FinTech Thrown its Glove to Classic Banks

FinTech is entering almost every industry on the market. Information and payment security, market share, and margins are the main categories FinTech is improving. Modern technology is allowing 24/7 access to services through platforms, applications, and social media. In addition, traditional banks expect a high percentage rate of bank users who will have their mobile apps.

FinTech High Efficiency

FinTech companies that are providing payment platforms are on the rise. Statistics show that an estimated number of 1,31 billion people will use mobile payment methods. FinTech has many benefits in front of traditional banks. In the first place is a wide range of different platforms that you can use. In addition to that, accessibility at any hour and from any site is a great advantage. Platforms allow you to use it at any moment via your smart devices. These types of online payment services provide you easy solutions for online shopping, streaming and gaming services. It’s also making them safer. They implement different security measures, so if you go to any Canadian online casino real money website, it will prompt you with in-app approval when you make any payments. Igaming and gaming FinTechs are probably one of the reasons why everything is evolving so fast.

FinTech Security and Cost-effectiveness

Payment services use cryptography and blockchains to provide the highest security levels for money located on their platforms. In addition to that, platforms are providing increased transparency to their users. At any moment, users can use their user account on a given platform and manage their money, shares, and other valuables that the platform got used for in this case. Online payment services have meagre usage costs. If users want to send or receive the money, they can do it with small or no fees. Currency exchange and making invoices, payment links, and monthly reports have low prices if any.

Traditional Banks

Banks are trying to keep up with online payment services. Almost all bigger banks have applications, web platforms, and virtual assistants available to customers during working hours. Traditional banks make a visible effort, and their services are now far better than five years ago. But you still have to visit the bank at the location for some services. If you want to make a new card, pick it up, open an account or get a loan, you need to visit it. A considerable disadvantage lies in high fees. Traditional banks earn various fees they have depending on their services. Nevertheless, we still need to use traditional banks, especially entrepreneurs. If you want to run a business, you need to have various accounts in the bank that is in your country.

We cannot bypass traditional banks, but we can use the most cost-effective ones and provide the best online services. In addition to that, find an online platform, combine it with a traditional bank – get the best from both worlds. Find a bank that perfectly fits your needs and an online payment platform that will provide you best service.