Fintech has enabled services like mobile banking, e-banking, and online payments to be swift and efficient. It is now possible to make P to P, that is person to person transactions without going to the bank. Online loans can also be availed due to fin-tech.
It is exceedingly essential for us to know the major role of fin-tech in this vast and rapidly changing banking sector. If not, then a lot of opportunities will be lost for us. Earlier we used a ledger and core banking system, then came the ATMs and internet banking and now we are operating our account through a device. Everything has become digital now. Mobile banking through mobile applications is widely used today; many other such services are very popular. But what is fin-tech? Fin-tech is an English word that is made up of two different words- Finance and Technology. Finance means financial services, today technology is being used widely in the financial service sector, and it has made the work easier and finer. (Watch the video for more information.)