Advantages And Disadvantages Of Fintech

In this system security parameters were embedded to ensure that credit card numbers are replaced with other numbers termed First Virtual Personal Identification Number. A person’s account was not charged till e-mail verification was obtained from the person confirming the purchase.

Understanding the usage of internet banking might be difficult for a beginner at the first go. Though there are some sites which offer a demo on how to access online accounts, but not all banks offer this facility. So, a person who is new, might face some difficulty.

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

Internet banking renders location and time irrelevant, and empowers customers with greater control of their accounts. Banks achieve cost and efficiency gains in a large number of operational areas. This paper addresses the aspects of reliability and accessibility from a banking enterprise point of view and puts forth present day solutions to problems involving these issues. An Indian perspective of Internet banking is also looked at in order to gaining a better perspective regarding the situation.

Financial technology is actually very prevalent in Canada. For instance, Toronto-Dominion Bank decided to enhance its cybersecurity by establishing an office in Tel Aviv to specifically focus on this issue (http://www.investmentexecutive.com/-/canadian-fintech-investment-steady-in-q3-kpmg). Moreover, according to John Armstrong, the National Industry Lead for Financial Services at KPMG Canada, “Canadian banks are proving to have the global mindset needed to ensure they are on top of future fintech opportunities.” (http://www.investmentexecutive.com/-/canadian-fintech-investment-steady-in-q3-kpmg) Futhermore, although the Financial Consumer Agency of Canada deems that financial techonology can not yet be fully trusted, it is still committed

In this essay I will be writing about Online Banking, its use, how it evolved, impacts and how it benefited the global businesses. In late 1980s, the term online banking became popular. But in 1990s, the financial institutions implemented the online banking services. Initially it took some time to adopt the customers to do monetary transactions through online banking. Afterwards, with increasing use of computers, internet and World Wide Web, banks introduced new form of banking called Online Banking. It is a service from a bank to perform banking transactions through internet. Transactions like paying bills, transferring funds, applications and payments over loans & mortgages, accounting statements viewing, viewing account’s transaction history, looking for products and services provided by banks, getting answers of queries instantly.

Among the ubiquitous names on the internet, PayPal falls in that category. It has expanded tremendously over a given period and continues to grow. With the expansion of internet businesses and the amount of transactions that are performed via the World Wide Web, PayPal is considered to be a major solution that one should not overlook when it comes to payment transactions (Balderas, 2011). A merger between Palm Pilot payment systems and X.com, PayPal was born in 1998 and has been making headlines ever since. PayPal has risen to a meteorically massive position by performing online payments. One thing that makes PayPal successful is because consumers and businesses continue to need the services. PayPal holds more than a hundred million active

By the mid 1990’s most of the major banks now offered online Bill Pay to all of its customers for a small monthly fee (6). By this time, online banking has begun to grow rapidly, along with the concerns for customer security. Like with many changing technologies, many customers of online banking become skeptical of how well the technology could protect them. With growing concerns from customers, banks began increasing their security with online accounts (7).

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

A step further from using internet and near field communication (NFC) for authentication, reliability and convenience using mobile UID’s. One such system platform is PayTM. Using PayTM ’s flexibility in using different modes of payments to highlight benefits of using such a common interfacing technology. Keeping that in mind, business model of PayTM as a reference a common digital wallet interface is a possibility for future use. Within the model the wallet stores the amount in currency units which is used to make payments/purchases online and offline. The amount is credited using the Credit, Debit card, fund transfer or Kiosk payments. Using wallet acts an extra layer for information security, ending need for a payment gateway during the actual transaction as the buffer memory of the mobile device itself stores the information which updates periodically as and when the device connects to the internet, matching transactions with online cloud server. With the wide array of options for connecting to the internet including public, dedicated wifi and data connection it is simple, affordable and much more achievable goal.

The global advent of electronic fund transfer was first marked in the 1950s when there began a major shift in focus of commercial banks to provide services for smaller businesses and individual consumers rather mainly big businesses or organisations.This major shift marked the beginning of "retail" and "full-service" banking.It was the enhanced and growing attractiveness of consumer deposits at a period of rising loan rates and a desire to be part of the

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

In 2009, that was a total of 16.2 billion dollars in fees. (Collins, 2011). Consumers are currently using their debit cards more and more, with many of them using the cards almost exclusively as their primary means of payment. Apple Pay is Apple Inc.’s way of getting in on some of those billions of dollars of moving money, as well as trying to provide a service that is potentially more secure than a debit card could ever be. The company 's mobile payment system works in the Passbook app on Apple 's iPhones and Apple Watches, which already allows consumers to store loyalty cards, coupons and airline tickets. Customers will now be able to store their credit card information in Passbook, then be able to touch or wave the phone or watch over a pay terminal in participating stores. The phone uses a near-field communications chip to broadcast through radio waves to the pay terminal all the necessary information to complete the transaction. (Hardekopf, 2014).

Technology has been advancing at a rapid pace to deliver robust, secure and convenient payments solutions. This enables rapid delivery of payment services to large sections of the population.