What exactly is Fintech and what does it mean for the average person? Much more than we might think – the name refers to a company that, with the help of modern technologies, offers individuals an innovative replacement for standard banking services. If we want to explain to someone in a simple way what fintech is, we can say that it is a technology that solves a problem in the financial system or builds a new financial service / innovation. Artificial intelligence, social networks, machine learning, mobile applications, blockchain technology, cloud computing and Big Data analysis have created new services and business models for established financial institutions and new market participants. Various industries, including the casino industry, are leveraging the power of modern computing and trying to learn how they can benefit from it. For example, casinos will be able to use AI for more precise insight in comparison to traditional tools like Google Analytics, which will help websites like Rizk Canada gain better understanding of customers and their habits.

Development of fintech industry

The great influence of smartphones as well as Internet access has made a difference between developed and developing countries. China is the country that uses fintech services the most – with 69 percent of users in the entire population, followed by India with 52 percent. The reason for this is that these countries have never managed to develop a banking system / financial infrastructure / following the example of Western countries and this has opened the way for new solutions. In the use of fintech services, they are followed by the United Kingdom, Brazil, Australia, and in 20th place are Belgium and Luxembourg with 13 percent of users. The U.S. ranks in the middle with 33 percent of users, which is considered the average in fintech adoption. Blockchain, crypto currencies, stable coins, e-cash, smart contracts are terms that are increasingly appearing alongside the notion of fintech revolution and financial innovation, with the question of what will be their impact on our lives and business processes.

Evolution of new and competitive finance segment

In the global market, there are more and more fintech companies competing in innovative solutions that will provide various benefits to end users of financial services. Users of financial services have numerous benefits from the application of innovative technologies from the fintech industry. Financial institutions that can accept examples of innovative solutions relatively quickly will also enjoy the lasting loyalty of the users of their services. Financial institutions in cooperation with the fintech industry, in the coming period, should meet the needs of their customers at a better level, if they want to maintain their previously acquired trust. Investors still have divided feelings towards entrepreneurs offering funds transfer, especially since they are all quite different. The criteria by which they are currently shared are the time it takes for the money to be transferred after the default payment, the way it is delivered (directly or indirectly to the account) as well as the ease of use. Of course, they are still skeptical of those who did not bring the matter as easily as possible to the user, or in his palm in the form of a simple application. The simpler the thing, the greater the chance that it will spread to ‘ordinary’ people. To do this, more needs to be achieved, but also to convince users that by using the new services they will save in relation to the fact that they performed the same service in their bank.

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