FinTech has now become a part
of our lives. It has even shaped financial services in Indonesia and brought
them to the next level. Check out the details here.
These
days, the technology continues to grow and trigger the development of digital
business, especially e-commerce. These technological developments have an
impact on the business world, including increased
productivity, cost savings, business process simplification, better customer
service provision, business opportunities, and new jobs.
A flash of
FinTech development in the country
FinTech
(financial technology) is an innovation in financial services. With the
presence of FinTech, it is expected to make it easier for users to make
transactions, get loans, and so forth. FinTech concept itself began to become
popular in mid-2000 when the internet was used
as a medium that facilitated the access of financial data in the banking world.
FinTech
in Indonesia has developed in various financial affairs, such as payment,
financial planning, retail investment, lending, financing, financial research, rumination, and many more. Thus, how does
FinTech shape financial services in Indonesia today? The answer lies in the
following 5 ways.
5 ways on
how FinTech is shaping financial services especially in Indonesia
Thanks
to financial technology, financial services around the world, especially in
Indonesia are experiencing many innovations. Many can get the benefits, whether
groups, companies, or individuals. Here are 5
ways on how FinTech is shaping financial services especially in Indonesia.
1.
FinTech allows easier bill
payment
With FinTech, all financial transactions can be done easily,
securely, and on time with various payment methods (internet banking, credit
cards, e-money) and reminder features. You only need to use your device to
access it.
2.
Online personal finance arrangements
exist for FinTech
Today, there are applications like Doku that can help you
control the amount of spending by splitting them into two categories: spending
and savings (which can be deposited in a
user's time deposit or savings account). This app is perfect for you who love
online shopping.
3.
FinTech services are also available
as loan providing platforms
Loans for businesses are known only to be obtained through
banks and have to go through a complicated and exhausting process. Not so with
FinTech. FinTech provides easy accesses for borrowers. One of them is to make
loans online. That way, business owners only need to include the necessary
documents online.
Moreover, lending can be assessed on various aspects, not
just relying on the business credit value and the background of the business
owners. That way, many loans are approved within days or even within hours!
4.
Technology that facilitates
mass payment
As the extensive advertising networks and internet-based
businesses widespread, many companies rely heavily on partners and affiliates.
Hence, those companies require bulk payments. This
can be a complicated process because their partners are generally scattered
abroad, so transactions must adapt to all the rules and bureaucracies in those
countries.
With FinTech, this can be done easily, without any hassle.
Payments are made with guaranteed security, using the same rules as banks, even
also with anti-terrorist systems.
5.
Want to donate? FinTech also
simplifies the process
You are certainly familiar with apps like Kitabisa.com which
is an online crowdfunding platform in the
country that allows anyone to raise funds or conduct social campaigns openly. In
2016, the company raised about Rp60 billion from 3,000 social campaigns. Funds
collected from fundraising are not only channeled to the needy in the country but also abroad.
In
conclusion, it is proven that FinTech has
now become part of our lives and simplifies almost all of our financial
affairs. So, if there is an easy one, why still choose the difficult one?
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