Fintech users are people who use technology to manage their finances. They may use a mobile app to track their spending, or they may use a website to invest their money. Fintech users are generally comfortable with using technology to manage their finances, and they may be more likely to take risks with their money. They are more likely to be early adopters of new technologies.
People who use Personal Finance Management (PFM) software may also be fintech users. PFM is software that helps people manage their money by tracking their spending, viewing their budget and receiving reminders when bills are due. It allows people to set financial goals and achieve them by showing them where their money is going.
As FinTech is the widely used word in the modern financial systems, its usage has also a remarkable impact on businesses, banks, consumers and clients. Most of the FinTech technologies like online banking, digital bill payments, money transfers, digital wallet systems, etc can be used by both big and small organizations as well as individuals. The services provided by FinTech connect financial organizations with individuals.
There is a wide range of FinTech users because its field is broad and is spreading day-by-day. The users of FinTech can be categorized as:
- B2B which is for banks.
- Business clients of banks who participate in financial activities like saving and investment.
- B2C comprises of the users who are interested in small businesses.
- Consumers can be regarded as individuals.
FinTech has introduced trends such as mobile banking, increased information, and data and more accurate analytics and decentralization of access. Such trends have created opportunities for all four groups to interact and make financial decisions in a better way.
Before the advent and adoption of FinTech by the business sector, businesses or startup would have to go to the bank to secure financing or startup capital and the process of credit card payments was quite complicated. FinTech has overcome such hurdles with mobile technology.
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