To understand something, one must go to its core and look at it from there. To understand Fintech in its entirety, let us start with its name. Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
Broadly, the term “financial technology” can apply to any innovation in how people transact business, from the invention of digital money to double-entry bookkeeping. Since the internet revolution and the mobile internet/smartphone revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance.
The rise of fintech has made it increasingly possible for financial institutions and banks to offer digital services that are tailored to the needs of each and every customer. Advanced digital solutions that are flexible and secure are changing the way transactions are being made, and the driving force behind this is the world of Fintech.
For example, banking on the cloud allows organisations to innovate and quickly adapt to constantly changing market conditions. Cloud technology is secure and stable, yet nimble and flexible. Within hours, banks can reconfigure products and services to take into account new regulations or unexpected business requirements. In the long run, this not only cuts risk but also minimises any locked-in costs.
As competition between financial entities becomes more aggressive, they need agile solutions that will enable them to differentiate and adapt quickly. As a result, customers will have real choices for the first time – choices that will add value to their banking experience and even their lives. These agile solutions can be created, tested and facilitated by Kenya’s fast growing Fintech ecosystem.
As far as innovations, digital solutions, and quick adaptation goes, one name cannot be left out, that name is Altron. Altron combines technical expertise with in-depth customer understanding to provide highly differentiated technology solutions that are end-to-end, holistic and digitally transformed.
Founded in 1965, Altron has a direct presence in South Africa, rest of Africa, Europe, the Middle East and Australia. In addition, the group’s strategic partnerships with leading international technology companies gives it access to leading technology capabilities and products from across the world, including Asia, Europe and North America.
Altron has sponsored the fast approaching East Africa Fintech Summit, that is being hosted by CIO East Africa. It will be a virtual event that will unfold on May 20th and 21st. To be part of this revolution, join th summit to gain expert insight from practitioners, researchers, and vendors on the forces, services, and technologies driving the financial services industry transformation.