Technology is evolving essentially, every aspect of the financial world is no exception. British Chancellor of Exchequer, Phillip Hammond Championed fintech during Uk-India Fintech Conference held on 05 April 17, in Mumbai, India, for its ability to revolutionalize our life’s. Along with topics like Artificial Intelligence, biotech and robotics, Fintech was recognized as ‘Fourth Industrial Revolution’.
However, these developments are not without their challenges!
For global financial institutions, fintech has become a disruptive market.
It’s also very interesting to see how banks are dealing with fintech these days, some are ignoring them and some are partnering with them. Maybe because banks need faster growth in the market.
It’s always a difficult exercise to replace the traditional operation in the market.But, with remarkable technology growth peer to peer platforms and digital currencies were born, delivering real benefit to a lot of people.In this race of development, Fintech has already bypassed personalized banking system.
The one and the most important thing with the Fintech is to know which segment you want to partner with, which are the areas you are looking forward for fintech to compliment, that can be a lending space, payment space, security, treasury, trade finance, so depending on your priorities you pick up your Fintech space. And then comes the research and kind of innovations. When all the factors are taken into consideration Location is last and the most important one.
The new world of Finance is indubitably exciting, but not without its challenges.