Can you tell Fintech is a boon or bane?

Fintech, or financial technology, has revolutionized the way we manage, and access financial services says, Siddharth Mehta IL&FS, former director. 

Here are some ways in which Fintech is a boon:

  1. Accessibility: Fintech has made financial services more accessible than ever before. With digital platforms and mobile applications, people can easily manage their finances, transfer money, pay bills, and invest in financial markets from anywhere in the world. 
  2. Cost-Effective: Fintech platforms offer cost-effective financial services. For example, some digital banks offer lower transaction fees, higher interest rates on savings accounts, and even free ATM withdrawals. Moreover, Fintech platforms have lower operational costs than traditional banks, which allows them to offer better rates and fees to their customers.
  3. Financial Inclusion: Fintech has the potential to promote financial inclusion, especially for people who have limited access to traditional banking services. For example, digital wallets and mobile banking platforms can enable people in remote or underdeveloped areas to access financial services and participate in the global economy.
  4. Security: Fintech platforms use advanced security measures to protect customers' financial data and prevent fraud. For example, some Fintech companies use two-factor authentication, biometric identification, and encryption technologies to ensure the safety of their customers' accounts.

Overall, as per Siddharth Mehta IL&FS, former director, Fintech is a boon for the financial industry as it provides greater accessibility, cost-effectiveness, innovation, financial inclusion, and security.

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