Fintech: Shaping the future of Financial Sector
The advancement of technology has revolutionized the global market in each segment, with it the mutual trust and cooperation among global parties has witnessed a spurt. The growth in financial technology has gathered momentum in the past few years. The financial technology, or Fintech, industry works to create the innovate technologies that are used to offer improved financial services that are compatible with the modern consumer. This innovative technology is used for delivering financial services that are in congruence with the latest technological trends.
The digital revolution has saw a sea change in business transactions, it has not only transformed the process of identifying the target market but has also led to an ease of doing business. The constant penetration of technology-driven applications in Financial Services has led to a phenomenal change and reshaped the financial industry scenario.
With the advent of technology Fintech startups has witnessed a boom. The fintech industry is moving every year. Throughout 2019, fintech startups globally scooped up $34.5 billion in funding. The fintech industry is growing every year, and the market is starting to fill up with financial services providers and early stage fintech startups trying to fulfill customers’ needs and shape the future of finance. FinTech drives digital technology and AI having a keen focus on start-ups and early-stage companies by enhancing their performance at the lightning speed.
Fintech offers many perks that make it increasingly acceptable and appealing to consumers compared to traditional banks. It has ushered a plethora of changes that has revamped the way banking was done earlier by offering greater flexibility and convenience to customers by offering 24/7 access to banking solutions by making banking simple.
Fintech has offered swift, cost effective and widely accessible remittance of services across the globe. It has eased out the cumbersome procedures that were in place in the traditional setup and led to a more clutter free way of doing transactions. By creating customized options this cutting-edge technology has enhanced the reachability and hence has forced the banking and financial sector to realign their strategies.
Fintech has given many innovations like cryptocurrency, blockchain execution of contracts, open banking, and reach to underbanked individuals. The Fintech revolution has let businesses to offer new products, innovative business processes and better business models.
These innovations have garnered a welcoming response from the BFSI sector and companies are constantly searching opportunities to set themselves apart from competitors and outperform their competitors. The traditional banking has been massively impacted by Fintech and has changed the ecosystem and customer has benefitted from this competition. Some of the best Fintech companies are Spring Labs, Hudson River Trading, BLX Group, JP Morgan Chase, Stripe, Brex, Blend, Paytm, PhonePe, MobiKwik etc.
JaZaa Business Services takes pride in its long-term association with the FinTech startups. We provide end to end business solutions to Startups right from its early stage to its development phase. We aim to provide wholesome and qualitative services to our clients by focusing on their growth and overall development. We deeply value our relationship with clients and look forward to serve them in the best of their interests. Our expertise lies in providing financial advisory and consulting services which involves FP&A and Data analysis to help them make sound decisions. We are also giving CFO services along with accounting and bookkeeping.