Oct 2022
What is Fintech?
Fintech is derived by joining two different services all together, i.e Financial services and Technology as a service. The use of technology (digital/machine learning or latest platforms) and come up with products and services such as online banking and payments, trading apps, big data for analytics or any service that helps in financial management.
Some of the best examples of Fintech are:-
Payment apps like Cashapp, Paypal, etc. make it easy to pay individuals or businesses in any instant online and through a secure mode.
Insurance apps : Application that is specifically designed and used in the insurance domain for example Friday, HiTech, Acko, insure and many more. The applications that offer you pay-as-you-drive auto insurance, best life insurance, car insurance and many more.
Crypto apps : It is used to hold and transact in cryptocurrencies /digital tokens like bitcoins , NFT’s etc. it is used for financial transactions and game playing as well.
Investment Apps : Apps make it easy to do trading, buy or sell stocks from your mobile device online with no or little commission. People can put little money or stake and can learn trading.
Managed IT services contribution in financial sectors and Fintech
There are many financial sectors all across the world and managed IT services in India are helping them to automate their business or introducing new methods to expand their business. The Canadian financial sector holds one of the strongest global financial services sectors in the world and includes banks, trusts, loan companies, insurance, leasing companies, pension fund managers and many more.
The Canadian local solution and service provider (Managed IT services provider) acts as a channel to market or agent for financial technology firms looking to enter the Canadian market. Similarly, there are financial sectors looking for trusted managed service providers which can help in expanding their businesses and make their life easy with automation or user friendly apps.
A trusted IT service provider in India, who has a history of providing IT services and solutions in different sectors and embracing technology to improve client infrastructure, also comply with legal and regulatory requirements is a new demand in the market.
They will know your industry in and out. Your entire team will receive quick and reliable IT support services that will enhance employee productivity and efficiency. They will understand the infrastructure, its workflow and will prevent unauthorized access.
Understanding the transactions, workflow and complete infrastructure of the financial industry, will help them to fix the challenges in financial firms, regulate compliance and data protect policies. It will make the day in and day out process easier and protect client’s data. They will come up with strategic technology plans to ensure best possible outcomes and meet business goals.
Is fintech only for Banking sectors?
The answer is No. Managed IT service providers and IT companies have created basic Banking applications for loan, bank transfers, credit/ debit cards. There are many other fintech areas that have to do more with personal finance, investments or other payments. Fintech is used in almost all sectors with financial services.
“Managed It service providers can be used as a catalyst in the entire automation process in the financial industry or enhancing the infrastructure. To give that leverage of monitoring the day in and out transactions within the industry and understand its challenges. A trusted service provider is always in demand, a strong relationship of trust between the service provider and its client would be required for digital transformation of any financial industry. IT managed service providers need to work with the financial industry to make the transition possible.”
