FinTech Today | How Financial Technology progress Through Years

FinTech refers to the combination of Finance and Technology. FinTech is a constantly growing field that is transforming financial institutions into states of modernization. It also refers to the enhancement of financial services through technology. Nowadays Blockchain, Artificial intelligence (AI), Biometric Security, Mobile Banking etc. have progressed their development of Financial service and products.

One of the most popular inventions of the Fintech industry is Blockchain Technology. Blockchain is a Decentralized technology which has a digital ledger that records transactions across the network of computers. It doesn't need any confirmation from any central authority or government like bank. Bitcoin gained popularity in a very short time after its invention. Through Blockchain, money can be transacted securely anonymously. As a result Bitcoin transactions don't need any central authority such as the central bank or government. Because of this Bitcoin gained popularity overnight. This is how cryptocurrency started to spread across the world. Currently crypto is a successful and secure investment platform.

Blockchain is also making a big impact in Smart Contract. Smart Contracts are used for Insurance and other automated controlled software. Smart contracts allow for the trustless transactions without the need for any authority or government like lawyers, which can significantly reduce transaction costs. Ethereum is one of the most popular cryptocurrencies which is controlled by smart contract. It is gaining popularity in the Financial industry. Cross border payments is also a sector of Blockchain. Once it took so much time and take a high fees for traditional transactions. Nowadays Blockchain reduces the time and fees for cross border payments used by several banks and Financial institutions.

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I can say FinTech is having a significant impact in Digital banking and mobile payments. Digital banking is a modern application of IoT (Internet of Things). Through this customers can now manage their bank account transactions online at home. Now customers don't have to wait for hours at the bank for credit or debit. Another popular part of digital banking is mobile payments. Customers can pay the bill for their purchased products using the app through mobile payments. By doing this, there is no problem in the transaction. A seamless transaction can be made instantly with just a QR code. Apple pay and Google wallet is one of the popular mobile payments services.

Thinking power, intellect or analytical power is natural to human beings. But the idea of giving a machine human like intelligence, the ability to think or analyse, is commonly called Artificial Intelligence (AI). Once upon a time, artificial intelligence was a distant future. But more recently this distant future has started to become a part of our daily lives. The main reason is that the people of the world have become so involved with the digitalization that suddenly a huge amount of data has been created and computer programs to process that data have come to our hands. To process this data or information, scientists and technologists have chosen a method that works like the human brain. Commonly it is known as neural net. Simply put it has an input layer and an output layer with the middle layer being the 'hidden' layer. Many types of corporate work are now being made possible through AI.

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Machine Learning is an important part of artificial intelligence. Machine learning is when an algorithm is implemented through programming to solve a problem so that the computer itself learns from the environment and past events. It is a kind of process that helps a machine or software learn something by itself and helps it to be more updated. Machine learning can be called a higher category of science which actually helps a machine to take decisions by thinking all possible conditions.

Gamefication is used to maintain game related leaderboards, achievement, competition etc. The most common example of gamification is the use of leaderboards, points, and badges in online platforms, such as social media, gaming tournaments, and mobile apps. Another example of gamification is the use of quizzes, puzzles, and challenges in educational and training events. It can work instantly to make these things in any event. Gamified educational events can increase students IQ and enrich their knowledge. Gamification can also be used to maintain body health and lifestyles, such as exercise, diet, and sleep. There are so many mobile apps created for maintaining our health via gamefication.

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Cybersecurity is a program of protecting computer systems, networks, and sensitive information from unauthorized access, theft, damage, or disruption. Cybersecurity measures can include software, hardware, and security protocols that work together to ensure the safety and integrity of digital systems. By this, the computer can be saved from being hacked. There are several other factors that always work to keep a network secure. The main goal of Cybersecurity is to protect personal data, digital funds by keeping computers and networks safe.

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Today's world economy is becoming FinTech dependent. People's lives are now moving at a faster pace than ever before. Computer engineers are constantly working to advance FinTech. It can be assumed that in the near future every financial company will be under the purview of FinTech. I hope you will benefit from this article. If you want to know anything from me, please submit your necessary questions in the comment box. I will try to answer your questions as best as possible. Thanks for reading my post for so long. Don't forget to let me know what kind of post you expect from me. Thanks everyone, goodbye.

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