Customers can therefore afford smart cell phones, watches and other alltime connected gadgets and by using those can access their bank accounts, avail financial services and advice, and make payments anytime from anywhere. Most importantly, they can decide to switch their service providers as easily as their mobile phone SIMs.
Third, Fintech companies who are small start-ups are using technology to challenge banks in providing innovative financial services like digital nano credit, crowd funding, peer to peer lending, online payments and financial advisory services with enhanced customer experience and in a more cost effective manner.