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.