Fintech has changed the way we interact with financial services. New technology helps us make and receive payments digitally, trade cryptocurrencies and manage investments.
Fintech is altering our core understanding of what it means to receive a financial service and disrupting areas once monopolized by financial and banking institutions. Peter Tuvey, the UKs first revenue based financial provider, co founder of Fleximize.
Financial services went through a volatile phase, and experienced a downfall in customer confidence in the past decade. Financial technology, thus, boomed at the right time. Due to the era of computer programming, consumers have better expectations from a system that is digitally optimized than one that is manually managed.
Fintech start-ups have been able to achieve great success in this decade due to the technology-embracing generation. In Britain alone, fintech generates more than £20 billion annually. Fintech-startups continue to grow and employ over 60,000 people. Fintech produces more value than any other start-up in the country.
The success of fintech firms show no sign of subsiding, and the sector may soon take over financial institutions that manage the world economy.
Another reason for fintech demand is the growing number of millennials entering the field. Millennials are known for being partial to efficiency, speed and ease of use which are some of the key features of fintech platforms. For example, millennials prefer e-commerce to general stores which is a gold-mine for fintech products. New methods of making payments online are cropping up every day with advances in fintech. These payment methods contribute to online trading and transactions.
Millennials are also open to trust-less transactions; they want to cut out the middle man. Uber, Airbnb, PayPal are some examples of this frame of mind.
Blockchain technology is the newest in secure online transactions. Cryptocurrency and online payment methods are products of blockchain technology. The technology is also used to create digital contracts for P2P transfers.
Smart contracts are digitally enforceable contracts that have a set of pre-determined obligations written into their codes. This means that there is a safe way of exchanging assets, money and cryptocurrencies online without involving a third party.
Feelium is a platform that offers smart contracts and escrow services in return for purchasing tokens. The tokens can be deposited in an online wallet, and secured with a private key. Feelium is a broad fintech platform that supports wallet to wallet transfers, B2B and B2C transactions, smart contracting and also provides escrow services.
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