What is ‘fintech’ and how did it come about?
Fintech, an abbreviation for financial technology, is a term coined very recently, which describes startups, that are built technologically, to serve areas like mobile payments, money transfer, loans, asset management and fundraising for causes.
Any business owner now doesn’t need to go to the bank to get a loan neither does a startup owner need to go to the seed funding organization, for the transfer of money, they have received.
The entire financial crisis, that has been spread globally, have made it crystal clear that banks need to bring innovation or die. While at a time so crucial, an opportunity like fintech has been made available, the question that remains is, how exactly should one harness the power of Fintech, without having the tools for the same.
It is because of this that the fintech startups are generally backed up by banks, capital marketers, insurance agencies and more because of the constantly increasing competitiveness, and in order to strike a bond with the fintech groups.
Andreessen Horowitz is a Silicon Valley-based venture capital of $4 billion firm founded in 2009 by Marc Andreessen and Ben Horowitz. They invested in these finance companies:
A report from Accenture shows that investment in Fintech has tripled. Proving the same, the report shows how fintech grew from a meager $1 Billion in 2008 to a $3 Billion in 2013. It is predicted that Fintech industries would have reached $8 Billion by 2018.
Fortune has posted video from the portion of the interview where Facebook COO Sheryl Sandberg and Venture capitalist Marc Andreessen of Andreessen Horowitz discuss on the Future of Mobile, Income Inequality, and Tech Trends, It’s worth watching if you have a few minutes
From mobile devices to wearables, and now perhaps to tvOS, new and better technology is taking the place of the old one. The way in which we can truly measure the growth of Fintech is when one can use the wearable technology to make payments, using a payment gateway to make payments and purchasing decisions.
Different major trends in technology are bending the way we look at the world. Technologies like cloud computing, open software, Big Data, IoT and others, have made it easy for small technological startups to become huge and marketable, in and across every channel that is possibly available in it.
Open source platforms and cloud computing have made it easy for the startups, to enter the finance industry. The fintech firms envelop a series of sub-industries, as a part of the finance sector. Here are a few industries that have seen changes and transformations:
We have had the experience in developing fintech apps, from the scratch, based on the needs of the clients.
ftcash – Easiest Payment through your phone
Ftcash aims to power mobile payments for micro-merchants and is secured with PCI/DSS certification. So go shopping or for a movie, without worries, as this application takes care of your monetary problems, while also taking care of the security regarding passwords and others.
The app ‘ftcash’, was among the four winners (from over 125 applicants), being a startup/app that focused on core payment features. The winners were announced by Start Tank, an incubator set up by PayPal, to find and mentor young fintech startups.
Pocket Wallet – Combine practicality and simplicity into a mobile app
Our app ‘Pocket Wallet’, has helped one in living life wallet free. The Pocket Wallet app, is made for the basic purpose of allowing the user to not carry the cards that they rarely use, like mediclaim or insurance cards. This app allows you to choose the type of the card, click the images of its front and back.
This way the information is stored in the app and there is no need for one to carry them along wherever they go. The client had personally faced the issue of an overfilled wallet with useless cards sometimes.
“My dear, here we must run as fast as we can, just to stay in place. And if you wish to go anywhere you must run twice as fast as that.” – Quote from the book Alice in Wonderland
As this quote clearly depicts, it is very important for one to stay apace with the trends that pose challenges towards us. Whether it be time or it be technology, they change, and it is important to change with them. And one such change is fintech app revolution.
With the financial industry booming, there has never been a better opportunity for the financial industry to spread its roots deep and wide. Seeing the potential of Fintech, startups and enterprises alike are taking interest in this market.
So what’s your take on this? Does your business meet the digital payment requirements?
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