TOP 5 APPLICATIONS OF FINTECH

About Fintech

For financial technology, fintech is a portmanteau, given by Forbes. This one-fit-size approach is practiced to augment, streamline, and digitalize the conventional structure. For computer and mobile based tools, fintech is all about a blend of algorithms, software and applications. However, hardware such as smart, or connected piggy banks, virtual reality platforms are also included. Multiple tasks are performed by fintech platforms such as covering transferring money from one account to another, depositing checks, paying bills or obtaining financial assistance. In simple terms, Fintech involves a variety of financial services/activities such as money transfer, check depositing by mobile phones etc. 




Some applications of Fintech are:

 

While rendering new strategies on financial notions and making users allowed to hold more viable financial outcomes.


 Some examples of financial securities are: 


  1. Mobile Banking


Along with the increasing necessity of digital banking among consumers, the only financial security and wellness a consumer looks for due to which several financial institutions or bodies are continuously adopting mobile banking capabilities at a huge-expanding level. In the present scenario, with some beneficiary schemes and offers on their respective platforms, most of the banks are providing various types of mobile banking capabilities.


  1. Mobile Payments

 

While, for payments, everyone prefers digital platforms and money management, what's new with mobile apps that offer online mobile payments, and these are the way to go. Under the  most prevalent uses of fintech, mobile payment apps and gateways come that permits users to conduct banking activities without appearing physically in a bank. 

 

Upgrading from a complete cash-based society to a digitalized  mode of payment at an increasing rate, person-to- person payments services have evolved while  replacing traditional payment methods.


  1. Crowdfunding platform


Crowdfunding platforms are the results of rigorous development in Fintech which includes Kickstarter, GoFundMe, and Patreon.

To raise funds globally and permit them to cross geographical boundaries, such platforms guide recently initiated start-ups and entrepreneurs and come in contact with global markets and  investors.  

 

  1. Robo-advisors

 

To automate investment advice in order to lower the costs and escalate accessibilities, Robo-advisors like Betterment are online investment-management services which deploys algorithms. For customers or users, it provides help in allocating and distributing assets optimally and rationally while generating portfolios and therefore enables all age groups of users to engage in investment projects and activities in minimum manual efforts and at nominal fees.


  1. Cryptocurrency and blockchain 


Development and deployment of digital currency such as cryptocurrency (bitcoin) is included by Fintech. By further growth in cryptocurrencies availability and adoption, it is likely to have positive impacts in the future.

 

These currencies are stored and saved in a decentralized manner where, to buy or sell bitcoins Cryptocurrency exchanges can be connected with users, under which money transactions are verified using blockchain technology.

 

It is highly secured virtual currency. As in the case of the traditional currencies, the decentralized fashion of cryptocurrency means not to be subjected to interference or controlling by governments. Under Fintech, By storing authentic data in the blockchain solutions, these are focused to restrict the fraud.


Visit our Blog Section for more Blogs.
Location: Noida, Uttar Pradesh, India

Comments

Post a Comment

Popular posts from this blog

INFORMATION GAIN IN DECISION TREE THROUGH GINI INDEX

Image
Best suited for classification and regression problems, decision trees are supervised machine learning algorithms. These algorithms are constructed by breaking down the training data into subsets of output variables of the same class by implementing the particular splitting conditions at each node. The information gain in decision trees is directly formulated through training  into a hierarchical structure. The knowledge is holed and displayed by this structure  in such a way that it can easily be understood, even by non-experts. While building a decision tree,  each node focuses on identifying the attribute and a split condition on that attribute which minimizes the class labels mixing, because pure homogeneous subsets is not possible to achieve consequently giving relatively pure subsets. In this blog, we will discuss the concept of , information gain, gini index and gini index. With the root node of the decision tree, this process of classification begins and  gets expanded by appl
Read more

Fundamental & Technical Analysis | Analytics Steps

Image
To understand the business from an investment perspective, there are always two schools of thought that come to mind, people who follow fundamental analysis and those who follow technical analysis . However some investors do both analysis to understand the business from every aspect. Let us understand both in detail. Fundamental analysis Fundamental analysis is a method or approach to understand business deeply and separate the daily short term noise in the stock prices to concentrate the underlying business performance. Fundamentally strong companies' stock prices tend to appreciate in the long run and therefore create wealth for the investors. Fundamental analysis is generally done from a macro to micro perspective in order to identify securities which are not correctly priced by the market. An investor can perform fundamental analysis just by looking at the overall state economy, bond value, interest rate etc. A fundamental analyst creates a model to estimate the company’s shar
Read more

TIMELINE OF ARTIFICIAL INTELLIGENCE

Image
In today’s world, having some kind of knowledge about the history of artificial intelligence is crucial as it is prevalent everywhere. But if we consider it as a contemporary tool, then it would be our misconception. Our forerunners had been building the concept of AI  for quite some time with the help of classical philosophers analyzing human thinking to be more of a symbolic system. A popular myth among the ancient Greeks was robots, while automates can be traced back to the ancient Greeks.  Let’s now discuss the timeline of Artificial Intelligence. Maturation of AI (1943-52) Year 1943 : Warren McCulloch and Walter pits initiated the very first work which is currently recognized as AI.  and Walter pits in 1943. Year 1949 :  An updating rule for the modification of the connection strength between neurons was demonstrated by Donald Hebb.  Year 1950 : An English mathematician, Alan Turing pioneered Machine learning in 1950. A test was proposed by Alan Turing under ‘computing machiner
Read more