Fantastic companies are witnessing the success of “staying in the right place at the right time.” The idea of a fantasy business existed long ago, but it really flourished after the 2008 global financial crisis. Turned to
A rapid and steady increase in fanatix has begun: 724 fanatix companies were reportedly formed in 2014, up from 172 in 2008. Banking and financial markets accounted for 1. 1.1 billion, while investment management, insurance, and real estate futures combined reached 34 34.4 billion in 2017. Today, there are more than 25,000 fantasies in the United States, Europe, the Middle East, Africa, and the Asia-Pacific region.
Although globally recognized, there are still many misconceptions that cloud the image of fantasy. Let’s take a look and demystify the most famous.
1. FinTech is a temporary event
It is clear how much the number of fanatics and their investments have increased since 2008. According to the latest statistics, in 2019, the total global investment in fanatix has increased. The epidemic mitigated that: in the first half of 2020, compared to the first half of 2019, the world was investing.
Lockdown, on the other hand, has boosted Fantastic popularity. , As the 2008 crisis did. According to Adjust and Aptopia, the number of sessions spent on fantastic payment requests increased by an average of 49%, while banking requests for sessions increased by 26%.
Fantastic companies are technically obsolete, and, from what I’ve seen, Covid 19 developed much better than traditional banks for the set limits. Contrary to many people’s misconceptions, many fantasies offer the same services as their physical counterparts, but they do so online and often faster. For example, if a person needs to create a personal account during a lockdown, they can do so online instead of going to a bank branch (which is closed due to restrictions) and endangering their health. Are
I think FinTech companies are here to stay because they have been locked down and easy to use. As more and more people test their services, they find them attractive because of their transparent process and service range. Fanatics is also keeping a close eye on technological advances and improving its infrastructure accordingly. And this is especially true in the age of rapid digital innovation.
2. Only young people use and trust Fanatics
It is important to remember that fantasies are not limited to standard banking features, as some still believe in it. Different types of fantasy businesses are used for money transfer, payments, budgeting, equity finance, peer-to-peer lending, trading platforms, etc.
So there are already a lot of functions.
Also, it has been shown that small and medium-sized enterprises have become major users of Fantic: the average global adoption rate in 2019 reached 25%, followed by China (61%). Yes, followed by the United States (23%).
3. The fantasies are not secure enough
I have heard people say that Fantix is not as secure as traditional banks because they are not as experienced in payment security and fraud prevention. They are relatively new to the industry and have been part of traditional banks for many years. Is.
While cybersecurity is certainly a big challenge, people forget that modern technology is a huge advantage for fanatics. Using technologies such as machine learning algorithms and risk management tools, fanatics can learn the pattern of scammers’ behavior and prevent them from doing any harm. The use of modern technology also reduces the possibility of human error.
Finchex will continue to strengthen its security. It is predicted that “there is a great deal of interest in fraud that focuses on the prevention of fraud.” According to the Cambridge Center for Alternative, iV Finance, the World Bank Group, and the World Economic Forum, 28% of the Fantix surveyed introduced better fraud and cybersecurity features in 2020, with an additional 12% working.
4. Fintechs will abandon traditional banks or vice versa
This is a never-ending conversation: will Fantix replace traditional banks or vice versa? I think they will stay together and keep growing because they both have good and benefits.
Traditional banks are very experienced in the industry and have a more stable position due to their large assets. Meanwhile, fanatics are more tech-savvy and often more practical, flexible, and customer-oriented. From what I have seen, even lower service fees are generally supported than banks. FinTechs and banks are different, and each Adidaso Party has something to attract a particular demographic group according to these characteristics. That’s why, at least not yet, the other one is likely to be removed.
Some traditional and fantastic banks need to create hybrid products that combine the benefits of both parties. And why not? As long as the customer is satisfied, everyone wins.
Fantastic companies will only grow in popularity and demand without increasing digitization and more exposure to technology. The need for digital banking was established during the lockdown process around the world, and more and more consumers are experiencing the benefits of Fantix for the first time.
Older age groups are now adopting fintech products, and their numbers are only likely to increase. The industry is already relatively young compared to traditional banks and is already working on its biggest challenges, such as cybersecurity. Fortunately, his technical knowledge allows him to develop better solutions for risk and fraud management.