Since technology has been introduced in the market, more and more financial transactions are being digitized. Financial startup companies with unique technology solutions in areas such as online payments are developing rapidly due to the ease of use that they offer to customers.
The right kind of financial technology thus integrates with your business processes and ensures the best tangible outcomes.
Development of FinTechs
Cloud applications have proved to be a real out turn in the modern times. The banking sector is expected to consume cloud services more innovatively using digital platforms. FinTech is revolutionizing the banking and financial services industry with the integration of Internet of Things (IOT) and sensors.
Following are the ways in which FinTech solutions are changing financial services today:
Growth of Online Shopping
Cashless transactions are becoming popular day by day. Online shopping is changing the conventional payment methods to sophisticated digital payment gateways.
There are mobile-based platforms that offer line of credit facility for online and offline. E-commerce players have benefitted the most by this FinTech revolution.
With budding entrepreneurs and booming markets, India has depicted robust growth in export of goods and services in recent years. Online cross border spending in India has grown to more than 78%, which has made the need for such financial technology solutions more prominent.
The interrelated growth in mobile-led internet access and e-commerce has ignited the growth of FinTech.
Investment and Wealth Management
Banks are integrating financial technology in their payment gateways. Seamless digital solutions and rapid loan approvals are some of the features that are easily accessible with fintech solutions.
Moreover, with the various software and robo-advisors, the traditional investment advisories are not required anymore. Instead, portfolio management for individuals has become more convenient and automated owing to fintech.
Wealthfront in Silicon Valley is an example of a robo-advisor that
has attracted more than $3 billion in assets with advanced algorithm applications.
Robotics and Artificial Intelligence
Fintech companies are using leading technologies like AI and robotics to reduce costs and mitigate risks. There are other technologies like Natural Language Processing, machine learning technology and high-end artificial intelligence, which can be integrated in financial services.
The aim of integrating these technologies is eliminating the traditional ways in which financial services are provided to customers and making the process easier.
The Rise of Blockchain
The digital world has introduced several financial technologies, but Blockchain has been one of the most lucrative investments for companies. Fintech companies and banks are gearing themselves for an electronic future through this new concept. Blockchain is playing its part in revolutionizing financial technology by creating digital ledgers for crypto-currencies for all users in the block.
How Gridle Works for You?
Built with lithe approach, Gridle fintech products are successful in integrating latest technological advances in the financial sector. We have assisted corporates like Aditya Birla Group with financial technology integration across all their financial products. Gridle also offers a 24/7 customer support for the users to facilitate seamless transition into high-end technology amalgamation with financial services.