These applications promote financial inclusion. Unbanked/underbanked services that seek to serve disadvantaged or low-income individuals who are ignored or underserved by traditional banks or mainstream financial services companies.This is one of the most common areas where fintech is known and used. Robo-advisors, such as Betterment, utilize algorithms to automate investment advice to lower its cost and increase accessibility.Regtech, which seeks to help financial service firms meet industry compliance rules, especially those covering Anti-Money Laundering and Know Your Customer protocols that fight fraud.Insurtech, which seeks to use technology to simplify and streamline the insurance industry.An example is the all-in-one money management tool Mint. Open banking, which is a concept that proposes that all people should have access to bank data to build applications that create a connected network of financial institutions and third-party providers.Blockchain also allows for so-called smart contracts, which utilize code to automatically execute contracts between parties such as buyers and sellers. These often rely on blockchain technology, which is a distributed ledger technology (DLT) that maintains records on a network of computers but has no central ledger. Cryptocurrency (Bitcoin, Ethereum, etc.), digital tokens (e.g., non-fungible tokens, or NFTs), and digital cash.
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