What are Fintechs?
FinTech is the amalgamation of finance and technology. Fintechs refers to a new league of companies that offer cutting-edge technology to provide effective and efficient financial solutions to the tech-savvy entrepreneurs, consumers, and merchants. With over a billion dollars rolling into start-ups every year, Fintechs have revealed a growth in leaps and bounds and the segment is expected to grow further.
Fintechs are gaining popularity by offering quick, easy and cheaper access to financial services for the end users. They all work under a single vision of simplifying the borrowing and lending process by empowering the customers to choose an apt type of credit and also the where and how making them financially healthy.
Like us at Snapmint, we provide credit to individuals without conventionally rating them on the scale of 300 to 900 and valuing their need and convenience over their credit history and card dependency.
Initiatives by the RBI and the digital India programme by the Government, are creating a promising environment for Fintech start-ups to emerge and flourish. With nearly 53% of the population owning mobile phones and approximately 40% population being unbanked, the scope of Fintechs is growing by leaps and bounds.
Nearly one-third of the country’s population is urban and a majority of this belongs to the median income working class segment. It is thus imperative to reach this segment through a well-connected and sound technology network. The digitization of the Finance segment will make borrowing and lending simpler and accessible to all. The on the go generation carries their whole world on their palms. The smartphone acts as the one-stop destination for travel, shopping, banking and for availing various services. Digitization eases the transaction bumps and makes money processes simpler and swifter.
Similarly, Snapmint makes credit easier and instantly available.
Why associate with Fintechs?
Technological integration into the ecosystem is highly essential not only for the financial institutions but also for the merchants and entrepreneurs. It is indeed a prerequisite to satiate the end customer.
Fintechs are not a replacement for the time-honored banking, but rather propose an inevitable evolution and are requisite to high-tech banking systems. Their technology intelligence and elaborate algorithms, their machine learning and big data absorption, is rapidly replacing the traditional financial practices.
Undeniably, FinTech is completely changing the corporate landscape in multiple industries and refurbishing the way companies and direct consumers gain access to finance. From mobile wallets to lending to insurance, to payments, to savings, Fintech services have revamped the entire business chain to bring in a novelty and dynamism in the routine transactions.
Fintechs not only provide a solution to the bottlenecks in the banking system but also aides a futuristic approach to financing.