Have you ever paid for an online service or bought a product with your phone? Or have you ever
transferred money using an app? If so, you are already part of a massive industry called Fintech. This
emerging concept can contribute to a higher quality of life.
What is Fintech?
Fintech is a portmanteau of “finance” and “technology.” It encompasses a wide range of products,
technologies, softwares, mobile applications, and business models. Basically, any technology that can
extend and digitize financial operations belongs to Fintech.
It is usually contrasted with traditional financialservices. The basic idea isthat traditional finance depends
mainly on humans to oversee transactions and deliveries and is prone to various types of human error.
Fintech is also not a fully automated industry, butspecialized software and algorithms perform mosttasks.
In addition, Fintech integrates cutting-edge technologies and methods to improve financial activities.
Therefore, financial services are delivered faster and more effectively and are made accessible to more
and more people. Asfor business owners, Fintech allowsthem to better manage their financial operations
and processes.
How is Fintech Growing?
The number of services that are grouped under the term Fintech is astounding. Banking, insurance,
personal finance, payments, lending, capital markets, and the list goes on and on. To put it bluntly, Fintech
has already touched almost every aspect of our lives. And what’s even more significant is that it has all
happened within a couple of decades.
There are numerous uncertainties about the future of Fintech. Traditional banking systems feel somehow
threatened by these emerging competitors. But Fintech-inspired innovations are growing so rapidly that
it seems impossible to keep up with them, let alone stop them. And that raises the question of how future
banking systems will adapt.
That being said, moststartups associated with Fintech are pretty beneficial. It wouldn’t be an exaggeration
to say that the whole picture of future financial services is fundamentally changing. Our mindsets,
decision-making processes, organizationalstructures, and even basic conceptslike security have changed.
Still, there are things we can predict with some certainty. For example, artificial intelligence will be a
significant source of revenue in the future. Blockchain will disrupt traditional banking systems, and they
will somehow have to find their place in financial services. And last but not least, automation will be a key
principle in business efficiency processes.
How are our Products Helping?
With the core objective of facilitating financial services, Evolute FinTech offers a wide range of solutions,
products and services for individuals and businesses. We believe that easy access to credit, information
and technology is the only way to ensure Fintech functions properly and efficiently.
This helps various companies and industriesto plan their own strategic mission of progress and prosperity
by using the most advanced devices and software. In this way, we have also developed various means to
accelerate their growth.
Our devices, from Epos machines, POS terminals, micro ATMs and biometric authentication devices to
thermal printers, are designed and manufactured in highly specialized facilities in India. With more than
four decades of experience working with economic sectors across the spectrum, we can guarantee the
quality and reliability of our products.
How is E-governance Helping?
You may have heard a lot lately about E-Governance or E-Government. Broadly speaking, this refers to
the political/economic aspects of Fintech. More specifically, E-Governance can be defined as the
application of information and communication technologies, or ICTs, for the delivery of government
services, information exchange, communication transactions and so on.
E-Governance is not a fixed concept. Rather, it is gradually evolving and being tested in various countries
around the world. The scope of its application and different methods change its overall impact.
Nonetheless, the introduction of information and communication technologies into public services offers
certain advantages, including:
● All-inclusive governance and higher participation in decision-making processes
● Higher operational efficiency and cost reduction
● Trust building and maintaining the integrity of communication
● Higher transparency, accountability and reduced level of corruption
Evolute FinTech has developed a strong commitment and a solid strategy to help different industries and
financial sectors, including banks, Micro Finance Institutions (MFIs), Small Finance Banks (SFBs), NonBanking Financial Companies (NBFCs), etc. If you, too, are interested in integrating customized tech
solutions into your business, you can reach us using our toll-free number: 1800 103 8929