With the revolution in Fintech, traditional banking can be simplified

 Fintech, or financial technology, is swiftly changing the financial landscape and how financial services are provided to people and businesses. Financial technology, according to Siddharth Mehta, CIO of Bay Capital, refers to companies—often start-ups—that are disrupting the financial services sector and offer a range of financial services. Wealth and brokerage, lending and credit, and payments and transactions are the categories with the biggest concentrations of fintech businesses, according to KPMG's Fintech 100. 

Fintech is growing in other financial sectors as well, including blockchain, mortgages, and neo-banks. The products, services, and customer experiences of traditional banks and financial service providers are put to the test by digital native enterprises, who operate with or without a current banking license. Bay Capital's Siddharth Mehta added. 
For the banking sector, the growth of financial technology offers both advantages and disadvantages. According to Siddharth Mehta IL&FS, it offers ways to enhance the services that banks provide to their customers, with chatbots enhancing customer experience, mobile apps providing clients with a real-time view of their bank accounts, and machine learning securing against fraud. Fintech, on the other hand, is seriously threatening the long-term future of some of our most recognizable institutions by placing traditional banking and financial services under severe pressure from all directions. 

Fintech has made banking and financial services more accessible and simpler to use. Users can gain from automation by leveraging technology to expedite tasks that up to now require human management. While certain financial services still need advisors and algorithms, others, like loan or mortgage applications, may now be performed quickly and effectively online without the need for a human. Although this is great news for customers, it has a significant effect on the market's more seasoned rivals. 

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Before enterprises in the financial services sector (FS) and the technology, media, and telecommunications (TMT) sector (TMT) commonly travelled on the same roads, but not typically in each other's lanes. Yet, the lines between FS and TMT firms have already blurred to the point that once different sectors are colliding. According to Siddharth Mehta, a former director of IL&FS, many TMT companies are applying for FS licenses, and FS organizations have begun referring to themselves as technology corporations. Fintech is at the heart of this transformation.