Israeli lawyer Moshe Strugano Discuss About the Vast Appeal of Fintech
Since its introduction, the fast-paced world of Fintech (Financial technology) – the crossways of two dynamic industries– has irreversibly redefined, retransformed, and reshaped the globe of business. Big rise to a new era of investment, customer service, and digital innovation becomes a trend globally.
In recent years, many Fintech startup companies have connected new innovative technologies to provide financial services while evading the legacy cost structures and regulatory restriction of traditional banks. As a group, Fintech groups are now offering services covering several conventional business lines of retail and other banks, from credit cards and loans to payments, cross-border transfers, and digital currencies.
Israeli lawyer Moshe Strugano, an expert in the “formation of offshore companies" says, Fintech is ready to change the nature of financial transactions forever. In the next few years, we will see money change from the paper and plastic that we have today, into pure computer code. This will notice some of conventional banks and brokers’ primary streams of incomes removed, such as transfer fees and account management fees.
Globally, nowadays, the digital payments industry is in the area of profound change, triggered by many key factors. Primarily, when making payments, consumers today want omnichannel solutions, security, and value-added services, which provide more than just seamless convenience. Secondly, merchants, on their part, want minimum price payments and easy integration with value-added applications. Moreover, digital giants and new applicants are contesting for digital transactions and companies are shifting towards revenue sharing models. From a technology point of view, biometrics and tokenization are energizing a step change in security and convenience.
New advanced tools and digitization schemes are recreating the “art of the possible” in payments and ushering in a modern world of multiple wallets, “devices,” and sustaining infrastructure. In particular, they are making the payment process easier and rendering it invisible.
The vast demand for Fintechs lies in their capability to offer a differentiated business model, deliver an enhanced, personalized customer experience, and tap into the power of digital to guarantee end-to-end business value. Today, with all sorts of paths to navigate the digital space, banks and financial institutions are making wealth access simpler than ever. From completely mobile banks and payments to anti-money valet software, Fintech companies and their services are bringing banking into the digital age.