Long lost are the anachronistic medieval times when transmitting money took days and weeks. In the contemporary epoch, with the click of one button, billions of dollars can now be circulated throughout the world. The à la mode innovation of ‘Financial Technology’, which is commonly known as FinTech, has revolutionized the world of finances. FinTech is referred to the utilization of computer programs and other technology to support or enable banking and financial services. It is an emerging industry that uses technology to facilitate activities in finance.
This venture popped up in the 1950s, and the last 65 years paint a picture of continued innovation and evolution. The introduction of credit cards to ease the burden of carrying cash and the rise of bank mainframe computers, including more sophisticated data and record-keeping systems, were the primary Financial Technology instances. Fast forward to today, the line of financial technology has metamorphosed into a phenomenal demeanor. Retail financial services are being further digitized through mobile wallets, payment apps, Robo-advisors for wealth and retirement planning, equity crowdfunding platforms for access to private and alternative investment opportunities, and online lending platforms.
A few examples of technologies aiming to make financial services more accessible to the general public include smartphones for mobile banking, investing, borrowing services, and cryptocurrency. Notable Fintech companies include
- Ant Financial
- Adyen
- Qudian
- Xero
- SoFi
- Avant
- Lufex
- ZhongAn
- Paypal
- Apple pay
- Amazon’s fintech
- Xero
- Klarna
- Oscar
A study shows, 64% of consumers worldwide have used one or more fintech platforms, up from 33% in 2017. 60% of consumers want to transact with financial institutions that provide a single platform, such as social media or mobile banking apps. 96% of global consumers are aware of at least one fintech service or company.
The dazzling amalgamation of finance and technology has led to a new way to the financial world. “FinTech is not only an enabler but the driving engine,” said Pierre Gramegna, the Minister of Finance of Luxembourg. This futuristic blend has pulled off a radical change in the lives of many. It protects against possible risks that no traditional insurance cover. Numerous consumer benefits are associated with this pursuit. A fast rate of approval, more convenience, low costs, advanced security, and more personalized service are a few gains of this financial operation. People from anywhere can relish the pleasures of this innovation hassle-free, cutting on monstrous costs and saving time.
Further, this service has posed lucrative for companies and businesses in phenomenal ways. A highly efficient financial, technological operation fosters efficiency in businesses, thereby increasing productivity and profits. It offers world-class compliance and security. This type of technology builds new, more agile workflows. Therefore, they allow you to save data, make operations through alternative financing, and much more, where and when you want. As a consequence, flexibility in the operation of the business is also achieved. Moreover, when applied to finance, this venture can manage the company in a transparent and fast way. In this way, Fintech trends become synonymous with business transparency.
Noteworthy is the actuality that fintech aids start-ups reap the full gains of their business. It saves costs, time, and resources, thereby assisting the young companies to develop and grow in their initial years. A high-tech financial technology service available in the company also succors to build a good image of the company.
The avant-garde access to financial services is vital for creating and accelerating sustainable economic growth, creating employment, and encouraging people’s personal and social development. Financial inclusion is an enabler and accelerator of economic growth and development. Affordable access and financial services support families and small business owners to generate income, manage irregular cash flow, invest in opportunities, strengthen resilience to downturns, and work their way out of poverty.
Countries including US, UK, Singapore, Switzerland, Lithunia, most of Europe and Asia have been extensively availing the perquisites of this modernization. Bangladesh has also exceled exceptionally in making the most out of this innovation, which has helped the country improve its financial transferring services. By leveraging Fintech it has maximized Bangladesh’s financial inclusion scenario by bringing the country’s unbanked, under-banked, and marginal population within the digital banking service.
A fine paradigm in the financial sector, working tirelessly in Bangladesh to reduce dependence on cash-based transactions, is the top-notch entrepreneur Tanvir A Mishuk. Acquiring an experience of more than fifteen years, the financial expert is the founder and managing director of the fastest-growing FinTech company globally and the second-largest in Bangladesh, Nagad. This company is a dynamic and secure digital financial service that facilitates customers’ daily financial transaction needs like cash-in, cash-out, send money, mobile recharge etc.
Nagad, a Bengali word which mean as cash, has eased the lives of many through its advanced and efficient services. Nagad is a reliable service provided by Bangladesh Post Office. It can be used to send and receive money, use of different payments, ease the process of paying different utility bills,depositing insurance premiums and recharge mobile phone balance and last but not the list ensures transparency of different government level disbursements.
“I have already opened Nagad accounts it has been providing excellent service. I am looking forward to increased activity in the future,” says, Habib Mehedi a satisfied customer.
Tanvir is also the Founder and Managing Director of Telekom Asia, Finclusion Ventures Pte. Ltd and has played the dynamic and transformative role of the Director and former CEO of Sigma Telecom. The wise entrepreneur, investor, and philanthropist has implemented meaningful technology solutions that have revolutionized Bangladesh’s socioeconomic structure. Mishuk aspires to propel Bangladesh into the era of Digital Banking and cashless transaction in the coming days.
