People have enjoyed the benefits of Fintech since the first wire transfers Fedwire Funds Service were launched by the U.S. Federal Reserve Banks.
This was back in 1918, and things have changed for the better during the following century up until the present times.
People have enjoyed numerous benefits as you’ll see in the infographic below. There are still some factors that everyone needs to be aware of in order to understand Fintech better, though.
Opportunities abound when it comes to Fintech’s potential, and the following points are just the tip of the iceberg:
Mobile Access
Up to 52% of all financial services are available nowadays straight from your smartphone. People can access and transfer their funds at all times. This provides convenience to multiple aspects of their business and private lives. By the year 2020, 90% of smartphone users will have made a mobile payment.
Data Analytics
Careful and accurate analysis of data is crucial to achieving progress. This practice of data analytics has been largely boosted by the various innovations in Fintech.
New Business Models
New businesses and companies have appeared as a result of the rise and development of Fintech. People nowadays distinguish between unicorns, and their subsequent sub-types, along with other financial service providers appearing as a result of the newly created circumstances.
People need to be aware of the challenges Fintech is facing as a result of its novel and revolutionary character.
Infographic created by Clover Connect, a payment integration solutions company
Regulations
Some countries have been quicker to adapt to the newly created conditions than others. Leaving numerous governments lacking proper regulations for the new industry and its services.
Security
Despite its affirmed reliability, cybersecurity remains a pertinent issue, especially when dealing with online funds transfer. Hence, this point is undisputedly a major challenge for all up-and-coming Fintech establishments.
Funding
Getting proper funding pushes the industry towards progress. The overall adoption and funding rate has increased on the whole, but Fintech is still facing such difficulties occasionally.
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