Financial technology has been around for decades, but over the last few years, fintech companies have revolutionized the way people interact with financial services and going into 2021 the prospect looks much brighter.
What is FinTech?
FinTech is simply a cojoined words “finance” and “technology” and refers to any business that uses technology to enhance or automate financial services and processes. It is a highly complex term and cut across plenty industries and businesses.
Most notable types of FinTech are Mobile wallets and payment apps. Such services like PayPal, Venmo, Square, Apple Pay and Google Pay allow peers to transfer money to each other or merchants receive payments from customers.
Jobs prospects in FinTech.
The future looks bright for FinTech industries. It is estimated that we have an average 14 job offerings available to one blockchain developer, this is one of the most in-demand and high-paying jobs in the FinTech ecosystem.
Blockchain is currently the fastest growing FinTech skills to grab, As the world is evolving increasingly convenience and efficiency is the goal now and FinTech offers just that.
What the noise about blockchain?
The future of FinTech in 2021 is intimately tied to the blockchain technology, and the main reasons are transparency and trust it guarantees, significantly decreasing the time needed for transactions and improving the cash flow.
What you should know.
Fintech has been around much longer than most people think. While the latest iteration of fintech allows you to pay with a mobile app, the history of financial technology can be traced back to 1950s when credit card was adopted. After, such services as ATMs, electronic stock exchanges, and online stock exchanges came on-board. However, each new piece of technology advanced the financial infrastructure that most people used everyday.
What you must know.
Today, fintech solutions are challenging the traditional financial infrastructure, as more services transition to a new technological paradigm, such as using a payment app on a mobile wallet instead of carrying physical credit cards in a physical wallet. Fintech companies utilize emerging technologies, such as big data, artificial intelligence, blockchain and edge computing to make financial services more accessible and more efficient to customers.
Please ensure you follow this page, like and leave a comment for more digital and financial content.