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Advantages of the Fintech in the Banking Sector : Assignment

Added on -2019-09-19

| 10 pages
| 2400 words

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INTRODUCTIONFinancial technology or FINTECH is the industry which is a constitution of companies andcorporate houses that utilize that promote, apply and employ innovative, modernized, pioneertechnology with the resources available to emulate and encounter traditional financial institutionsdelivering and conveying financial services.FINTECH is the modern outlook on how the financial sector, which is the backbone of anyeconomy, can meet the demand of the future consumers and buyers in the novel and modishways. The need to revive and redo the financial sector is growing urgency of the moderneconomy, the ways and means of which the credit and debit are being picked and circulatedthrough the nervous system of the finances of the world are condescending and difficult to keepup to. Therefore, a reprised version of the financial services needs to be fluctuated in theeconomic environment to cater to the needs of the stakeholders of this era; the diverse anddiversified needs and demands require creative and innovative ways to cater to all their needsand demands. Banking is the focal point of the financial services prevailing today, they are the guardians of thefinancial sector, and their improvisation is a necessity in order to accumulate the growingdemands of the population. The trends and the change it is accustomed to having, has impactedthe banking sector as well, there is need of a revolutionary wave to engulf and reform the sectorinto a well-versed functioning body that can and provide solutions to all the growing needs anddemands of the population. The amalgamation of FINTECH and the banking sector can be the solution to the modernfinancial services, the high –tech monetary policies, can change the landscape of how the2
monetary transactions are being done and conducted. Therefore, All that is requires for full andcomplete transformation is infrastructural and policy framework that can provide the much-needed support for the transition to take place. BANKING SECTOR- THE FOCAL POINT OF THE FINANCIAL SERVICESThe banking sector is the axis upon which the whole of the financial services revolves at, theunderstanding of the role that the banking sector is very important for any sort of progression andrenovation can be introduced towards it. The economic balance is guaranteed through a proactivebanking system, and any degradation will falter the progress of the nation as a whole.Following is the role that banking sector displays in the economy:CREDIT AVAILABILITY: The most fundamental duty of the banking sector is tomake available the credit for the society and industry utilization. The time is of theessence of all. Therefore steady and fast services are the requisite that the banks need toconjure upon in order to deliver satisfactory services.LIQUIDITY: The common users are the pivotal components that through their desiresand needs envisage monetary infusion into the economy and brings it to life, thereadiness of liquidity is the sole responsibility of the banks and how they curb this need.REMITTANCE: Another basic function of the banking, to make sure that remittancefacility is being provided and cursed through at all given point and no sort of hindrancesor obstacles are faced while indulging the same.MONETARY POLICY: Banking sector forms the formidable part of the governmentpolicies to control the direction in which the economy is going or is required to bedirected to. The capabilities of the banks need to be adhered to while executing those3

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