We are now living in a world where technology has become very dominant in all aspects. This has enabled the rise of many tech companies. From Google to Apple, whoever thought that we would have tech hub companies competing for recognition in the digital space? Well, it seems like we are still moving towards something amazing and the FinTech industry seems to be involved in almost everything.
What is a Fintech Company?
In simple terms, FinTech is an abbreviation of Financial Technology. It’s a portmanteau of finance and technology consisting of many different companies focusing on different areas related to the products needed to deliver financial services. The goal of the FinTech industry is to compete with traditional banking and revolutionize the financial sector via better use of technology. To do so, they need to combine knowledge from different sectors as well as empowering the people working within these sectors.
A FinTech company is basically a company focusing on the development of new financial technology along with ideas in any of the different sectors or verticals of the FinTech industry. All this is done in a bid to offer a good option when it comes to a financial product that will disrupt the prevailing ones.
A very good example that you can relate to is TransferWise. They came and went on to eliminate the old exercise of paying massive fees for spending money abroad by offering people amenities that will enable them to transfer money amongst themselves.
Other digital examples include banks such as Atoms or Mondos. These banks don’t really make use of the technology out there. They also provide amazing customer support service, which is not so popular when it comes to other well-known banks.
How do Fintechs Work?
Some of the leading FinTech companies operate across the verticals. They are focusing on bringing together the knowledge from finance and IT to create modern innovative products and platforms needed for smaller sector-based companies to develop within the FinTech ecosystem.
To explain the work of a major FinTech company we will be focusing on the work that has been done by Axios Holding. Under the leadership of Rati Tchelidze this FinTech incubator has successfully managed to father other striving companies in the following FinTech verticals:
- Online payment systems
- Online lending
- Education platforms, etc
Axios Holding is available to offer a complete set of Fintech products, along with top solutions for companies that want to get into any of the various FinTech verticals. All this is by either creating its own ideas or being in partnership with other companies that are in the same verticals.
The company’s main aim or mission is to come up with the best innovative, inclusive, and embracive Fintech hub in the globe. They are either developing certain products and services or fostering the ideas of some creative minds in the tech space. The objective is to be the go-to brand when it comes to Fintech solutions.
Axios Holdings plans to turn its vision into reality, coming up with the best knowledge that is in line with its vision. At the same time, the company will leverage everything that they are planning to become a reality in this tech world.
On the other hand, their tech experience and knowledge have enabled the creation of solutions. These solutions are for the betterment of its customers, along with other various stakeholders.
It is not surprising that the company’s innovation and its growth is directly interrelated to the growth and stimulation of many people. This is the main reason that has brought them to this dance, and that will continue to propel their mission for excellence
One thing Axios Holdings has mastered in its experience is that companies are nothing without the people. Because of that, they have made it a mandate to make sure that their clients are happy with their services and everything on offer.
Remember that products and services are part of the FinTech puzzle. Fintech will definitely lose its credibility without complementary education.
Therefore, to attract customers to some sophisticated brands, Axios Holdings believes that this can be achieved by offering them the much-needed knowledge about the products and services. The company has realized that education is the simplest and very effective way of giving back, at the same time endowing people to make some informed choices. Elsewhere, they need to contribute to the overall betterment of the industry via feedback and other experience that they have.
It’s clear as daylight that online payments have become a new trend overshadowing physical payment. The reason why everyone is choosing online payments is their convenience. It’s easier, faster, and offers other brilliant services.
The online payments systems have rapidly evolved from being a luxurious feature to becoming a necessary product. The state-of-the-art technology, along with custom-built services, is also offering the best way to introduce a new generation for online payments. This has also enabled the catering of contemporary business and never having to produce the top-level security features for their users.
All this is in a bid to make sure that users feel safe whenever they are using the online payment system, making everyone’s life easy. The system also enables the security of every user’s personal details, and that’s the most crucial thing of them all.
Is It Still Worth Getting Involved In The FinTech Industry?
Yes, but perhaps we should mention how much the FinTech industry is worth to explain why. By 20025 the market value is expected to reach $305 with an annual growth rate of about 22.17% (!). The size of this industry is the reason why new companies are eager to join by finding a gap to close within any of the lucrative verticals. Compared to the financial service market the FinTech is still small but the advantage is that there are so many different verticals to enter. Payment and Digital will continue to be the largest sector but there is still room for more companies especially in local markets or combined with mobile technology. It’s fair to conclude that the FinTech industry will continue to be an interesting and lucrative market for companies for many more years!