How is Fintech determining the future of the financial sector?

A compilation of our Quora answers related to Fintech

Fintech caters to multiple sectors and industries like education, retail and business banking, investment management, agriculture, dairy, small businesses, and so on.

Fintech- a booming industry solving SME challenges

The SME sector contributes significantly to the economy of India. Despite being a strong contributor in India’s business ecosystem, the small businesses hardly get access to technology and capital, work in silos and their potential remains untapped.

The SME businesses can now manage data, payments, collections reconciliations automatically and get access to easy capital as they embrace technology through Fintech.

How has fintech impacted the financial sector?

The traditional financial institutions can improve customer loyalty base, can understand customer demands, and can offer a wide range of financial products like insurances, loans, savings, and many more over the digital platform provided by fintech.

To understand more on how fintech determines the future of the financial sector, see what Hylobiz speaks on Quora as we bring to you some of our Fintech-related answers.

Quora questions answered by Hylobiz

A. What do you think of Fintech as future banking

Few impressions from what we answered.

Fintech

  1. has brought in digital innovation

2. is driving digital adoption

3. is helping banks with advanced technology, cost reduction, and support in better customer relationships. Fintech and banks will continue to work in collaboration

4. has simplified finance for people, businesses

The partnership between fintech and banks

  1. is the future of the financial sector

2. can enhance customer experience

3. enhance trust in the banking system

TO read on quora: https://qr.ae/pGq7pO

B. Has banking become easier with the rise in the number of fintech startups?

Advanced technology and automation provided by Fintech coupled with the expertise of traditional banks have made banking easier, faster, and more accessible.

TO read on quora: https://qr.ae/pGq7Tu

C. What do banks get out partnering with fintech startups?

Bank (or any financial institution) and fintech partnerships

1. help banks/NBFCs to offer more features to their customers in less time

2. lead to innovation and launch of new products like pre-approved credit cards, Bill discounting, corporate cards, online credit assessment

3. help financial institutions to generate more income streams

4. help the financial institutions to tap the unbanked customers

5. can build a better customer experience

6. can ensure cost reduction

TO read on quora: https://qr.ae/pGq7pX

Suggested read to learn about more benefits: https://hylo.biz/should-banks-and-erps-tie-up-with-fintech-to-improve-services-to-their-sme-business-customers/

D. Are there examples of banks collaborating with fintech startups?

International partnerships

1. HSBC and Tradeshift partnered to automate supply chain invoice payments

2. Atom partners funding circle to lend small businesses

3. Kabbage and Scotia bank partnership to provide loans to small businesses

Indian Bank-fintech partnerships

1. Bank of Baroda and U-GRO Capital to disburse loans to MSMEs.

2. State Bank of Mauritius India with Lendingkart to offer working capital loans to MSMEs

3. HDFC and Paytm offers financial solutions to small businesses

4. Federal bank and Cred Avenue partnership supports portfolio management of its securitization bank

TO read on quora: https://qr.ae/pGq7Ip

Suggested read to know about more partnerships: https://hylo.biz/how-bank-and-fintech-partnerships-work-in-2021/

Hylobiz in association with Bajaj finance and Neogrowth Credit Pvt Ltd offers working capital loans, with HDFC offers credit through preapproved SME credit cards, in partnership with Kotak offers eKYC and digital account opening and with Yes bank offers connected banking services. Avail loans from Bajaj Finserv

Banks/ NBFCs are invited to partner with us. Visit: https://hylo.biz/offerings-banks/

Hylobiz revamps the financial sector and boosts SME businesses

Hylobiz is a secured ISO 27001:2013 certified Fintech in alliance with multiple banks and ERPs solving all the SME challenges and contributing to the development of a well-knit B2B segment. Financial institutions can offer their wide range of products like loans, pre-approved SME credit cards, insurances, savings, and investments through the financial marketplace feature on our web portal and mobile app.

Top features supporting SMEs and other businesses

  1. digital storefront

2. quick settlement and automated reconciliations

3. integrated payment gateway

4. business health score

5. real-time dashboard

6. automated reports

7. automated payments and collections

8. automated reminders

9. automated inventory and invoice management

10. access to loans

Hylobiz offers a free subscription for a lifetime, nil setup cost, zero cost of collection, and low transaction costs. Sign up

Interested? Contact us: support@hylo.biz

Read the blog originally published at : https://hylo.biz/how-is-fintech-determining-the-future-of-the-financial-sector/