The term Fintech includes two words, Financial + Technology, which is the integration of all forms of new technology to provide the best and easiest financial services in the investment, insurance, trade, lending and banking services sector. Fintech also helps to replace all traditional financial methods, as you will no longer need to go to the bank for Not only that, but Fintech has helped many sectors to develop and provide easier and faster services, such as the real estate sector, so what is Fintech?
What is Fintech?
Fintech is not a financial digital application that will improve the available financial services, but rather a stand-alone technology that uses many tools, including artificial intelligence, the internet of things and big data, to provide all the services related to the financial world in a new template. Fintech has created a new horizon for banks and companies and changed the method of payment, lending, borrowing, saving, investing, insurance, etc., where we now find digital lending services, virtual currencies, in addition to robo advisors. In general, we can say that Fintech has touched all financial sectors, and affected all economic sectors.
Fintech in our daily life
There are many examples of Fintech technology models that we use in our daily lives. For example, e-shopping, online payment, digital wallets such as (Apple Pay), or crowdfunding platforms that help fund owners of companies and small projects. We can compare Fintech technology to an integrated financial company that can be carried anywhere and accomplish all your financial needs with ease. Fintech is characterized by entering into electronic payment through smartphones, money transfer, loan transfer, fundraising and property management. In addition, it facilitates all financial procedures for customers, so they can pay purchase bills through the Internet via electronic payment applications on mobile phones.
Simply put, Fintech is developing the provision of financial services to reach a larger segment of people in various sectors, and will gradually replace all traditional services that require time, effort and money.
Stay tuned for more interesting topics in the Ajar blog, as we will highlight in our upcoming articles about How Ajar is applying Fintech to provide better services, in order to become the technological infrastructure necessary for the growth of the real estate sector.