fintech.
What is Fintech?
Fintech is the acronym for financial technology and is a range of category that refers to the more advanced use of technology in the design and delivery of financial services and products. “Fintech is usually applied to the segment of the technology start-up scene that is disrupting sectors such as fundraising, money transfers, mobile payments, loans, and even asset management”, says Saar Pilosof. ”For instance, it has been used to automate insurance, trading, and risk management”.
Why Go for Fintech?
Convenience: Think of a time when you stand in a queue in the bank to withdraw your money and waiting eagerly for your turn to come. It looks frustrating — right? The advent of Fintech has makes the completion of some types of financial transactions more convenient ever before. The biggest example of this revolution is ATMs.
Speed: Five years back, transferring money to some other parties took a lot of time and it is a hazardous process too. Financial Technology has makes money to be transferred between parties in little time or in no time. Fintech enables small firms and individuals to transfer money far cheaper than was previously possible.
Universal Access: The rise of Fintech has opened up a world of possibilities. Businesses can offer more services than ever before and that too for a fraction of the price of what it would have cost before. With the help of financial technology users can now access to global markets e.g. — online CFD access, P2P lending and more.
Ease: As mentioned earlier, Fintech makes it easy to complete financial tasks such as transferring money very easy as compared to precious time.
Better Wealth Management — Virtual wallets are now possible, and what a fundamental change it is to our daily lives!
