Fintech

Understanding Fintech

By Carryone

Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. They are innovative ideas that improve financial service processes by proposing technological solutions. These ideas more often than not lead to new business models and new businesses

Types of fintech

Artificial Intelligence financial service (AI)The financial services industry has entered the artificial intelligence (AI) phase of the digital marathon. AI has enabled solutions and services for the financial industries to make the operations run smoothly, reduce cost and improve customer satisfaction e.g Zuri for Safaricom,

Blockchain – Decentralized network of ledgers that keeps in irreversible records of transactions
-When you perform a transaction it goes to the network and computer algorithms to determine the authenticity, once verified this transaction is linked with the previous transaction to form a chain of the transaction (blockchain)

Consumer finance– technology-enabled assistance that helps consumers manage personal expenses, debts, saving and track their investment portfolios to plan their finances and compare third party financial products e.g mobile money lending apps tala, Mshwari, Timiza

Crowdfunding – Use of an easily accessible online platform where people and organization can raise money for various projects

Payments – enable cashless transaction which is secure fast and cost-friendly. Payments modes include e-wallets (Bitlipa bitcoin wallet) and digital currencies facilitating both domestic and cross-border transfers to consumers and enterprise like the (Bitlipa) that enables you to transact privately for free across the globe

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