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Fintech is a word used to describe all those technological applications that improve, speed up the delivery of several financial services. Many traditional banks and institutions are using because it’s better, faster and some even go to the extent of developing their own fintech tools. This comes in wake of the success of the e-commerce giants, and now fintech companies are attempting to use, or leverage digital channels to gain more customers and user data to build products better suited to them. Those applications cover the facilitation of payment gateways, raising of capital, make payments more convenient and can now even assist those who might not be able to make online payments or that don’t have access to banking services. Benefits of integrating such Global Fintech Market tools are that they provide customers with the education and transparency required to be confident about using fintech solutions. As a result, issues like the middleman commissions, transaction costs, manual frictions and reduced. And as more data become available, financial providers are able to deliver critical services like insurance, loans, investment options, and various payment services to a market that remained untapped. Larger numbers of people who could really use these financial services are located in countries like India, China, Thailand, Brazil – regions that have a dense population and is being viewed as a profitable market. If these markets are this dense, then why haven’t they been approached earlier? When it comes to banking and other monetary services, security is key but banks can only do that if they can verify the individual. These regions remained largely un-serviced because of these reasons. • Consumers lacked access to information that could provide them with a gist of how financial services, online or otherwise, could benefit them. • They also lacked any sort of recognized national or international identification documents and couldn’t access services, even if they did have access to them. • Obviously, if they don’t have any financial track record, they don’t have a credit history making it tough for them to acquire loans and financial assistance. • Poor income levels sometimes prohibit the person from acquiring financial aid as they are unable to afford it. • Geographic barriers also act as a hindrance, where people living in remote areas might not be able to access bank branches, usually built-in developed localities. Our related post: What is pushing forward the global fintech market? What are the trends impacting the global fintech market? What are the challenges facing the Global Fintech Market? 3 biggest challenges facing the Global Fintech Market?
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