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Oct 5, 2020 4:39 PM ET

B2C Fintech – how banking and FX are leading it

iCrowd Newswire - Oct 5, 2020

Financial technology is one of the fastest-growing industries on the market, it is frequently referred to simply as fintech and it is a force that has the potential of changing different industries and creating something more safe, secure, and helpful. Many fields started using fintech from very early on, while some decided to wait for further developments.

The technology was created to optimize the financial services and banking industry as a whole, there are many fields that use this technology, such as banking, insurance, personal finance, Forex, electronic payments, and many others.

Top two fields that most actively use this technology are the Forex trading and the banking industry. B2C Fintech means business-to-consumer fintech, which is very much dominated by the Forex trading and banking sector.

We had a conversation with the representative of, Jon Stevens, who told us that the technology is changing the market forever. “B2C Fintech is something that gives FX brokers the ability to make sure that the payments are made a lot more securely, safely, and privately than ever before,” said Stevens with us.

What is Fintech and why is it important?

Fintech is a very important development for the whole world, it was created to help companies better manage their financial operations. This has the potential of making everything a lot easier, safer, and more secure than ever before.

Generally, one can use this term to apply to any type of innovation that is used by people to make transactions easier. However, because the fast pace that the technology grew at, now fintech describes a huge variety of technological advancements into personal and commercial finance.

It generally includes money transfers, applying for credits, raising money for businesses, etc. Fintech’s biggest advantage is the fact that it can be used in any field where money is needed. It is being very actively adopted, however, Forex and banking sectors seem to be the ones that take the most advantage of it.

When it comes to fintech users, they can be divided into four different categories, B2B for banks, B2B for the business clients, B2C for small businesses, and B2C for consumers.

How is it used in Forex trading?

Forex trading is not anything new, it has been around for a long time now and many people love and appreciate it. However, with the help of fintech, it has changed a lot in the past few years. As of today, Forex is accessible for everyone and it is a way for many to make some extra money. However, before new technology, it was very hard to get access to Forex trading markets. Only large financial institutions were the ones who had access to it, but today, anyone can invest in Forex.

The development of Forex was ensured by the internet connection and basic resources available on computers. In addition to the internet and technology, development of payment methods made Forex more accessible for everyone.

What is the future of fintech?

Fintech has been developing at a very fast pace, however, there still is a very long way to go. Fintech is changing everyday lives of humans, it is making it very easy for everyone to trade, bank, exchange the money, and to a lot more without needing to go to the actual bank and have a human contact.

However, there are some things that need to be worked on. For example, the regulatory framework of it is not that well-developed and many people have a very hard time understanding it. However, recent developments have shown that most of the countries are working very hard to come up with new ways to ensure that fintech has a very successful and good future.

This technology has already changed the way we do a lot of things, and it has a potential of doing even more.


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