Traditional banking can be made simpler thanks to the Fintech revolution.

The provision of financial services to individuals and businesses is being rapidly altered by fintech, or financial technology. Financial technology, according to Siddharth Mehta, CIO of Bay Capital, refers to businesses—often start-ups—that are disrupting the financial services industry and provide a variety of financial services. According to KPMG's Fintech 100, the industries with the highest concentrations of fintech businesses are wealth and brokerage, lending and credit, and payments and transactions.
 
Other financial industries are also embracing fintech, such as blockchain, mortgages, and neo-banks. Digital native businesses, which can be legally operating with or without a current banking license, test the goods, services, and customer experiences of conventional banks and financial service providers. Siddharth Mehta of Bay Capital added.

Growing financial technology presents both benefits and drawbacks for the banking industry. Siddharth Mehta IL&FS talks about the ways to improve the services that banks offer to their clients, with chatbots enhancing client experience, mobile apps giving clients a real-time view of their bank accounts, and machine learning securing against fraud. Fintech, on the other hand, is seriously endangering the long-term viability of some of our most well-known institutions by exerting intense pressure on traditional banking and financial services from all angles.
 
 Banking and financial services are now easier to use and more readily available thanks to fintech. Utilizing technology to speed up tasks that previously required human management allows users to benefit from automation. While some financial services still require advisors and algorithms, others, like loan or mortgage applications, can now be completed quickly and effectively online without a human being. The more seasoned competitors on the market are significantly impacted by this, even though it's great news for customers.

Read more here :  https://www.moneylife.in/article/covid-19-disruptions-speed-transformation-of-trade-finance-industry-in-india-report/62164.html

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