PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

The State Of Fintech And Why It Could Reshape Businesses Worldwide

Paul Matthews by Paul Matthews
October 17, 2019
in Data, Industry Opinions
0
The State Of Fintech And Why It Could Reshape Businesses Worldwide

The State Of Fintech And Why It Could Reshape Businesses Worldwide

35
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Fintech has been quite an interesting topic in the past couple of years. The usage of a vast range of technologies within specific financially-related spheres has definitely been a big part of this year’s business analysis. Of course, when talking about fintech, the usage of blockchain-related technologies is the first (if not the only) topic which comes to mind and, given Santander’s recent bond, this has definitely grown in the recent past. Let’s analyse why fintech approaches could reshape the business world we currently know.

Big Data And Fracture Analysis

The usage of blockchain-based technologies hasn’t been the only major focus within the fintech sector. In fact, there have been dozens of examples of different data-driven and analytical technologies applied to fintech as a whole: big data for processing and fracture analysis has probably been the biggest one. Although it may sound overcomplicated to understand, this phenomenon is pretty easy to explain: when applying for a loan or any form of finance, normally, the system scans through a variety of requirements and, when met, it automatically approves or rejects the loan. This, of course, is very limited to the variables which the loan provider has set into place and, sometimes, these aren’t enough to approve or either reject a particular loan. The usage of big data and data points has, in fact, expanded these variables, including aspects like demographics, age, health and much more, which helped in approving or declining small loans, especially within the financial sector.

Why Blockchain Though?

The blockchain in fintech has been quite weirdly misunderstood in the past couple of years. Many associated the usage of numerical values in banks with the creation of specific Cryptovalues which could have been used by that very bank’s clients. This is relatively true but is missing the main focus on why banks like Santander have been focusing on this particular technology: the blockchain is used to connect, process and elaborate delicate data when users are applying for complex finances (i.e. big loans) or dividing their assets (i.e. bankruptcy). The blockchain, in simpler terms, is used to elaborate data internally and to find a solution (hopefully without human intervention) to problems which could take ages to get resolved.

The Evolution Of The Matter

It’s no secret that fintech-related strategies have been working massively towards applying relatively experimental strategies to more traditionally-focused financial sectors. With this in mind, it’s very interesting to see what some app developers have stated earlier this year: “We’ve seen a net increase in enquiries from banks who want to understand user behaviour and overall experience on mobile, whilst gathering their data”. Mobile and fintech have been relatively distant between each other and seeing tangible signals of a potential collaboration could open a whole new world of opportunities within the segment, another very important confirmation of how “mainstream” fintech could become in the nearest future.

To Conclude 

Big data and mobile are the two biggest examples of how fintech is rapidly and almost “aggressively” tackling the mainstream business sphere. In the nearest future, we can expect crypto values associated with big firms to be used in day to day scenarios, like buying a coffee, for example. It’s easy to say, at this stage, that this sector is very likely to grow massively in a mainstream segment.

Tags: Big DataBlockchainFintechMobile Payment
35
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from Brightwell: