In less than a decade, Fintech companies have mushroomed rapidly across the country, tackling many of the financial industry’s long-standing concerns like lack of credit access, customer service, and complicated electronic payment methods through innovative solutions.
Pramod Kathuria, Founder and CEO, Easiloan, says, “As a result, consumers now have access to a variety of innovative and intriguing services outside of traditional offers, providing them with greater value than ever before.”
Customers no longer need to make multiple physical visits to the banks or wait for several days for transactions to be processed. They can do it from the comfort of their homes.
Furthermore, experts say, people have started recognizing the value of using digital platforms to manage their finances.
Here’s how you can take the help of Fintech companies in becoming better financial planners:
Get help in planning your finances
Planning is the most fundamental aspect of financial management. Several fintech companies, experts say, are already employing technology to devise innovative solutions to financial challenges, easing the pressure on customers.
Kathuria points out, “The use of technology to make the planning process more enjoyable and straightforward is progressively changing the paradigm. With this, customers can now benefit from help in developing good financial habits.”
Get assistance in tracking your expenses effortlessly and effectively
Another crucial element of financial planning and management is budgeting. With the advent of budgeting apps, experts say monitoring spending and setting budgets has never been easier or more efficient than it is now. Data states, a mobile budgeting app is, in fact, one of the most widely utilized Fintech products to date.
Kathuria explains, “Be it for personal or corporate use, budgeting apps allow anyone to effortlessly and effectively track their expenses, income, and other financial transactions. These apps have entirely changed the way people used to carry out their financial transactions. This not only saves money for the customer, but it also saves time and effort.”
Simplify your investments
Investing in the right products and financial services is one of the most critical steps toward establishing a solid foundation of financial literacy among investors.
Kathuria points out, “There are often numerous questions that spring to mind when it comes to investing. As a result, various Fintech companies are educating people on making informed investment decisions utilizing a more straightforward technological approach and innovative activity concepts.”
Furthermore, many digital lending platforms have also simplified the process of lending with personal loans possible within 10 minutes and now even getting a home loan in a matter of few days. Especially in home loans, experts say some platforms have brought in lower turnaround times, helping borrowers secure home loans efficiently.
Conclusion
The rise of the Fintech sector is revolutionizing financial services and empowering individuals to take charge of their financial decisions for the better by encouraging financial literacy.
“Fintech platforms in the country are increasingly concentrating on the country’s unbanked population, which has the most difficulty comprehending fundamental financial products and how they work. Overall, cutting-edge technology used has made basic financial concepts as well as any kind of digital financial transaction more accessible and stress-free,” explains Kathuria.