Fintech is becoming an integral part of society – and it’s still evolving

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All over the world, every industry has felt the gravitational pivot of technological disruption. In this modern era of everything, all the time, for any innovation to last it must cater to a gap in the market, a need for innovation. This is where it is important to note that we are never more aware of what we are missing than when it is given to us only to be taken away. It is therefore safe to say that no innovation exists – or was brought back – by accident. Modern society is more centred around convenience and efficiency than it has ever been before, and we are finding ourselves immersed in a sea of the latest and greatest innovations. Not all of them live up to the hype. Fintech is one of the rare few that not only lives up to the hype, but has exceeded its initial reaches, going on to become an increasingly integral concept in society today. We may not even realise it, but Fintech is slowly but surely surrounding us, and the innovations and implementations only continue to evolve to become stronger, easier to use, and more exciting.

We often take advantage of the sheer amount of technological advancement and digitalisation that literally surrounds us daily. We are so used to the wonderful Fintech innovations like ATMs and bank apps for smartphones, that it takes exceedingly impressive feats of Fintech (think a credit card generator or after pay options now available) to really wow us. And then, regardless of the excitement of the innovation at the time we discover it, we grow used to it in a matter of weeks (sometimes even just days). When technology disrupted many other industries, the pull was felt but it was also resisted by many. The finance industry is no different. The finance sector has felt perhaps the strongest pull as of late, as Fintech shifts into focus and sharpens out all its weak spots. Fintech is designed around one simple core concept: to encourage and assist customers with having the most seamless experience with all things finance that they possibly can.

An incredibly traditional industry, finance was at first resistant to the introduction of Fintech. The drawback is understandable – after all, finance models have historically remained virtually unchanged since the dawn of their relative inception. However, today traditional finance models have changed their approach to Fintech. In the beginning, the hesitance coupled with insistence that Fintech could not possibly work as a lasting ideal. This thought process really came down to misinformation, more than anything else. In the beginning, people genuinely just did not understand Fintech and its potential advantages. Fintech was entirely foreign to them, after all. When feats of Fintech were thrown into focus (such as ATMs or online banking, for example), then people came to be familiar with them and how they worked. Over time, frustration dissolved into exhilaration and disbelief at the positive strides that Fintech was making and the efficiency and convenience that utilising Fintech outputs was giving its consumers.

The interesting thing to note about Fintech is that it seems to be a development that just keeps on giving. Many tech innovations have their moment in the sun and then fade into the darkness, but Fintech has survived because of one very important notion: demand. As mentioned, the more that Fintech developed, the easier it became to use, and the more familiar that prospective and existing users became with it, the higher the demand rose. Today, consumers are insistent on the most convenient and efficient methods of getting everything done. Fintech is an incredible testament to the positivity that comes to the forefront when technological innovation just works. Fintech solutions are centred around the core concept of improving the financial aspects of life for consumers. With such a simple ideology at the helm of Fintech’s basic foundation, it stands to reason that all Fintech innovations are designed, marketed, structured, and centred around providing consumers with that seamless customer experience. Anything less is unacceptable.

Fintech is one of the rare few innovations that has proven itself both successful and valuable. In an era where everything is constantly shifting and evolving, this is no easy feat. And yet, Fintech has not only accomplished this, but has gone above and beyond to exceed expectations and consequent projections. As we move into the new year, Fintech is expected to ramp up and drive itself toward even further success. The ultimate goal is to leave customers as happy as they can be, and investors and financial institutions like banks and lending firms content in their investments. We are impressed by Fintech even now (as we all should be…technological development is always a good thing), and if the current and past innovations in Fintech are anything to go by, we are set to be more impressed all the time.

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