Slogans such as “taking the friction away,” “one-tap access” and “simpler, faster, better” are ubiquitous across financial technology product marketing. Fintechs, whether in banking, lending, savings, budgeting or investing, have always focused on simpler, faster and frictionless products. Dealing with money is hard and scary for most people, and, therefore, fintechs’ endeavors to simplify and make products frictionless are definitely noble.
But is friction always the enemy? No.
The last decade has ushered in the digital world into our everyday lives. Digitization is not just about offices using complicated software, or the most intelligent employees working on computers throughout the day. We are dealing with a digital world in every realm of our lives. Mobiles have ensured that technology is available in a single swipe, and e commerce portals have ensured that what can be seen on a mobile or laptop can be delivered home in as little as half an hour today. Feeling hungry? You can have your food delivered digitally.
Technology has altered practically every aspect of our lives and nowhere is this more evident than in fintech, particularly payments.
Technology has altered practically every aspect of our lives and nowhere is this more evident than in fintech, particularly payments. Over the last five years, the way we handle our money has undergone a significant transition due to developments in an online-first consumer base. In fact, Covid has only accelerated this transition. As a result, the payments industry has drawn significant investment and interest. Consumers and companies want faster, more reliable, and more secure payment methods to ensure a stress-free experience with money.
Recently, the metaverse has been making global news. Before proceeding any further, one needs to define the concept for lay readers. Broadly, the metaverse could be defined as a three-dimensional virtual reality universe wherein users can work, shop, socialize and play, much as they do in real life – except that here it happens online. Since it combines both the virtual and the augmented reality, it simulates a graphically rich digital environment.
Puneet Pratap Singh, Partner in Charge, Heidrick & Struggles India talks about how technology has played an important role in transforming the FinTech industry. The growing use of technology in India is largely determined by the fast pace of innovation, increased alliances between banking institutions and fintech enterprises, and a robust talent pool.
2022 may have started as the year of blockchain technologies and NFTs, but since March, the crypto market has seen a major dip.
However, despite the cooling of crypto, some trends have continued to flourish throughout the middle of the year. This article will discuss the six FinTech trends we believe will boom in 2022.
FinTech companies are seeing enormous investor interest on the back of promises of providing services to the financially underserved — a clear example of social enterprise that can do well by doing good. Yet while the industry has increasingly become synonymous with impact potential, fintech companies and investors have little insight into whether the industry is actually living up to its grand promises. Without more rigorous approaches to identifying and measuring impact, investors will continue to guess at the impact these companies. The authors provide several pieces of advice for how FinTech can better disclose their social impacts.
Kenny Tsang, Managing Director of PingPong Payments, discusses how businesses can mitigate the risk of payments fraud by embracing financial technology.
The fintech market has grown exponentially over the last few years, reaching a predicted USD 310 billion in 2022, an increase of USD 182 billion on 2018. As businesses across the world adopt fintech solutions, many are still being left behind by the digital revolution, using archaic means of payments processing to fulfil orders and complete backend processes.
With a recession possibly around the corner, investors are writing fewer — and smaller — checks.
That’s led to a rotation out of certain pockets of fintech such as crypto and “buy now, pay later.”
Investors are flocking to less sexy areas like digitizing payment processing for businesses.
With the world going digital, the industry that was largely impacted was the Micro, Small and Medium Enterprises (MSMEs). The financial crisis led to multiple businesses shutting down and impacted the credit buying capacity of many MSMEs. The traditional methods had taken a back seat and digital solutions revolutionized the operations of such small businesses.
When a fintech company becomes a target for a cyberattack, there’s more than just finances at stake. A successful attack will irrevocably damage a company’s relationships with its customers, ruin trust, and break compliance with security standards. Therefore, maintaining high cybersecurity standards is paramount for any participant in the fintech market.
In this article, we’re going to take a look at the main cybersecurity threats that endanger fintech companies, the most important regulations, and policies to comply with, and consider some practices for implementing banking custom software to enhance a company’s levels of security.
Data science is offering one of the hottest and trendiest jobs in the global tech market for data-centric businesses. Data is dominating the entire business strategy with its power to provide meaningful insights. Fintech industry has recognized the power of data scientists and data professionals to boost financial transactions and payment systems across the world. A data science job in a fintech company is helping to earn a lucrative salary package per annum efficiently with loads of responsibilities. A data science job can provide an opportunity to transform the fintech industry with data-centric approaches. Let’s look out for the ways to land a data science job as data scientists and other data professionals in the thriving fintech industry in 2022.
We’ve seen some bad news in the tech sector lately. YCombinator is asking its portfolio founders to “plan for the worst” and prepare for a downturn and Klarna is laying off 10% of its employees. Headlines such as, “Tech’s High-Flying Startup Scene Gets a Crushing Reality Check” aren’t helping consumer or investor sentiment, either. It can be tough to remain optimistic.
The good news is that the fintech industry is resilient. So amid the recent onslaught of disheartening news, here are four reasons you can be optimistic about fintech right now.
A metaverse is a three-dimensional virtual cosmos that mixes augmented and virtual reality with social media technologies to create a simulated digital environment at its most basic level. For some in the digital world, particularly in video games, the concept of the metaverse is simple. Whether it’s the (often) mild-mannered virtual landscapes of simulation-based games or the action-packed digital worlds of RPGs and shooters, gamers have long admired the concept of choosing a character and entering a reality vastly different from the actual one. The degree and types of technology used in the metaverse are unique, allowing for a stronger sense of engagement, autonomy, and boundlessness. What’s also unique is the increased interest by non-game firms in discovering new ways to make money.
Fintech is taking the banking world by storm thanks to its innovative and cutting-edge technologies. But with new tech comes new responsibilities and risks, so it’s important to know what you’re getting yourself into.
Here are four key things to keep in mind before investing in a new fintech startup: