What would we do if we had all the data of the world? You are the king. The person who has the quality data is the richest man in today’s digital world. Companies all over the world are vying for their consumer’s behavioural data. They want to know each and every aspect of the product cycle, such as the data generated from each use of the product or the data generated by different kinds of consumers in a different kind of environment. The world and its decisions are becoming data-centric which is beneficial for everyone. It helps companies refine their product to meet the exact demands of the consumer.
The Digital Currency
The banking system has failed us many a time before and it is still not an efficient and transparent system. One of the oldest institutions existing around the world is banks. They have been part of Human development story. Providing the required services to people and business, it has come to realize its potential. Today, they are bigger and powerful than State governments. They control the entire economy of a country and decide its future in the globalized world. People are increasingly dependent on the banks for their financial needs. As the world enters into the digital platform, they are slowly moving towards developing innovative online products and services. Fintech companies started offering products on the internet what the traditional banking could not. They created the next financial revolution in the financial world.
The Technology
It is a true product of the digital world which aims to replace the physical currency we use today. It is based on the blockchain technology which gives it a power of security and trustworthiness among digital users across the world. The tremendous popularity of digital currencies like bitcoin in such a short amount of time proves its capability to fuel the unparalleled growth of the financial world.Everyone owns a mobile set, which creates a very big opportunity for fintech to utilize it in their favor by providing services at low cost and in real- time. Mobile phone having the facility of the internet becomes the golden combination which powers financial institutions to provide a great customer experience. It is an easy, fast, and reliable tool for major services offered by the fintech players.
The Future
If there is one technology which has the power to create next revolution in the financial world, it has to be the blockchain technology. It is defined as the decentralized database which is reliable, secure, transparent, and future ready. It works as an open and distributed ledger where anyone can participate in the process without the need for any third party. It has eliminated the concept of the third party when there is an exchange of value between two parties. Many Banks have already tested this technology and are upbeat about it. They believe it can save billions of the global economy once implemented in the right framework and at right time.As technology changes rapidly, the financial industry has to keep pace with it to realize their full potential in today’s tech-driven market.
