Understanding the Future of Finance and Banking
January 15, 2024 ⚊ 1 Min read ⚊ Views 48 ⚊ BLOG
The finance and banking sectors are currently undergoing a technological transformation, as represented by the contrast between Fintech and TechFin concepts. While both terms cater to the same niche, they differ in their approaches to utilizing technology.
Fintech has been established and expanding within the industry for several years, with banks and financial companies transforming their services through various Fintech solutions. In contrast, TechFin is gradually evolving and has initiated changes in the global financial and banking market. According to a McKinsey report, 40% of financial activities are automated, encompassing revenue management, digital payments, cash withdrawal, and more. Fintech and TechFin are driving significant changes in financial practices, offering new possibilities for banks and financial service providers.
