The real popularity of fintech has grown in recent years owing to large scale digitalisation, tech savvy masses and people having more access to financial literacy than before. There have also been disruptions in the technology space with companies investing heavily to enhance customer experience, more integrated data, advanced machine learning models and algorithms. Therefore, it is not surprising that it is used in the financial industry. The constant need to innovate and with the rise of payment gateway options, multiple banks, easier access to credit, banks and financial institutions require more people in their network to improve their businesses.
Fintechs have made payment, lending, processing and even pulling up of basic information easy for the end users. It has enabled seamless access to information and has quickened the financial decision making of people. In recent times, there have been issues with regards to low security and user privacy issues with data leaks and cookies, the constant need to upgrade and not use outdated models, the flexibility of software used and the expense incurred in creating one, however all this does not hamper the upsurge of fintechs.
Reliability of Fintechs and the US Market
The US market is one of the largest players in the fintech space, with a recorded 880 billion USD transactions in the gateway systems in 2018, it is responsible for 57% of the share in the US economy. There are over 10,000 fintech start-ups in the US which is highest in the world. One such is Bambu which is a fintech company usa. It provides simplified solutions for banks, financial agents, financial institutions and insurance companies. Started in 2016 in Singapore, it has expanded to locations like London, Dubai and San Francisco with over 70 employees. Bambu also provide robo advisors.
