Why You Need Fintech (Test Article)

The fintech boom has taken over the world and different sectors of economy. According to Goldman Sachs, Fintech is a $4.7 trillion industry now, with its utilities breaching borders, and serving the poor as well as the rich. While, there is still a good proportion of people that prefer to not engage with fintech tools, summarizing its relevance would probably help assuage some reluctance:

1. Awareness: There is nothing wrong in knowing and being aware of the developments in finance and technology. Firstly, it adds to our knowledge base, secondly, it diversifies our opportunities of investment, purchase etc., and thirdly, if the future of banking is exclusively committed to fintech, it prepares you for it.
2. Finance Management: Fintech service providers are good agents of finance management, because they deploy AI and ML tools. Such tools are capable of predictive analysis to accurately gauge market trends and customer priorities, thereby aiding superior finance and asset management.
3. Digital Banking: More than 90% of banking and banking customers use digital tools in some form or the other. Digital banking is swift, secure, and helps in better tracking and management of funds. Advanced fintech like Blockchain and Cryptocurrency are indeed making the payment settlements and credit systems smoother, minimizing transaction costs and offering many benefits.
   The Digital Transformation and Adoption of Fintech has been most pronounced post pandemic. Fintech helped communities survive and sustain. Contactless payments, financial inclusion, buy now pay later, e commerce and other developments have altogether saved populations from risking their lives owing to lack of accessibility to resources.