Technology companies are making their space in financial services

Technology companies are making their space in financial services

In the year 2016, FinTech got huge investment and almost $9 billion was funded only in January and February. This huge investment in the innovation se

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In the year 2016, FinTech got huge investment and almost $9 billion was funded only in January and February. This huge investment in the innovation sector does not have any sign of reducing its pace and companies are fighting with all the problems including financial infrastructure, payments, money transfer and all the other issues just to keep the pace fast and smooth.

Indeed, year 2015 was year of great for bank unbundling as new organization were offering great consumer banking experience to people with their specialized services and technology. But that year also saw the rise of financial influencers to get reputable position in this domain.

Now technology companies are raising their voice as well to have a authorities role in the financial ecosystem. Because of this reason you see new organizations like financial innovation that are basically a group of various bigger companies including Apple, Google and Amazon. May be this is the reason many bigger banks are experiencing a lot of pressure not only from new companies but from many established and well-known companies as well that are planning to offer financial services to end user.

So, what effect end user will have with it? We can consider this as new innovation wave that will shape the future in a way that consumer will get financial services on more personal node.

The most amazing thing about financial innovation is that it has potential to increase the efficiency of entire system and that will save time and money for consumer

In fact, there are many instances where technology assisted the traditional banking system to enhance customer experience for financial services. Finding right insurance policy or securing mortgage are good examples of this assistance. Earlier these processes were terribly slow and Ext extremely painful for customer, but technology changed it now.

New companies such as Policy Genius help consumers to get a better insurance in less time with the help of an intuitive, fast and genuine search method. This process can help new insurance companies to provide great tools for selling any products such as life insurance just by increasing the discovery possibility of the product with less time and efforts.

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    The most amazing thing about financial innovation is that it has potential to increase the efficiency of entire system and that will save time and money for consumer