The importance of embracing fintech in the Sri Lankan context
The most well-known aspects of fintech or financial technology today are its cuttingedge blockchain and artificial intelligence systems. While making our lives easier, it also assists businesses in streamlining and automating their operations. Millions of apps today use unique software and specialized algorithms to complete the “financial technology” globe. In other words, Fintech means offering financial services over the internet.
This fintech innovation covers everything, from mobile banking apps to mobile payment apps, blockchain, and cryptocurrencies, stock trading, etc. In simple terms, every company may utilize fintech to improve or automate labor processes and services. Who knows why? Because you can instantly provide both enterprises and consumers with exclusive financial services with this.
Businesses are no longer limited to implementing old-school ways or conventional ones, all thanks to the fintech revolution. Today one is surrounded by a range of alternatives and options ranging from crowdsourcing to net banking to mobile payments. Now let’s see why Sri Lanka should utilize fintech in the context of business activities.
Fintech Creates Financial Inclusion
Fintech may be used by anyone, anywhere. So, making it available to those who may have never previously used financial services. Fintech businesses help raise people out of poverty and build a more financially inclusive world by providing access to fundamental financial services like mobile money and e-wallets.
Fintech is a More Costeffective Option
When compared to conventional financial institutions, fintech businesses can frequently offer the same solution for less money. Fintech businesses can save money by using technology to automate operations rather than hiring people to perform them. By not maintaining physical branches to serve their consumers, they also save money. Fintech businesses typically have low overhead expenses overall, allowing them to pass the savings down to you. Today, fee-free bank accounts and commission-free stock trading apps are available. More money will be in your pocket as a result.
Fintech Improves & Empowers businesses
The most prosperous Fintech businesses discovered fresh approaches to enhance the advantages of current technologies. Finding a larger purpose for technology is significantly more difficult than simply integrating it into your business procedures. This suggests that the actual technology themselves are less significant than how you use them.
Fintech is well renowned for helping to streamline several procedures and educating clients on how to handle their money more effectively. Finance-related apps are a good illustration of a Fintech initiative with an empowering goal. They are constructing the financial system of the future while simultaneously raising people’s financial literacy. In this way, many learn more about the worth of money and how to manage their finances thanks to Fintech and its improved financial capabilities.
Compliance plus Security
Many of you might disagree that financial technology is really secure. Fintech is significantly more secure and safe than conventional banks. Several sources claim that traditional financial services organizations have fallen far behind when it comes to security. Unfortunately, that is accurate. Compliance and security won’t be a concern because the foundation of fintech is the efficient use of technology.
Speed and Convenience
Since we mentioned this earlier, offering instant results and taking care of your customers has become a priority for every industry, and fintech is no exception. Now it has become possible to offer payments or lend money right away digitally in no time. For example, let us assume that you want short-term loans or some money just for a day. We know you will come across a wide range of potential businesses who would like to offer. These are the ones making the most of the tech and maintaining the economy.
Transparency
With the rise of Fintech in the traditional banking and financial services sector, the term transparency is no longer just said. In fact, it is being meant and implemented by the vendors. Several new benchmarks have been set by vendors all across the globe. Other than just sending or receiving money everyone is kept in a tight loop featuring full transparency. This is a win-win situation for the banking industry as well as its valued customers.
In conclusion, Fintech plays an important part in today’s digital sphere. Fintech software is a must if you want to stay in business and meet the high expectations of your consumers. Otherwise, you might be losing your regular buyers due to inefficient operations. For instance, the majority of ordinary consumers anticipate quick and easy money transfers. Thus, it is high time that Sri Lanka utilizes Fintech for the successful running of businesses.