An industry’s indefinite path to success is to avoid complacency. As long as you are eager to grow and evolve, you’re heading the right way. History has witnessed many business giants slowly fade into nothing because they refused to change and evolve as time went by.
Being associated with fintech, it is all I live and breathe. Lately even that is proving to be inadequate to stay on top of all the innovations and progress being made in this sector. As the CEO and Founder of VIACT Systems Inc. an automated accounting software integrated with Artificial Intelligence, the merger of finance with technology was much needed and has been a brilliant one so far.
There is a crop of Fintech startups that have taken upon themselves to reimagine every activity associated with currency. These startups aim to redefine banking, payments, wealth management, and much more. They are a force to reckon with, with great minds at work trying to find new ways to solve even the most miniscule problems faced by people when dealing with the finance industry. Some great innovations in my opinion have been, robo advisory, alternate lending, blockchain, cryptocurrency, apple pay and of course one can not skip to mention the digital wallets.
These aim to resolve the layman’s financial issues with great finesse, while reducing the footfall to banks in real time. Eminent technological innovation in lending hasn’t yet descended onto the traditional banking system, whereas that is one of the key areas invested in by the FinTech firms. Fintech is a platform that offers great opportunities to those who have the knack to see things differently, and improve upon what already has been done.
The real challenge however, is to see if going cashless penetrates the market by 100%. As far as observation goes, even with all the options present to help people go cashless, the likelihood of people clinging to the physical currency still exists. In light of this overhaul in the payments business, banks must seize the opportunity by harnessing the power fintech brings. Fintech has brought a wave of radical redefinition to the payments landscape, with a potential to leave the banking sector behind if they fail to jump onto the bandwagon.
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