Beyond Borders: ICT's Role In FinTech's Evolution
Wise, Revolut, Paypal – what do these names have in common apart from having multibillion-dollar valuations? They’re all companies that have made sending money overseas significantly quicker and cheaper. Not too long ago, remitting or sending money internationally entailed exorbitant merchant fees and significant delays. Those days are now over, with the advent of fast-paced and accessible internet connectivity.
In this article, we’ll discuss how ICT has enabled FinTech to grow and evolve into the powerhouse industry it is today.
Universal Internet Access
A large contributing factor to FinTech’s growth has been society’s increased access to the internet over the past few decades. Compared to the days of dial-up internet, where access was limited to those with the financial means to install costly infrastructure, today’s consumers can receive lightning-quick LTE broadband access at a fraction of the cost.
Over time, this has led to digital banking becoming increasingly mainstream and more convenient, swaying consumer preferences towards digital banking over brick-and-mortar and paving the way for FinTech services to establish mass-market adoption.
Today, anyone with a smartphone and access to WiFi is empowered to bank the way they choose. Through the wide variety of ICT solutions available, consumers and businesses alike can embrace cutting-edge FinTech services to reimagine the way they access financial services.
Stronger Consumer Trust
Another key role ICT has played in FinTech’s rise to popularity is the growth of consumer trust, bolstered by stringent cybersecurity standards and heightened transparency on digital banking apps.
Over the past decade, cybersecurity compliance has risen to new heights. Companies large and small are taking cyber threats seriously and seeking out third-party assistance to ensure their cybersecurity protocols meet regulatory requirements. Managed Cybersecurity Solution partners can help by supporting these FinTech companies to meet such regulatory requirements, thus building public faith in the financial institutions that support digital banking and leading consumers to feel safe when using these FinTech apps.
Further fuelling this consumer trust is the transparency that digital banking apps offer, giving users the ability to check their balances and monitor transactions in real-time. Advancements in technology and ICT solutions have significantly empowered today’s consumers. They have an unprecedented ability to keep FinTech and digital banking services accountable, and that has helped supercharge mainstream adoption of FinTech in everyday banking.
Facilitating Collaboration
FinTech services wouldn’t have been able to hit critical mass without the ability for cross-border collaboration. Many FinTech giants strategically set up headquarters in key business hubs like London, New York, and Singapore. These very same cities also boast some of the fastest internet connections and ICT infrastructure, expediting innovation and the development of cutting-edge technologies like artificial intelligence and machine learning.
Imagine being in Singapore and being able to share ideas with someone across the globe through a seamless video conference, such as using managed video conferencing, fully immersed in brainstorming and discussion to develop new and innovative solutions. That’s just one example that showcases how ICT has facilitated the growth of these FinTech giants.
Made better by ICT solutions that are constantly improving, FinTech’s success and evolution have also grown alongside technological advancements in the past decade. And this is just the start – as businesses from various other industries start adopting newer and more effective ICT solutions, the world is poised to see technological disruptions in the near future.
Curious to find out how our ICT solutions can play a part in your company’s evolution? Contact MyRepublic Business to begin your digital transformation today.
