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Financial Technology and Its Impact

Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software. Global investment in financial technology more than tripled to $4 billion in 2013 from $930 million in 2008. The nascent financial technology industry has seen rapid growth over the last few years, according to the office of the Mayor of London. Forty percent of Londons workforce is employed in financial and technology services. In Europe, $1.5 billion was invested in financial technology companies in 2014, with London-based companies receiving $539 million, Amsterdam-based companies $306 million, and Stockholm-based companies receiving $266 million in investment.

After London, Stockholm is the second highest funded city in the EU in the past 10 years. In the Asia Pacific region, the growth will see a new financial technology hub to be opened in Sydney, Australia, in April 2015.There is already a number of strong financial technology players like Tyro Payments, Nimble, Stockspot, Pocketbook and SocietyOne in the market and the new hub will help further accelerate the growth of the sector. A financial technology innovation lab is also being launched in Hong Kong to help foster innovation in financial services using technology.


Why It Matters ?

The rise of fintech has forever changed the way companies do business. The traditional model of a new business turning directly to its local high street bank and/or a conventional investor is no longer the only game in town. From crowdsourcing to mobile payments, there has never been as much choice to entrepreneurs as there is presently. It’s never been cheaper to not only set-up your business, but also to expand it. Crowdsourcing, for example, allows people with big ideas to get funding quickly and easily from anywhere in the world from people they have never met. Instead of months of investor talks, entrepreneurs can – thanks to the shop-window that is the internet – pitch directly to the world. Those with the magic touch can see the funds roll in within a matter of weeks rather than months. Transferring money across borders, a bane of entrepreneur’s lives since time immemorial, is another area that is being reworked and reframed by innovators.
TransferWise has turned the traditional (and expensive) banking solution to sending money across borders on its head and enables small firms and individuals to transfer money far cheaper than was previously possible. The above are just a couple of the many ways in which fintech has made it easier to do business and lower costs. Fintech firms can pass on huge savings as they are far more agile than traditional banks, not having the same overheads and commitment banks are blessed (and burdened) with. Their relative lack of size also allows them to innovate and adapt in a way bigger corporations can only dream of.

How Fintech Has Changed The Dynamics Of The Market

The rise of the smartphone has massively changed the behaviour of consumers. Thanks to the ‘always online’ culture we live in today – and the proliferation of services and apps that feed it – people can not only access information and data they had never previously been able to, they can do so whilst waiting for a bus. Whether it’s checking their online account or setting up an online investment portfolio, people now expect to handle financial affairs as easily and conveniently as they do their email or Facebook page.

CREDITLER : Our On Fintech App

1. Our platform provides easy, limited credit service for 'capable' students and working professionals at a very nominal interest rate with flexible repayment facilities.

2. Less documentation required and easily verfied.

3. Our operations are held currently in manipal. We are working with few resturants and INOX as our channel patner and we plan to launch this september 2016.

We use individual brainstorming when we need to solve a simple problem, generate a list of ideas, or focus on a broad issue. We perform group brainstorming for solving complex problems. We often get the best results by combining individual and group brainstorming, and by managing the process according to the rules. By doing this, we get our people to focus on the issue without interruption, we maximize the number of ideas that we can generate, and we get that great feeling of team bonding that comes with a well-run brainstorming session!

We Plan to increases the efficiency of our organization. It reduces the risks involved in todyas modern business activities. It utilizes with maximum efficiency the available time and resources. We use the concept of planning for identifying what we want to do by using the four questions which are where are we today in terms of our business or strategy planning? Where are we going? Where do we want to go? How are we going to get there.

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