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What is Fintech? Fintech means any technological innovation in the financial sector. Some of the advancements and developments in the fintech industry incorporates things such as education on finances, retail banking, and crypto-currencies among others. Not only does fintech concerns technological advancements of finances in the commerce but also any innovation at a personal level. Financial technology has come up with great financial innovations like crowdsourcing and money transfer globally. The advancements and innovations of financial technology have led businesses to adapt to new ways of conducting their day to day business. From mobile payments to crowdsourcing, the choices to entrepreneurs are just getting better. The fintech revolution is enabling people to not only set up businesses but also to expand them. With fintech small businesses and those starting can secure the financing they need to prosper and survive. Example for starting entrepreneurs is crowdsourcing. Crowdsourcing in fintech is where an entrepreneur with a great business idea but with no funds, gets financed by someone somewhere around the world. The current shop window, the internet, enables entrepreneurs to pitch directly into the world. As fintech helps bring people together for business, these intermediaries’ help bring additional liquidity in the market. Fintech has made it easier for people to do business and lower costs. For instance the money transfers across the borders innovators in the fintech industry. The small growing firms today including individuals are able to transfer money at affordable rates with the assistance of fintech services.
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Individuals have continually registered better customer experience with their ability to access and conduct financial transactions using their phones. With smart phones and internet customers of fintech are continuing to grow. People can check their online account, set up an online investment portfolio and manage their financial affairs as easily and conveniently as they do their social media accounts. If any business or corporation is in need of growth then they are usually in need of fintech services.
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There is no doubt of the vast rate at which the financial technological industry is moving at which has now brought better than harm. Financial technology has enabled more economic growth while still minding the finances of the low class. The fintech industry is thus a venture each business has to keep up to date with as a vital part of their daily life. Companies should be on the look out to prepare the financial system they use for the future, which is the fintech.