Question

What is the scope of Fintech for the banking and financial services and explain how technologocal advancements mainly Internet of Things(IoT) has redefined the Fintech industry. (30marks)

Answer 1

Well FINTECH actually means financial technology,

That is using the most modern technologies for financial tranasaactions in business.

Well this has a huge potential in this modern world beacause world is changing and the consumer behaviour also changes. For example, consumers are very patient enough to write a check and deposit it into the bank physically, however nowadays customers expect every services at a matter of seconds, therefore now people can deposit e-checks very easily to the mobile application of particular banks.

Major technological advancements include:

1. ONLINE MONEY TRANSFERS: Every bank application provide this facility of money transfering to customers therefore anybody with balance can transfer money from one bank to another in a matter of seconds.

2.DEPOSIT CHECK: e-checks are getting popular now that is one can deposit the check in the name of other through the internet, which saves lots of time.

3. APPLY FOR CREDIT: Every eligible candidate can apply for personel loan or any specific loans through on line with very few details and paper works, which made banking features more convienient and easy.

4. PORTFOLIO MANAGEMENT: Internet provide applications that can assisst an investor to manage his share portfolos through bank applications without the help of another persons.

5. ENQUIERIES: A customer can get any details of his account like balance enquiry without standing in the long queues.

These are some of the big developments that had happened and changed whole banking scenarrio with the help of internet.