Fintech Industry<\/b><\/p>\n
Financial Technology (Fintech) is the technology that aims at bringing new innovation is the financial methods. Fintech industry aims at bringing new ways to assist the businesses in making their financial and business management processes more advanced, automated and smart. To sum up you can say that fintech is the perfect example of a hybrid business model (a combination of Artificial intelligence and Human Intelligence).<\/span><\/p>\n
Fintech based businesses are gaining a higher share in the financial industry. Banks and financial institutions are inducing fintech solutions to their business models. Recent pwc report showed that global investments in fintech will exceed $150 bn in the next 3 to 5 months. Fintech businesses are picking up hike in the world. This survey also declared that fintech will most probably affect the consumer banking, fund transfer and asset management part of the financial sector.\u00a0<\/span><\/p>\n
What must be a part of fintech business model<\/b><\/p>\n
Follow the regulations:<\/b><\/p>\n
Regulatory compliance is a vital part of the fintech industry. If you want to stay in business for long and do not want to indulge in legal problems then your business must be following the General Data Protection Regulations (GDPR)\u00a0 regulations and compliances being practiced in your region.<\/span><\/p>\n
KYC and AML compliances:\u00a0<\/strong><\/p>\n
Know Your Customer (KYC) and Anti Money Laundering (AML) compliances must be followed. <\/span>ID verification services<\/b><\/a> are used by many businesses. These service providers filter the customer base of the companies and help them mitigate the risk of managing the assets of blacklisted people (fraudster, money launderers, identity thieves) from any part of the world.<\/span><\/p>\n