If we look at the emerging advances in the way finances are used and controlled, traditional ways of banking, spending, saving, money transfer, and payments seem much more complicated and difficult.
Perhaps it is because of this reason that major banks are now trying to expand their Fintech wings. These emerging fields involve using financial technologies, primarily the ones for use in blockchain technology, not just for cryptocurrencies or Bitcoin transactions but also in other sectors.
Blockchain technology’s main focus is to serve as a public ledger that will be used by financial institutions to make transactions. Experts in this field believe that the technology will also reduce the cost of transactions, which is what has always been one of its major goals.
Banks like Wells Fargo and JP Morgan Chase have taken big steps towards making their own blockchain systems for this purpose. One example of a bank creating its own blockchain is the R3 project, in which several banks are collaborating for this purpose.
Fintech is also seen to be an important part of the new wave of disruptive technologies that are being used by startups. One example is Billon, a Polish fintech startup, which has created its own payments system that utilizes blockchain technology.
The difference is more use of human labour and large machinery. Fintech which is known as the most influential innovation in the field of finances and money has widely contributed to changing the way things are done. Different financial activities such as money transfer, investment, saving, trading, etc are done through a single device; mostly a smartphone. The expansion of Fintech has covered a wide range of problems that people faced in the past.
The innovation of fintech in businesses has cut down the cost of a different transaction that is counted as one of the blessings of modern technology systems used in banks and other payment systems. Fintech has uplifted the financial companies to be more efficient and less charged services to their customers.
People prefer the digitalized way of processing their finances instead of going for the traditional ways. Financial institutions on the other side are also seeking the introduction of new ways of providing their services. The impactful changes in how businesses operate have opened the doors for many other possible innovations in this field.
There are many FinTech companies that could help many expats send money to Ghana & other countries like: