How will fintechs build their advantage over traditional banks in the coming years?
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In recent years, fintech services have become an extremely important branch of software development used in the financial industry. The combination of new technologies and banking, payments and more specific financial-related services means that customers can use extremely sophisticated, innovative and more accessible tools that are now becoming new trends. It’s worth saying more about why fintech solutions are now so popular and how they are changing our world!
Fintechs speak directly about the merging of the financial world and technology. The emergence of innovations in this area is a direct result of the high level of development of the software industry, modern connectivity technologies, as well as very strong security features so much needed in all financial solutions. So it’s not surprising that more products are appearing all the time, either becoming new standards or being adapted by banking institutions, which are increasingly implementing what was previously associated mainly with fintech startups.
One of the more popular fintechs is Revolut – a forerunner of a new approach in the field of financial products. Among other things, it was the first in the market to introduce very fast, simple and at the same time cheap currency conversions. In its time, this was a revolutionary approach: many people who love to travel previously had problems with currency conversions. Vacation trips ended with them either having to buy currencies at exchange rates or accepting high fees from banks, which in addition made money on the differences in the price of currencies. Even if we managed to buy currencies at a good price, there was still the problem of having to carry cash with us. The possibility of losing money and the resulting lack of convenience as well were things that were absolutely the point of Revolut’s business strategy – this one solved the above inconveniences perfectly and quickly won t