Payment and transaction processing sector has always remained one of the most important sector of business. Who knew that a sector so tricky and prone to sensitivities will become one of the most interesting sector to invest in? The breeze of Fintech changed the entire payment and transaction industry the moment it touched this domain. Every single aspect of payment sector is now under the influenced of Fintech and many banks and retail companies are adopting the trends being introduced by Fintech to cope up with the rising needs of consumers.
The fact can be backed up with a recent survey report according to which, the growth in the payment sector has doubled in the last few years and has reached to a staggering $12 billion across the globe. This is something substantial. The inclusion of latest technological trends is bringing out the most innovative ideas to be implemented. The cutting-edge technology is literally changing the way people and bank used to initiate and end transactions. Here at this point, Fintech is going to present both the challenge and multiplied business opportunities for the banks and for individuals as well.
Challenges in a sense, that nobody, not even a bank itself will be able to force hidden extras over the accounts of their customers. You may be unaware of this fact but this is what the banks have been doing since the Medicis introduced the banking system. Banks keep on enforcing several additional hidden charges on the account holder and keep on biting the balance bit by bit on every transaction you make. The latest technological apps which will be running on the account holder’s cell phone will keep the record and notify the consumer of every cent credited or debited into the account.
When we talk about increased business opportunities for the banks, we mean to state the fact that, if a certain bank will adopt the policies implemented by Fintech across the banking industry, it will outrank itself from the fellow banks. This will automatically increase the clientele because people really love going after a bank which is faster, more reliable, tech-savvy and doesn’t pose a threat of eating up the account holder’s money in terms of hidden charges.
No other bank or financial company can ensure the perks but only those powered and fueled by Fintech. Read more about it in our recently published white paper on Fintech’s top sectors and we bet, you will enjoy reading it to the bits.