The term "fintech" refers to new technology that aims to improve and automate the delivery and usage of financial services. Fintech, at its most basic level, is used to help organizations, company owners, and individuals better manage their financial operations, procedures, and lives through the use of specialized software and algorithms that run on computers and, increasingly, smartphones. The term "fintech" is a mix of "financial technology" and "financial innovation."
Fintech was coined in the twenty-first century to describe the technology used in the back-end systems of established financial organizations. However, since then, there has been a shift toward more consumer-focused services and, as a result, a more consumer-focused definition. Fintech today spans a variety of sectors and industries, including education, retail banking, nonprofit fundraising, and investment management, to mention a few.
Do you agree on this as marketing perspective when comes to the digitalization whole world.
Dear Dinesh Suranga Pathirana,
In the end of the day, digitalization improves communication between financial consumers and service providers. Both models you mentioned are eventually benefiting from digitalization. It's not to say it doesn't bring problems. However, so far the positive outcomes are prevailing.
Dear Dinesh Suranga Pathirana
Fintech is innovative, customer-centric, and streamlines complex financial processes, making it more accessible to people. Also, due to a more optimized business structure, fintech companies can offer products and services that are up to 10 times less expensive than traditional banks.
Kind Regards
Qamar Ul Islam
Well, I agree that Fintech solutions offer convenience to users compared to traditional banking.
But there is hardly any evidence to suggest that Fintech is more secure. A recent report on fintech security show that fintech platforms that have strong security features receive at least 25 hacking attempts each day. This means the less-secured fintech platform face similar threat as well.
Yes somewhat agree your point , there is a risk factor when comes to the hacking, so need to improve security solution.
There are many practical difficulties in online banking platforms of major banks in Sri Lanka. Specially local banks are having Fintech bugs and software issues. However International banks do have solid stable Fintech platforms but they are less flexible and less customizable. So Yes. They are convenient but security is unknown. There may be issues when it comes to security depends on how you define it
This subject is very interesting, maybe a read of my thoughts will be inspiring: Chapter Role of digitization for German savings banks
I am opened for further discussion
The statement that fintech is more secure and convenient than traditional banking and financial services when it comes to digitalization is a topic of ongoing debate. Here are some points to consider:
Advantages of Fintech:
Challenges of Fintech:
In conclusion, while fintech offers various benefits in terms of security, convenience, and innovation, it also comes with its own set of challenges. The choice between fintech and traditional banking ultimately depends on individual preferences, needs, and comfort levels with technology. Both sectors have their strengths and weaknesses, and the key is to strike a balance between security, convenience, and reliability when choosing financial services.
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