Become a Fintech Specialist

What is Fintech?

Fintech is a portmanteau of the terms “finance” and “technology” and refers to any business that uses technology to enhance or automate financial services and processes. The term encompasses a rapidly growing industry that serves the interests of both consumers and businesses in multiple ways.Fintech is a blended term that refers to financial technology, a sector that includes any tech used in the financial services industry. Among the first things that come to mind are online payment systems,

Fintech is equipping the banking industry with tools that makes it more efficient than ever before. Banking institutions are using tools like chatbots to enhance customer experience, mobile apps to give customers real-time looks into their bank accounts and machine learning to secure against fraud.Fintech refers to the use of advanced technology to provide financial services to consumers and business; from buying and selling cryptocurrency, to authenticating electronic payments. That growth is creating new opportunities for businesses to manage their money more effectively.

Financial technology is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance.

What is Fintech Nigeria?

Nowhere is this clearer than in the financial services sector. Fintech startups are taking on banks and disrupting their legacy operations by offering digitally native products and services — a task made easier by the fact that relatively few people in the country have bank accounts

Technologies that Contribute to Fintech

  • Artificial Intelligence (AI) and Machine Learning (ML).
  • Big Data and Data Analytics.
  • Robotic Process Automation (RPA).
  • Blockchain.
  • Crowdfunding Platforms.
  • Mobile Payments.
  • Robo-Advisors.
  • Insuretech.

Problems Fintech Can Solve

  • Access to Payment Options.
  • Security Concerns.
  • Limited Access to Financing.
  • Reaching the Unbanked.
  • Limited Access to Investing.
  • Virtual Assistants.
  • Mobile Apps.
  • Peer-to-Peer Payments.

Is FinTech the future?.

Businesses, too, are seeking help due to a dramatic drop in revenues. However, FinTech companies are well-placed to deal with digital demand and work from home conditions. The pandemic has undoubtedly accelerated the growth of FinTech.

Here are the 4 reasons why FinTech is the future.

1. Potential Blockchain Benefits are increasing

Blockchain can remove the need of a central intermediary to do asset transfers. Blockchain also improves the speed of transactions. Payment typically goes through a central intermediary that uses multiple steps to authenticate and authorize the person who is allowed to send that value, the transfer of the transaction details, and the actual settlement. Settlements often take two days or more. However, blockchain reduces the steps into one step that can be done within a few seconds or minutes.

2. Reaching Underbanked

Due to cost constraints, the bank’s brick and mortar branches are unable to reach people in remote areas. FinTech could help banks in providing financial services to people who lack access at lower costs by maximizing economies of scale. FinTech is increasing the speed, security, and transparency of transactions and allowing for the development of sustainable financial products tailored to the needs of people with low, unstable incomes.

3. FinTech Can Solve the Credibility Issues

Troubles with peer-to-peer lending (P2P) have proved that although the idea of reinventing finance is lucrative, it isn’t easy. But with the rapid growth of big data and cloud computing, FinTech can solve the credibility problem, and greatly reduce transaction costs and risks.

4.Regulators are Showing Interest in FinTech

In places such as China, Australia and the United Kingdom, regulators are actively looking to set up sandboxes to test scenarios and identify how the technology can be leveraged to solve problems. In September 2020, the Shenzhen (China) municipal government announced a giveaway of ten million CNY ($1.5 million) in central bank digital currency (CBDC). Fifty thousand people will receive the gifted money on a lottery basis in amounts of 200 CNY as part of the digital CNY tests.

Five Types of Fintech Companies You Should Know

  • Payment Service Providers. These Fintech companies provide collections and disbursements services to businesses. …
  • Investment and Trading. Growing up Stock Trading seemed so big and distant. …
  • Savings and Investment. …
  • Lending Companies. …
  • Fundraising Companies.

What are the areas of Fintech?.

In this program,we will highlight and focus on four fintech areas that are of particular interest due to their rapid pace of growth, technological disruption, and regulatory and other risks.

 1. Digital lending,

 2. Payments

 3. Blockchain and

 4. Digital wealth management 

Are you interested in becoming a Fintech expert irrespective of your academic qualification (educated or uneducated)?.Are you ready to explore the huge potentials in the Fintech ecosystem and be part of Fintech start-ups that are aggressively disrupting the banking industry across the globe?.

Then enroll today

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