The purpose of technology is, in a nutshell, to improve a task to make it less difficult and/or more efficient to complete. This has lately been demonstrated in the information technology that powers the financial services industries. Finance, insurance, and banking have all seen their processes benefitted by “FinTech.” Let’s examine FinTech to gain a better appreciation for it and its capabilities.
While many different people open businesses, the primary reason that they all do so is to make money. A positive cash flow is essential if the business is to generate funds that support a cause or provide a decent living. However, to collect this cash flow, a business must have their invoices returned. As it happens, this doesn’t often occur in a timely manner.
Money is what makes the world go around, or so they say. Everyone is in business to make money, but the degree to which the organization deals with it might vary. For example, some companies, like banks, are designed to make money by helping others manage theirs. Banks and marketplace lenders take advantage of what is called financial technology, or FinTech, to more effectively provide services to individuals or organizations that want to manage, borrow, pay, see, or use their money in more efficient ways.
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