Kavan Choksi on Fintech and Global Finance
Somewhere toward the end of the first decade of the 21st century, the world experienced a financial crisis. It affected many financial institutions. Several large conglomerates closed. People started pointing fingers. There were scapegoats, and there were victims. There were also new things that emerged from the regression.
According to global finance and business consultant Kavan Choksi, one of these things was fintech.
Fintech is short for financial technology. It is recognized as a disruptor and presents itself as an alternative source of financial management. In relatively recent times, fintech has become an industry in its own right.
There have been newly established fintech companies providing never-before-seen products and services. These products and services are much more affordable, quicker, and accessible.
Kavan Choksi mentions that fintech has performed as expected. There are times when it has even exceeded expectations. Fintech has profoundly affected traditional finance establishments such as banks and payment centers.
It is a well-known fact that fintech has become increasingly popular among younger customers. The convenience of easily carrying out transactions on handheld devices is the main factor that draws this demographic towards fintech companies.
With the emergence of technologies such as mobile payments, account management, and banking through mobile apps, a customer's banking experience can be streamlined at an unprecedented level. The younger generation often prefers digital banking as opposed to traditional banking, which can be time-consuming and cumbersome. The financial technology industry has managed to make transactions frictionless and consumer-friendly, which is why it's becoming increasingly popular among the younger generation.
With highly developed software, fintech has evolved to offer streamlined services on several platforms. Today, it has all but eliminated the inconvenience of going to banks.
That said, banks didn't just roll over and die. Instead, thousands of banking corporations worldwide adopted several fintech features into their operations. Kavan Choksi mentions that banks have recognized the benefits of the new financial wave not just for customers but also for businesses and banks.
Examples of fintech include investment, personal finance, mobile payment apps that make transactions easier, and cryptocurrency. Cryptocurrency is by far the most talked-about fintech app. Users can store, exchange, and pay for goods through crypto apps.
For insights on business, economics, and finance, follow this page of business management consultant Kavan Choksi.