posts/fintech-a-revolution-in-your-pocket
Fintech - A revolution in your pocket – Lucent Innovation
Fintech - A revolution in your pocket

Fintech - A revolution in your pocket

Fintech is a term that depicts the gathering of new monetary innovations intended to improve and mechanize the utilization and conveyance of monetary administrations. It is altering how we save, receive, and send money by making advanced monetary exchanges simpler and easier. The best thing is it does not require a conventional bank. Cash has for some time been making this world go round. Monetary innovation is in reality surrounding us. At the point when we purchase something, a significant number of us use fintech rather than cash. Many use it to do different monetary exchanges in manners that are undeniably more helpful than previously. 


There was a time when Fintech was simply related to the administrative centre activities of banks or stock exchanging organizations. The Internet blast and the ascent of versatile registering had pushed Finance and Technology to merge and make a revolutionary change. Fintech has brought about a significant change in the Banking and Insurance Industry too.


Finally, we are moving towards a cashless society.

Huge development in Fintech has led to an incredible notion of a cashless society. There also has been some progress so far, but the signs lead us to believe that we must still work with cash for a longer time than we anticipated.

Fintech will play an important role in making a cashless society a reality. The technological onslaught is changing the financial world to a great extent. So we need to know about some of the milestones that this incredible technology has led us to so far. We are using Fintech in our daily lives without having any idea about it.

So here is a gist of some terminologies in Fintech, their applications and their significance.


What is Fintech? 

Fintech means integration between digital technology and finance. These integrations help you to automate and improvise the use and delivery of financial services to businesses and customers. It is also a term that is used to talk about firms that provide such innovative digital financial products and services. Lucent Innovation is such a firm that assists you to focus on your customers streamlining inefficient processes with our strategies and solutions.

We offer our clients digital business solutions to improve their margins and optimize their growth through digital financial strategies. We offer customized solutions and partnerships with leading platforms to empower your business.



Objectives of Fintech.

Fintech utilizes technological tools that help companies and customers to manage their transactions efficiently. These tools are changing the method of financial transactions done by customers. Every year a lot of people across the globe utilize finance applications.


In 2020 a lot of industries saw a vast decline in growth while the Fintech Industry in India grew to a whopping 1.7 billion $. Majority of people have at least one full-service banking application on their phone. Apart from consumers, insurance companies are also contributing to vast growth in the Fintech Industry. For example Digit, an Indian insurance startup raised $ 3.5 billion in its effort of gaining insurance customers through mobile technology. Fintech is fundamentally explained as organizations that combine technology and versatile business models to enhance and enable financial services.


So today we will talk about some of the vital categories of Fintech, based on the capabilities that make them significant contributors in real life.


  1. Payment Gateways.
Electronic payment systems have been with us for a long time even before the advent of e-commerce. These payment gateways have made the payment system easy, convenient and accessible to everyone. The most important role of these gateways is that they allow you to send money without needing a bank. Payment gateways remove the bank fees giving you a lot of benefits and savings. Digital wallets and UPI’s are also an easy and convenient way to make payments.

 

UPI.
It is a system that provides access to multiple bank accounts into one mobile application. It combines several features of banking, seamless fund routing and merchant payments into a centralized area. A lot of well known UPIs are Google pay, Phonepe, Paytm, etc.
Digital Wallets.
An electronic form of wallet where you can store your money for further transactions that you do with cash. More popular digital wallets are Google wallets, Venmo, Alipay, etc.
Razorpay.
It is a payment solution in India that assists businesses to process, accept and distribute payments. It provides access to all kinds of payment modes that include debit cards, credit cards, UPI, net banking and also well-known wallets. It provides a very high level of Tech integration at a reasonable price. There are a lot of famous payment gateways like PayU, Paypal., etc.

 

  1. Mobile Payments

With 48.6 % mobile users worldwide that means 3.8 billion people in the world use mobile phones today. So there is no surprise that Fintech firms are constantly innovating their products and services to satisfy the expectations of their customers. These developments include advances in mobile wallet technology and digital authentications. 

Apple pay
It is a popular mobile payment system that delivers a very good shopping experience to Apple device users. It is an incredible platform that allows users to make payments on the web and in applications as well as stores.
Samsung Pay
It is a mobile payment system that uses the tokenization of Samsung Knox to provide an additional security layer. 

 

  1. Cryptocurrency
A cryptocurrency is a kind of digital asset based on a basic network that is distributed among a large number of customers. This kind of structure helps it to exist outside the control of the Government and authorities. Blockchains are an organizational method of ensuring the security and integrity of transactional information. They are an important part of cryptocurrencies.
   
Bitcoin
It is the oldest and most popular digital currency. There are only balances associated with cryptographically secured public ledgers.
Ether
It is a digital currency that is run on an ethereum network. It can be used to make payments, as collateral or as a store of value.
Tether
It is also known as stablecoin and is one of the largest digital coins by market value. They are tied to real-world assets so that a stable value can be maintained.

 

  1. Neobanking.

These digital-only or neo banks have the most important advantage of not visiting any brick or mortar banks, doing lots of paperwork or standing in long queues. The top draws of these banks are that they are customer-centric and provide personalized services to customers with the help of technology. Neobanking is great for businesses as they provide smart reporting, smooth international payments, hassle-free account creations and much more.

  1. AI is a must for Financial Institutions now.

AI has been a boon to a lot of sectors including the Finance sector. AI is poised to assist financial institutions with a lot of capabilities right from dealing with cybercrime to financial frauds as well as security. AI has also gained popularity in in-service support due to chatbots and smart systems. 

  1. Insurance.
Insurance is also one of the sectors that have accepted the assistance of Fintech firms. This collaboration is known as insurtech firms. Technology is aiding insurance companies to reach more and more people as well as getting insured. They have made insurance more accessible to the masses. A lot of insurance procedures are being automated also. A lot of time-intensive processes are being removed. Making insurance a simple, easy and quick process.


Financial Technology Outsourcing.

The outsourcing of Fintech enables even very small financial service companies to grow their operations swiftly with the help of a third-party service provider. Well, how does outsourcing work over here? An organization outsources a few of its operations to a third-party service provider, this removes the monotony around team management allowing them to concentrate on their primary functions. Outsourcing is also gaining traction because it allows Fintech companies to improve their capabilities and scale their functions without needing to hire more employees.


There has been a huge revolution in the Financial world due to Technology. All kinds of financial institutions are undergoing massive transformations. To help organizations and enterprises to acquaint themselves and adapt to technology there are a lot of third-party service providers like Lucent Innovation who will help you identify the right choice of Digital products and services for your enterprise.


In this emerging technological environment, Lucent Innovation offers reliable  financial software development services along with unique digital  insurance and  banking solutions to help you stay ahead and progress in this sector along with all industry and norms and standard compliances.


Lucent Innovation is a full-service software design and development company and an expert e-commerce solution provider. We create custom applications for our clients leading to an improvement in the efficiency, increased growth and profitability of the business. We also build e-commerce websites that are ready to sell, scale and grow.



Contact us for your next project!

info@lucentinnovation.com

https://www.lucentinnovation.com/