Akinpelu Babatola
Guest writer

It is quite apparent that Fintech startups are here to stay. Take a look at any business around you. You will come to realize that they make use of one Fintech company’s services or the other.

This shows the level of integration these startups have achieved in our society today.

By taking advantage of current technology trends like Artificial Intelligence, A.I., many more startups are flooding the market. This is simply a result of constant innovation in this sector. In fact, keeping track of these innovations requires proper education and diligent research.

Regardless of how many companies pop up, we can’t do away with them. Why? What makes Fintech startups so indispensable to us? What does the future look like for Fintech Companies?

Let’s talk about this.

Fintech startups are indispensable for two main reasons.

  1. They make doing business very easy.  

A central selling point of Fintech startups is the ease of using their services. You can perform all your transactions on your smartphone. So, you don’t have to join long queues at the bank or make a trip to the ATM to make payments.

Instead, you can be in your pyjamas, sipping on a cup of coffee in your home, all the while making large sum transactions. It’s just that convenient.  

  1. They can help you make better financial decisions.  

If you have been struggling to save money, maybe using a Fintech’s services would not be a bad idea. These companies make use of technology trends such as machine learning, to remove all guesswork related to your financial lifestyle.

With these tools, your spending habits, and other financial behaviour are revealed. This helps the software design a savings system that is perfectly matched to your lifestyle. All this is done automatically and runs in the background, while you go about living your life.

What does the future look like for Fintech? 

The future of Fintech companies is quite bright. Currently, these startups have been able to influence the way we go about our banking. Traditional banks have been forced to adapt to this new situation or risk being chased out of business.

Fintechs have influenced more than the way we bank. Now you can also make investments and trade stocks all from the comfort of your home and from your smartphone. This improves the level of financial inclusion by making banking and investment services available to those who would not otherwise have them.

If things continue as they are, it is easy to see that very soon, Fintech Startups will become the order of the day.

References

https://www.entrepreneur.com/article/333891
https://www.investopedia.com/terms/f/fintech.asp