Financial technology or better known as Fintech is a new innovation in the financial world that allows users to access services and products. With Fintech such as Cryptocurrencies, transactions can be done more easily and conveniently for users as well as service providers and goods. Although still relatively new, Fintech continues to grow rapidly in recent years. By 2017, the development of Fintech will further make the world of business, finance and investment more and more innovative. Starting from the banking world until the use of various electronic devices will be affected by financial technology. Here are 3 Reasons why Fintech is reliable to all circles.
- Ease of Financial Services
With Fintech, the process of financial services can be done more quickly and easily. You can make the process of financial services such as payment, loan money, capital search and even stock investment easily and safely. No more needing to come to a bank or financial institution just to get financial services, you can access the service directly from your smartphone or computer. You also do not need to prepare many documents for financial services, simply write personal and financial data on forms on your smartphone to get related financial products.
- Provide a faster alternative to financial transactions
With Fintech, all financial transactions can be done practically and securely from anywhere. Simply use electronic equipment such as a smartphone or laptop, you can do all financial transactions. That way, people who previously had difficulties in reaching financial services such as vegetable sellers or employees could use Fintech. This will have an impact on people’s purchasing power on financial products and improve the financial ecosystem in Indonesia.
- Improve the welfare of all circles
During this time, banks or conventional institutions only serve the middle-income community. While Low Income Society difficulty getting financial services such as credit cards or loans with low interest. This is due to the Bank Indonesia regulation that provides a requirement to restrict credit card making and lending. People who want to get a credit card or loan must meet the specified requirements, such as having a guarantee or a high regular income. With Fintech, low-income people can access financial services such as low interest loans with ease. That way, Fintech can reach out to people who can not afford a range of financial services before.
Then, how about fintech development in 2017 in the future? Here are 5 fintech developments in 2017 that we should look forward to.
- Finance will be automated
Many financial experts predict that in the world of banking and finance, all will be automated and do not need conventional banks. According to research conducted by citigroup, bank automation will replace 30% of manual banking work in the next 10 years. This is also supported by the increasing number of fintech startups that provide financial services.
- Changing shopping patterns
With the fintech In 2017, the pattern of community shopping will change from traditional offline to online. Not just shopping, but interest rates will also change and more use online currency such as bitcoin. Cryptocurrencies are the future of fintech. A great way to invest in the future of fintech is to invest in cryptocurrencies. The cryptocurrency market, which trades various digital-based coins, can look exciting, scary, and mysterious all at once to the casual observer. Its pioneer, Bitcoin, dramatically surged in value and can steep down drastically anytime, however it is exciting if you have proper way to use bitcoin. A great free tutorial that walks you through buying cryptocurrencies can be found here, and ensure that you use it with ease and comfort as well as security.
- Biometric features for transaction security
Using biometric data like your fingerprint, eyes, and even your voice, Fintech in 2017 will be safer. More and more electronic devices such as smartphones, tablets and computers that use biometric features as a safeguard of fintech transactions and can be ascertained by 2017 the introduction of biometrics will exist throughout the equipment used
- Applications for more and more investment
In 2017, investments can be made only by opening the smartphone and applications provided. No longer need to deal with brokers, users can simply choose which investment is appropriate to what they want only through electronic equipment. Investments can be made anywhere and the movement of investment can be seen through existing applications in smartphone users.
- Everyone will have access to financial services
With the fintech and growing understanding of society, by 2017 all societies will have access to previously unattainable financial products and services. Fintech that is more accessible and free from requirements that distress the user is different from conventional financial products. Every community can access fintech and end up using financial products and services easily.
The development of financial products in 2018 will be more easily enjoyed by all walks of life. Are you ready for changes by using fintech?