Despite being a hot topic of discussion lately, there are still many people who don’t know about Fintech. The term Fintech itself refers to digital technology applications that provide financial services to its users, including investments such as blockchain, bitcoin, crowdfunding and online payments, you can even sell Bitcoin online in here and learn how to do it properly. Even so, the concept of fintech itself has actually existed since the mid-2000s when the internet began to be used as a media that is easier to access financial data in banks. At present, the development of Fintech has reached all circles and can make it easier for users to use financial services. How far is fintech useful in everyday life? Especially for you, here are 3 reasons why Fintech can be relied on by all people.
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- Ease of Financial Services
With Fintech, the financial service process can be done more quickly and easily. You can do financial service processes such as payments, loan money, search for capital and even share investments easily and safely. No need to come to the bank or financial institution just to get financial services, you can access the service directly from your smartphone or computer. You also don’t need to prepare many documents to get financial services, just write personal and financial data on the form on your smartphone to get related financial products.
- Providing a faster alternative to financial transactions
With Fintech, all financial transactions can be done practically and safely from anywhere. Simply using electronic equipment such as smartphones or laptops, you can do all financial transactions. That way, people who previously had difficulties in reaching financial services such as vegetable sellers or employees can use Fintech. This will have an impact on people’s purchasing power on financial products and improve the financial ecosystem in USA.
- Improve the welfare of all people
So far, banks or conventional institutions only serve people who have middle to upper income. Whereas Low-Income Communities find it difficult to get financial services such as credit cards or low-interest loans. This is due to Bank USA regulations that provide conditions to limit credit card making and lending. People who want to get a credit card or loan must meet the specified requirements, such as having a guarantee or high fixed income. With Fintech, low-income people can access financial services such as loans with low interest rates easily. That way, Fintech can reach out to people who previously could not be reached by various financial services.
Cryptocurrencies Changes on how we lives in the world
With the existence of technology in the financial sector, USA’s economic development will increase faster. Fintech’s ability to reach out to all groups and provide convenience in making transactions online makes this a reliable tool. One of the best product of fintect is bitcoin, it’s a first digital currency that capable to eliminate the middleman, avaoiding banks and payment processors, its simply need an internet connection to participate on bitcoin. Therefore, the best way is make sure to learn how to acquire and use bitcoint properly.