{"id":8402,"date":"2022-11-22T13:13:09","date_gmt":"2022-11-22T13:13:09","guid":{"rendered":"https:\/\/appikr.com\/blog\/?p=8402"},"modified":"2022-11-22T13:13:09","modified_gmt":"2022-11-22T13:13:09","slug":"fintech-vs-techfin-future-of-banking-lies","status":"publish","type":"post","link":"https:\/\/www.appikr.com\/blog\/fintech-vs-techfin-future-of-banking-lies\/","title":{"rendered":"Fintech vs Techfin: Where Does the Future of Banking Lies?"},"content":{"rendered":"

The financial industry has undergone significant change worldwide.\u00a0The commoditization of technology is a driving force behind the financial technology (or “FinTech”) field in our data-driven environment. However, the conventional brick-and-mortar foundation upon which financial organizations stand has been the adage “follow the money” for more than 40 years. It’s time for banks to be “data-driven” or risk going out of business as companies like Uber, Amazon, Samsung, and Ant Financial disrupt the financial services industry.<\/p>\n

From conventional to digital banking and from fiat money to digital currency, there have been some of the biggest and most significant paradigm shifts in the profession. Another noteworthy growth in the market is fintech. And not so long ago, a new trend known as “Techfin” made its way into the banking sector.<\/p>\n

According to reports from Efma and CapGemini released in April 2020, there is a big discrepancy between what traditional banks provide and what their clients demand. These banks would need to adopt financial technology into their business practices and take risky steps to develop into creative banks to close this gap.<\/p>\n

Fintech companies have significant financial support, but they can’t compete with TechFin organizations in terms of quick customer satisfaction due to the numerous norms and regulations demanded in customer service.<\/p>\n

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