Fintech and digital payments force banks to adopt technology faster!

Fintech and digital payments force banks to adopt technology faster!

For centuries, traditional financial institutions have been proud of their operating systems and have resisted change. Although many other industries, such as real estate, retail, etc., have moved to innovate and adopt the latest technologies, banks still use the same traditional financial system.

This has given #FinTech and people outside the system a chance to make an impact, and we must say that the transformation of this traditional system is imminent.

With the help of new technologies such as #Blockchain, Fintech can completely transform this field.

Corona

disease has severely damaged the financial services industry; But technology has not suffered much in the meantime, and that is because of its flexible nature. Since Fintech also works with technology, it can be very useful in this situation and make a lot of changes in financial services.

#Coronavirus is accelerating these changes, and the world's financial industries will be very different from the present for another five years. Here are some important areas that will change very quickly:

Industry division and integration by Fintech

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Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. ​​​At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a combination of "financial technology".

Investopedia

It is not possible for a bank to create all the necessary products and tools in different areas. There are many players and competitors in this field and it will open the way for the integration of different financial services.

This trend is taking shape, and 2019 proved this well, and it was a year full of achievements for the financial industry.
In the future, banks that offer new financial products and services to customers will have a large market share.

Simultaneously with this division and integration that takes place, customer focus will be very important and will play a prominent role in the success or failure of an organization.
Customers will also place more emphasis on trust, security and privacy in the future.

Technology and Fintech will continue to thrive

The real nature of the #FinTech industry is to change traditional financial systems, and digital currencies are highly regarded in this industry.

While banks are waiting for the real impact of digital currencies to emerge, other innovations such as artificial intelligence have emerged and attracted public attention.

#AI programs influence decision-making in industry and create important opportunities for industry leaders.

Gradual withdrawal of cash

Over time, the importance of cash will diminish and be completely eliminated in developed countries. In the past, digital and offline transactions were considered for convenience and not wasting time, but the Corona crisis made these transactions related to public health and safety.

In developing countries, however, cash withdrawals may not be realized any time soon; But gradually, these countries will be forced to abandon cash.

Fintech, can go a long way in helping banks and financial institutions provide digital services.

Globalization finds a new perspective

Before the Corona crisis, I thought that globalization was inevitable, and the debates over nationalism were meaningless to me.

But now, as a result of the Corona crisis, we see that different countries are closing their borders to each other, and although these countries are still interacting globally, the process of previous globalization will at least slow down.

Of course, in the future, companies will focus on globalization and the use of global talent for economic growth.