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Sandra N.

Marketing Assistant
2 April, 2019

What is FinTech and why the world needs it

What is FinTech and why the world needs it

FinTech has been a popular term used frequently in all aspects of finance. As new technologies emerge, people have tried to incorporate them in the traditional financial procedures in order to improve them. Even though FinTech is a buzzword, there still needs to be more understanding of what FinTech is and how it improves the financial world.

What is FinTech?

FinTech (short for “Financial Technology”) is a term frequently used to describe new technologies utilized to improve financial services. This emerging industry looks to challenge the traditional payments industry in order to fix the shortcomings and get the most benefits by using the latest technologies.

How does FinTech fit into banking?

FinTech has transformed the banking as we know it today. Previously, it was used to fix long and repeating processes in the back office. Today, every digital transaction in finance is enabled through FinTech. Most innovative technologies are used in order to make banking processes faster and more efficient.

What’s different?

Omni-channel banking solutions are taking over the market. An increasing number of banks are reducing the number of their brick-and-mortar branches, and turning more to digital solutions. Through FinTech, banks tend to provide solutions across all digital channels.

Blockchain has become a common term all over the world. As cryptocurrencies rise, blockchain technology becomes more and more integrated into different banking processes. The main advantage of using blockchain in finance is complete transparency. This results in increased trust in the financial system.

Consumer preferences are leaning towards solutions shaped for their needs. One-size-fits-all offers are not appealing to consumers anymore. Instead, they are looking to get a tailor-made solution, using only what they need and want. Client-focused banking is the key to client retention.

What Zero21 has to offer?

Zero21 is a FinTech bank specially built for merchants. The latest technologies are used in order to revolutionize banking. Reliable platform and highest security standards make funds management more efficient.

Zero21 will enable issuing multiple IBAN accounts to merchants, who can then assign an IBAN to each of the clients. This way, the reconciliation process will be significantly easier.

Through an easy-to-use interface, clients can easily process SEPA Direct Debit and SEPA Credit Transfer, no matter where they are located. No European entity is needed in order to reach European consumers. The solution is straightforward, easy to use, and light on the system resources.

Merchants from all over the world benefit from a fully digital onboarding process. No paperwork, no delays, no hassle. Opening a bank account has never been easier!