The industry of financial technologies is evolving with geometric progression, attracting more than 8 billion US dollars of investments globally in 2018. With traditional banks slowly losing popularity, digital solutions for common payment services start to be implemented. FinTech is predicted to accelerate even more in the future and according to PwC’s report, 82% of financial institutions are planning to improve their FinTech partnerships in the next 3–5 years.
But what drives FinTech? There are many trends and creative innovations that the world has not seen before thanks to FinTech development. But this world is fast-moving, and trends replace one another each day. However, there are three pillars that make up FinTech, and they remain unchanged:
Regulations
Financial industry involves a lot of legal matters, and therefore FinTech also falls under them. Developing new financial groundwork implies changes and regulations that take time to comply with. This is why it matters for investors to stay there for long-term. Because FinTech has no real borders, it’s regulations that create them, defining a space that a FinTech company operates in.
Technology
The obvious constituent of FinTECH is technology. The disruption in technology and the idea of implementing it together with financial services were what made up FinTech in the first place.
Community
The FinTech community is one of a kind — those are the people that believe in safer, more convenient experience of financial services without overpaying. They consist of some who lost their faith in traditional banking system and some fiery believers in the future of tech. It were the people who allowed FinTech to bring disruption into financial industry, due to realized faults in established services.
FinTech world is complicated and demanding. It involves big budgets and globalization of boundless networks. FinTech really aims to change the world of payments and make it more ethical. The number of people giving preference to services with payment solutions is rapidly growing towards 50% — stats that give something to think about. FinTech brands and companies with integrated FinTech solutions will take over to change the world.
Crassula is a White Label software platform that will help you integrate FinTech solutions in your business. Our tech products are:
eCommerce — software for creating online payments system that allows to offer global payment gateway for merchants.
Banking — software for creating online banking or e-wallet for users, businesses and ecommerce clients that allows to create accounts, issue cards, make SEPA and WIRE transfers.
Cryptocurrency Exchange — software for building currency exchange products: crypto currency purchase with payment card, cryptocurrency sale with payouts to the card, language localisation.
