Previously, the financial services industry was using the wrong means to deal with money. However, today, though, small amount of Fintech startups are starting to change the overall concept. They are getting used to blockchain technology and ways they modify the market resources.
Apart from retail banking, there are many more sectors going through a transformation. One such company is BitPesa, basically a blockchain payments service provider in Kenya. This platform is using cryptocurrency bitcoin to offer international money transfers around Europe, Africa, and Asia. Elizabeth Rossiello, the founder at BitPesa says,
We’ve digitized a model which already existed. BitPesa is revolutionizing ancient but also highly opaque payment systems such as bokeh in Nigeria and hawala in Malawi, which were often seen as enabling money laundering and even terrorist finance.
Additionally, for the clients in retails, enhancement is just as dramatic. Monzo is helping their customers to track down their spending in real time. According to a head of design at Monzo, Hugo Cornejo says the users can integrate into the process to build in new features and services.
Another Fintech startup is Revolut, which now send user immediate notifications while spending money. They also send it including graphics depicting their expenditure type. Moreover, they offer a savings function. The users can also split bills with persons in contact.
The governments are also supporting the Fintech startups; credit goes to the open data initiative. This let bank to share their information if a user wants to access banking services via a single app. According to Imran Gulamhuseinwala, an implementation trustee working at Open Banking date holds value. Moreover, the data belongs to a customer rather than a financial institution.
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