Financial Technology, popularly known as Fintech has changed the way we used to handle our finances. From loans to investments every small financial detail could be handled by the revolutionary technology.
In this modern era, time has become of the utmost importance for everyone and with the internet available on the go you can manage everything at the click of a button from the number of calories you have burnt to your finances.
The most exclusive feature that makes the application a leader in the Fintech segment is its ability to automatically track the users’ expenses without the user having to manually make an entry to the application’s ledger every time they make a transaction. The application reads the messages that the user receives from the bank or digital payment wallet every time they transact making it more user-friendly than ever.
If you are worried about how secure this application is given that messages from the user’s bank are read, don’t fret anymore. Because FinArt specializes in offering its customers the best security any application can offer. The application does not read the OTPs a user receives from their bank and their data is stored on their personal drive.
The application offers users to schedule notifications for bill payments and generates personalized reports for the user based on your expenses helping you track how much and where did all your salary go.
Users’ data can even be synchronized on multiple devices and you can manage your cash with ease. The application ensures you get a breakdown of how you need to plan your budget to spend the month without having to fret about balancing your money to save enough to invest in some profitable areas.
Financial services with sharing strategy
Now, we’re familiar with sharing services in booking cars, hotel rooms, etc. The sharing strategy will become a major part of the financial market. People still use banks, but the banks of tomorrow will have no similarity to the banking institutions of today.
We refer to a methodology that provides for decentralized asset ownership. Technology will play a significant role in connecting lenders to borrowers, diminishing the need for intermediaries like banks.
The popularity of Bitcoin, Ripple, and other digital currencies put blockchain in the spotlight. Blockchain will create extensive changes in the functioning of the financial institutions, and the openness of the chain will build a secure and reliable infrastructure for the Fintech industry.
FinTech Primary Challenges
Fintech’s purposes are diverse and cover a wide variety of financial services. It ranges from payments to lending, investment, budgeting, consumer banking, insurance, etc. With a focus on different functions like digital banking, Operational risk & compliance management, data analytics, cybersecurity & fraud detection management, and more.
While FinTech revolution is striving for a number of interesting opportunities for financial firms. There are a number of challenges that these financial firms are struggling with such as:
- Large scale integrations and multi-tier functionalities.
- Many and different channels or devices used by end-users for accessing applications.
- Complex transactions processing lifecycle.
- Data confidentiality and integrity threats.
- Risk management of complex financial transactions.
- Strong regulatory compliance requirements for financial transactions.
The need for Quality Assurance
The industry transformation cannot be accomplished unless FinTech companies concentrate on offering high-end technology products to their end-users while giving significance to Quality Assurance across various dimensions of their application or product.
Fintech companies need to extend error-free functionality, high performance, reliable security, global accessibility, zero-tolerance compliance, and excellent user experience.
Conclusion
Innovative products or services with excellent quality will beat the competition. It definitely helps FinTech organizations to improve customer services and gain a competitive advantage. It will help financial institutions in their journey for long-term growth.