The future of banking
How long would you be standing in ques to get your payment done? Probably forever if your day is very bad. So how about placing your time on other activities and save your energy by using technology. You heard us right, even there is technology to do your financial service. Financial Technology also dubbed as Fintech provide financial services through cloud and gateway computing.
Fintech? How’s that useful?
Whenever people get to hear this word, they seemed to be more bemused. Probably they might be one of the customers to avail net banking without the knowledge of what it is. To make it simple, Fintech is a type of technology that incorporates your bank into your mobile phone. It is one of the easiest ways to make immediate transactions done within seconds. Even, you can apply for an insurance through this and also update your passbook digitally. Fintech also has its own money, popularly known as the “Cryptocurrency” or Bitcoins.
What can I do with that?
As a matter of fact, you can do all the things that you do in a bank, except withdrawal of money as cash. Once you have your own Net banking account (Provided by the banks), you are authorized to perform all types of the transaction of the amount. You can use this for purchasing products, booking tickets etc. Apart from net banking, Fintech also revolves around personal marketing and investment options. You can apply for a loan directly to the bank without any collateral through net banking.
Is that safe?
Probably, this will be the best question so far. Fintech has its own set of advantages and disadvantages or to say challenges. Fintech saves your time and energy by bringing your bank account into your hands. Well, challenges are pretty common when it comes to cloud computing. Fintech helps your bank to track you down when you don’t repay your installments properly which might affect your credit score. Since the transactions are done through gateways, there are chances of gateway crash due to increase in network traffic. Sometimes, the money might be sent to a different person due to traffic. Fintech has inculcated AI to provide full cybersecurity to your account and also to alert you about a security breach.
Who can help me with this?
Every bank has its own Net banking cloud. Apart from banks, several organizations build their own net banking services. Companies like PhonePe, Paytm, Fintech ltd etc. provide net banking facilities with offers. Well, there are several roads which will mislead you into darkness and robbery. It is always advisable to get the approval from the bank before you enter your account number on the cloud. Several non-funding organizations are there to provide you maximum assistance when it comes to Fintech. Fintech Review aims at providing you daily updates and assistance in financial technology. You can find answers to all your questions and we even answer your silliest question about Fintech. For more about Fintech Review, you can visit http://fintech.review or follow us on twitter https://twitter.com/FintechReview1 for daily updates and tips for safe net banking.
Make sure that you have an account of your own so that you can avoid standing in ques filled with grannies.
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