Imagine a scenario where a person receives his loan or mortgage approved within a day while sitting at home and without speaking to any human counselor or employee of the bank!! It sounds amazing but this revolution has already happened and now it is spreading to the other countries rapidly. Fintech has changed the way we carry out our financial deals, save and invest money.
The first ATM was a modern miracle and people were really impressed with becoming able to get money from a machine. Now, most of the customer care services are conducted with the help of AI – ATMs, IVR. So many technical terms and processes are there that at times, people go to a bank to interact with a human employee or to confirm that the bank is indeed run by humans.
Now all the transactions can be conducted using electronic devices and in fact, with virtual currency in the play, soon we may not even need any physical currency as many top companies have also started accepting these digital monetary units. In fact, banks and financial institutions insist on all processes to be completed online now. They have online video identifications of investors in place. If you are not yet familiar with the process, then there are plenty of great video kyc services out there, that can guide you and help you understand the process.
This revolution is also changing the way we save and invest. Almost all our money is spent online or using payment gateways. Investments and savings are also being done through online systems. It also adds to our money as this form of saving also saves multiple trips to the bank, calls, and paperwork. Everything is simple and automated now.
Your wallet is becoming thinner and your mobile is turning into the all in one wallet now. Fintech might change this further and make it even more convenient for us to use the money. However, be careful about following the security protocols to prevent identity thefts and scams.