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Fintech (Financial Technology), by definition, is the new financial industry that uses technology to improve financial services. Competing with traditional financial services with their technological power, fintechs act with the philosophy of facilitating the lives of their customers all over the world. Fintechs, which were seen as the more technological version of traditional financial services in their early periods, have an impact far beyond the estimations at the point reached today. The investments made by fintech startups, which expand their sphere of influence with the spread of internet and mobile applications all over the world, prove this situation. Fintech startups, which received $ 22.5 billion in 2017 worldwide, received $ 57.9 billion in the first half of 2018 alone.

Here are the examples where we can explain the difference between fintechs and traditional financial services in the simplest way:

In the past, to open a bank account, you had to go to a bank branch with many documents. Fintechs, on the other hand, allow you to do this process via mobile application wherever you are. At the same time, with an innovation brought to our lives by fintechs, you can turn your smartphone into a "digital wallet" and spend the money in your account as you wish. All these examples are just some of the areas where fintechs make our lives easier.

The following outputs in the Deloitte report recently published on the finance industry also reveal the values ​​that fintechs add to the lives of their customers:

“Today, customers expect financial institutions to enable a seamless digital onboarding process, fast loan approvals and free money transfers. In short, they demand all the innovations that fintechs bring to their lives from financial institutions. Although we cannot say that Fintechs dominate the market in today's conditions, we can easily say that they create value in the lives of consumers and have a very strong position."

We can examine the values ​​that Fintech adds to the lives of its users under the following headings:

Practicality: Fintechs offer their solutions to their users in digital environments. This naturally adds convenience and speed to the lives of its users.

Price Advantage: Fintech organizations do not need to spend on branch networks and similar physical structures. For this reason, fintechs have price advantages over traditional financial services at many points.

More Service Options: Fintechs, which can provide services to their customers regardless of their location, are therefore more diverse than traditional financial services.

A Personalized Experience: The technological possibilities of Fintechs enable these organizations to collect more information about their customers through various channels and to use this information effectively. For this reason, fintech organizations can offer a more personalized service to their customers.

Artificial intelligence will undoubtedly have a very important share in the development of Fintechs and the points where it will evolve in the upcoming period. The intensive work carried out by fintechs aiming to provide a better service to their customers with artificial intelligence-based technologies is a proof of this situation. The main points that artificial intelligence can affect the fintech industry are:

More Accurate Decision Processes: A data-oriented artificial intelligence system will help fintechs to decide on the right customers they want to work with, and decision processes will result in a much easier way.

Chatbot Technology: If artificial intelligence is mentioned somewhere, you can definitely see chatbot technology there. 🙂 Chatbots will enable fintechs to offer much better support to their customers in the upcoming period.

Superior Fraud Prevention Systems: Detection of fraud transactions can be done much more easily with the development of artificial intelligence and possible revenue losses can be prevented. Frauctive, an artificial intelligence-based fraud prevention system developed by iyzico engineers, is a product of this technology.

When we analyze the data we have, it is not difficult to predict that the financial sector will experience radical changes in the near future. Changing consumer behavior with increasing internet usage and mobility around the world is the mainstay of fintechs. Let's wait and see what will happen as a result of the great transformation in the financial sector.

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