The storm in the teacup phenomenon:
Can you believe that till recently, I had never cared to open a savings account with a bank only because I thought the process of going to the bank for opening one and then hitherto every time that I wanted to withdraw or deposit cash was so cumbersome that the already busy me could do away with the extra hassles than be safe with the money!
I have had a risk in the house for years without realizing:
Money, big or small is a risk all the same and if even I think it is a hassle to rush to banking institutions, imagine the kind of dilemma the business houses would be in running to the banks in and out ten times in a day!
But things have changed and for the better!
Today, if you ask me why I have actually planned to stash my money in the bank account it is only because online transfers and mobile wallets make it easier for me to travel cashless and also carry enough money on myself. I do not even have to rush to places to get my passbooks updated. I rather check my bank balance online while I am only waiting for the curry to cook or waiting to catch a cab. And oh yes, I can even pay the cab even without removing a single penny physically via online payment obviously!
The best time for startups apparently!
Forbes list of startups talks majorly about eighty percent of the businesses that were crowd-funded. Now, what is that? Traditionally, a businessman wanting to start his own setup would be required to make at least two hundred visits to his bank to be able to pass the process of applying and being granted loans. But today, with the power of crowdsourcing, it is possible and very well to moot an idea on the internet and receive funds from investors across the globe that have only heard about the big idea and apparently are ready to invest in your big thing without even having seen you!
That is the power of the internet and the power of Fintech for you!
Transferring money to and from business entities and parties now becomes cheaper and far easier than what was before ever. Mobile transfers through various mobile applications enable transfers in real time which is a boon for small and medium businesses. Such business is neither cash-strapped nor have to waste time and energy running to the bank and other transfer institutions trying to transfer small sums of money. Truly, Fintech has revolutionized the business world today and how!