Financial technology is crucial to the success of any financial institution. The market changes constantly with every new law and reform that is passed by the government. Tech providers need to constantly try and keep up with the changing trends. The fintech industry has become one of the rapidly growing sectors of the financial market.
It’s All About Data
Financial startups have a superior edge over traditional financial institutions, which is their access to data. Data has never been exchanged on such a large scale. More data means more information and in the world of finance, information is power. Using predictive algorithms to gain an edge over competitors, financial companies can leverage big data to learn the market better than ever before.
The Numbers are Exponentially More
In the past year, Alibaba’s payment segment Ant Financial gained 100 million customers in addition to the 400 million they already had. You can imagine the quantity of data that you can get access to, when you have 500 million assets in your hand. The market stops being something to study and becomes something to manipulate. Prediction gets replaced with purpose and that is exactly where big data comes into picture in fintech.
Change in Financial Services Sector
The financial market landscape undergoes transformation each fiscal year with governmental laws and reforms. This requires stakeholders of financial sector to keep up with the changing times. Traditional financial institutions have historically stayed rigid and refused to change with times, which has created a void that can only be filled with technological innovations.
Banks Have a Fighting Chance Again
Banking institutions have long suffered at the hands of the financial market and the whims of trade market. Technological innovations made in fintech will provide the much-needed respite. Significant growth in customer satisfaction and returns has already been recorded in the last year with the implementation of financial technologies. Moreover, the data they collect through the renewed interest from customers gives them a fighting chance at predicting future movements in the financial market.
Gridle Rides the Wave
SaaS-based service providers such as Gridle Fintech Services are the ones that have benefitted the most with the constant ups and downs in the financial sector. The ability to adapt to everchanging scenarios and having diverse experiences working with businesses from several sectors, inform their decisions. The versatility required to be a successful SaaS service provider is an excellent training for creating financial technology-based solutions.