Benefits of Financial Technology for Modern Society

Benefits of Financial Technology for modern society

Benefits of Financial Technology. Whether we realize it or not, financial technology has become part of our daily lives. For example, when Parent Pinters make payments with QR Code on the device, transfer a certain amount of money using a cellphone, and so on.

The existence of fintech companies can be said to be a new innovation in the non-cash financial industry that is practical and increasingly in demand.

Benefits of Financial Technology for Society

Here are some of the benefits that can be obtained by means of Fintech:

1. Fintech fosters new start-up companies.

Currently, many new startup companies have emerged that create innovative products in the fintech field.

For example there is Moneythor. The startup company Moneythor creates a new product that provides experience in the field of digital banking where the analysis is more detailed and detailed. Companies like this usually start to grow in Singapore where then the target is Asia.

2. Fintech can improve lives.

Not only to get big profits or income for startup companies, but the existence of fintech can also increase the standard of living and purchasing power of many people.

For example, there is a startup company that then makes an innovation to bring merchants where the merchants accept payment systems with debit and credit cards at low fees.

There are also startup companies that then make fintech innovations that can build banking infrastructure to increase the purchasing power of consumers or the public.

More than that, the existence of fintech in Southeast Asia even has an important role in the effort to alleviate poverty up to 600 million people. more. Startup companies also continue to convince investors of this.

3. Fintech can stimulate bitcoin development figures.

The positive impact of the development of Fintech is that bitcoin applications in the financial world are also developing.

It is said that the more than 2.5 billion bitcoin users who do not have a bank account are finally able to carry out various transactions such as money transfers, payments and other transactions without any problems.

4.Fintech can reduce the number of high interest loans.

The community certainly feels quite tortured by the presence of those who claim to be helpers but give interest charges on each loan.

The existence of fintech then answers the request for a more transparent money lending system that can be enjoyed by all people.

For those who have used fintech, of course, they will feel the benefits and the difference when they haven't used fintech.

You can learn in more detail about fintech, this could even create a start-up company that then makes fintech innovations by presenting services that can be felt by many people.

It is possible that there will be fintech innovations that are not only in the credit and debit card sector, but also with deposit interest or other forms that will make it easier for the general public.

5. Ease of financial services.

One of the benefits offered by fintech is the ease of financial services, perhaps this benefit is the most felt.

Try to compare it with ten years ago. When you want to transfer money, you may have to go to an ATM machine or teller at a bank.

This is certainly quite a hassle because it takes a long time. Not to mention if you have to queue, of course more time will be wasted.

However, things like that can be simplified thanks to the presence of fintech. Now, you can transfer money only via a smartphone.

Read too: Strategy analysis in marketing

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