Today the face of financial operations has changed so much that if you asked someone from an earlier age about it, they would say it is completely unbelievable. And one of the main reasons for the change is financial technology or FinTech as it is popularly called. FinTech or fintech as it is sometimes referred to is the use of technology to make financial operations secure and more accessible.
Unlike the popular opinion, the fintech revolution started a while back when instead of visiting the bank branch to withdraw money, people started using automated teller machines (ATMs). However, the use of technology in financial services kept relentlessly moving forward with the entry of cashless transactions in the form of credit and debit cards.
However, the movement gained even more momentum with the demonetization that occurred a few years back and consolidated with the pandemic. Since fintech had picked up speed, it continued to support connected financial operations. Today, all you need is a mobile device and an internet connection to get access to all forms of financial services.
How Fintech supports financial operations?
To understand this better, we need to look at the role that banks play in helping those with accounts in them, whether it is an individual or a business.
Banks allow customers to open an account with them, either savings or current accounts to allow them to keep their amount. Fintech facilitates this by providing the technology to keep track of your accounts without visiting the bank branch.
Earlier banks used to help customers make payments using various financial instruments like cheques, demand drafts, etc., to the people they own money to. Today, fintech facilitates payments without the need for physical instruments using cards, net banking, UPI, and so much more.
Banks have always paid an important role in fulfilling the needs of individuals and businesses by lending them funds as and when required. In this aspect too, fintech continues to play a critical role in this aspect as well. Today, fintech provides the basis for lending of funds by providing credit scores, e-documents, and other details.
Transfer of cash
Banks would allow you to transfer funds to others using various means and they continue to do so. However, fintech has stepped in here too by facilitating various methods (sometimes across borders) to transfer funds and speeding up the process immensely.
If you are a businessman, you know the importance of collections to keep your business going. Banks have always played an essential role in the process of collections. Today, fintech helps make this process more secure and efficient with payment links, gateways, and other means.
Insights into spend
Banks offer statements of the deposits you have received and the payments you have made to help you get insights into spend. However, fintech goes one step further and provides you with analytics and insights into areas you spend more on and the delays you have in collections. These insights help you understand the next steps you need to take to manage your spends better.
At EnKash, we believe that fintech is at the core of your financial health. With that in mind, we are proud to offer Asia’s 1st and smartest spend management platform to our customers to help them use technology for secure and seamless finance management.