The notion that our money is moving from firm to banks is as strong as ever right now. Fintech stands for Financial Technologies and basically, it is at it sounds, technologies applied to benefit the financial sector, so you can instantly think of Apps being at the forefront of Fintech companies, websites and everything in between. But as we delve deeper we start discovering that Fintech is disrupting the financial sector, because it is disrupting and challenging the traditional sense of how we handle our money.
Fintech covers a wide range of companies and services across a many sectors, you are probably already familiar with a few, for example, Paypal, Online Banking, google wallet and Revolut just to mention a few, and banks are now seeing the capabilities of these disruptive technologies.Banks are noticing that people are migrating to these companies more than traditionally gravitating towards banks. So now we can also see a shift in banks reinventing their technologies to try and pull people in or back in.
People might prefer these Fintech technologies more than the normal traditional banking system for many reasons:
● The ability to handle your finances on demand,
● Making saving easier,
● Recurring payments will be done automatically,
● Transferring money easier along with a lot more features.
All these different systems along with other offers that different Fintech companies might offer are changing the way we perceive online banking, and this will also change the way we look at online shopping, making certain things extremely easy and in doing so the seller will also be benefitting and making a profit due to card details would be so easy to access. Fintech companies also make it easier to transfer money to crypto-currency and this is a massive plus with Fintech companies. You can buy crypto when it is very cheap and sell it when it reaches a peak and this is all done easier thanks to Fintech companies. If you are an American going for iGaming you would need to change your money to crypto, if you are looking for american poker this site is one of the best there is on the market.
What Fintech companies also have going for them is the ability to incorporate artificial intelligence, and what this will do is speed up customer service. Everyone some way or another experienced the pain of waiting in line or on the telephone to get some help, AI can quickly solve this problem. If you program the A.I to solve common everyday issues you will then easily please your clients.
Malta is trying to attract these Fintech companies and digitise its community because the government knows that this is the future and therefore trying to attract a lot of companies. An interesting notion is that if Brexit actually happens a lot of companies might move and Malta can be a very viable option. What Malta has to do is to keep up-to-date with new technologies, new regulations and everything to stay ahead of the curve to beat the competition.
In conclusion, Fintech companies are at the forefront of change, replacing the traditional banking system with firms. Fintech companies like Revolut have a lot of good qualities which will tempt any user to switch to the more convenient method of handling your financial situation.