Financial Technology (FinTech) refers to the use of software and digital platforms to deliver financial services to consumers. These digital tools often disrupt established business models by creating new and efficient means of providing services.
In the context of financial inclusion, FinTech holds boundless potential. As new tools and technologies are developed, and old business models are challenged, financial services can be provided with greater speed, accountability, and efficiency.
Access to financial products and services is becoming more attainable than ever, especially for consumers that live in rural locations or regions without the structures of a modern economy. Not only can FinTech make these products and services more accessible, it can also make them more affordable by lowering the cost of doing business for the financial institution, a savings which can be passed on to the consumer. Couple this with the near ubiquitous availability of affordable mobile phones and cellular networks, and a world where no one is excluded from the financial system may not be that far out of reach.
FinTech is an industry that shows exciting prospects now and beyond. In looking at what FinTech offers, we can see a possible forecast of future changes this innovative industry may have in store for businesses and consumers.