Online shopping service BargainFox has released an infographic showing an impact of FinTech on financial world.
There is no doubt that FinTech is changing user experience of the financial services industry. Mobile technology has created numerous opportunities for growth and innovation within the FinTech sector. Besides, FinTech companies that lend, process or create money have flooded the Inc. 500.
Fintech is levelling the financial playing field by making high-level top of market services more accessible to all kinds of customers, not only institutional clients and high-net-worth individuals. Besides, people are becoming less reliant on the providers of traditional services, such as banks.
Next-generation banking is being built round interactive, mobile-friendly, interfaces which emphasize the customer experience and user-friendliness.
Infographic suggests top reasons why consumers adopt FinTech solutions. Consumers prefer better quality of service, better online experience and functionality. Besides, there are more innovative products than available from traditional banks and access to different products and services, more attractive fees. FinTech solutions have greater level of trust than the traditional institutions and it is easy to set up an account.
Financial technologies is everywhere: with the delivery of products and services that are actively disrupting and innovating the global economy as we know it. Spanning across verticals, be it from payments, lending, research or equity financing, FinTech continues to transform the world of finance. With earnings across financial institutional companies like UBS, Morgan Stanley and Citigroup underperforming analyst projections, focus has been on FinTech players & influencers to continue transforming the global economy.
Existing giants like Goldman Sachs, Barclays, Citigroup and JP Morgan continue to invest millions in FinTech every year.