Fintech gets a bad rap
The disruption that fintech has caused in the market often gets a bad rap. Critics point to Amazon for disrupting everything from booksellers to the record industry. Uber is viciously targeted by Taxi-cab unions for disrupting their livelihoods.
Fin Tech also gets its share of blame from disrupting the banking industry. However, the industry has done much to bring positive change to the world.
One of the most important things that FinTech is doing is bringing much-needed access to developing economies that lack in traditional brick and mortar financial services. In order for these countries to continue to develop their economy, it is vital for entrepreneurs to have access to the most basic forms of trade and finance such as facilitating payments and transactions processing, and the safe-keeping of capital.
Mobile banking technology, a FinTech innovation, has helped over 2.5 billion people in the world gain access to safe and stable financial services. This includes over 200 million small businesses who are unable to tap traditional banks for help.
For example, business owners in Kenya, have developed a mobile payments system called M-Pesa. The system has become a success that over 90 percent of the adult population uses. Acess to this type of financial technology has helped the people of Kenya increase their standard of living.
FinTech is reaching out to the far corners of the world and helping millions of people. For more information about how FinTech is changing the world and how it can help improve your business, please feel free to contact us anytime.
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