The Long-lasting Technological Impacts on the Fintech Sector

Technologies are advancing every day, and diverse technologies are helping us sort out different alarming issues. And when it comes to the financial landscape, FinTech is creating a revolution. FinTech ( the abbreviation of Financial Technology) is an industry that uses advanced technologies with the aim to improve financial activities.

Traditional financial issues, including the longer payment, safety problems, and inconvenience at the time of payment, FinTech gets success in resolving all these problems quickly. This technology makes it possible in different ways. Some worth mentioning is creating alternative payment channels, revolutionizing mobile payment options, easy partnering with banks, and so on. Explore this next-gen technology and our contribution to the FinTech development field in the following part.

Get an Insight into The FinTech World

Fintech could be described as an umbrella term that includes all software, mobile apps, and different technologies that have helped in the automation and improvement of traditional finances. From simple mobile payment to the complex blockchain, all are parts of this sector. FinTech is a big world that includes different things. In this blog, we’ll highlight the four key areas of this vast world: digital lending, payments, blockchain, and digital wealth management.

Four Key Areas of Fintech

Digital Lending- Digital lending is one of the fastest growing areas in FinTech. The digital lending process uses futuristic technologies to provide easier loans and credit-getting options. This process helps to come out of the difficulties associated with the traditional lending processes. Unlike it, it offers approval, payment, or repayment options.

Payments– As said before, FinTech has made payment faster and more convenient. Availability of different FinTech software or apps assures payments within seconds, creating zero difficulties. You may take different money payment apps, for instance.

Blockchain– Blockchain has helped in assuring safety at the time of money transactions. P2P peer network manages blockchain, and this digital ledger technology shares a secured link with cryptography. There’s no need to consult traditional financial providers to be sure of safe payments.

Digital Wealth Management– Digital wealth management process uses digital tools that improve the performance of digital assets. Making the proper use of digital wealth management platforms maintains total ownership of the client relationship lessening the requirements of any third-party automated providers.

Impact of FinTech on the Economy

The influence of FinTech on the world economy is long-lasting and worth mentioning. Ways how this technology is influencing the FinTech world include:

Creating flexible systems is the need of modern investors or stakeholders. FinTech makes this happen through proper and relevant data management.

Besides, FinTech contributes to the economy by breaking technological barriers. Only an active bank account with sufficient balance and a smartphone is enough now to make purchases.

Complex payment systems left an adverse impact on the economy. FinTech has sorted out this issue successfully.
Currency is not limited to centralized currencies anymore. Decentralized currencies are getting introduced and benefitting the economy. Some benefits of these currencies are fewer chances of failure, better data reconciliation, creating economic stability, overcoming boundaries, and so on.

How Technologies Impacted the Fintech Sector

Technological impacts in this sector are undeniable, and various next-gen technologies created an impact in this field. Listed are the notable of them.

Artificial Intelligence Makes Automation Easier

As per the estimations, AI has a chance of generating$1 trillion in additional value in the global banking sector. Financial institutes and banks are embracing this technology rapidly. In the future, ML-based identification and automatic financial discovery will get more importance, improving financial modeling. Graph computing or knowledge graphs also get enhanced popularity.

They have the capacity to help in association building and pattern identification across different financial networks, which will increase their implementations in the upcoming years. However, to make the best use of it systematic deployment is needed. Some “ AI-first” banks have done it successfully. These banks created a superb automated system and replaced human decisions using advanced diagnostics.

Blockchain Provides a Better Synchronization and Safety

A brief discussion has already been done on this crucial Fintech area and

technology. Blockchain has already played a prominent role in this sector. This DLT, or the distributed ledger technology shares and synchronizes data across different devices. Some of the best blockchain applications that impact FinTech are real-time, transaction settlements, an improved authentication

ecosystem, support for digital assets, and, decentralized finance. Among these three, decentralized finance, or DeFi is a revolutionary one.

A Few Words about Decentralized Finance or DeFi

Decentralized finance lessens the dependence on the intermediates like exchanges or brokers. It uses deterministic smart contracts to offer convenient fund transfers. Other benefits this system provides are:

Eliminate the risks associated with counterplay
Real-time transparency
Improved market efficiency,
Enhanced transparency
Automate execution by using programmable smart contracts
Web 3. 0 assets provide control over personal data and assets.

Cloud Computing Adds Simplicity

Agile technologies like cloud computing help in simplifying organizational processes. Also, other benefits cloud computing provides are better agility, cost-effectiveness ( pay-as-per-use saves cost), best security using intrusion detection, data security, endpoint security, tokenization, VPN, and so on. Also, cloud computing enables users to enjoy flexibility and easy data access options are there as well.

How TE contributes to the Fintech World

Techno Exponent, the Times leading IT company 2022, has left an impact in the FinTech sector by building two amazing Fintech Apps, Opthy and Collins NFT. Both these feature-enriched apps have already become the favorite of users. Our dedication, hard work, and exceptional skills of our developers have got reflected in these two next-gen apps. Check out some information on them from these lines.

Know about Opthy- An Outstanding Coin Swapping App Created by Us

Opthy provides easy coin swapping options and is a top FinTech app. Users can play two types of roles, including liquidity provider and swapper. It is possible for anyone to create an opthy using this app. The fixed rate is provided and after releasing the opthy, one can become a liquidity provider. You can sell in full ownership and easily buyable content is also there. Get more details about it from this part.

Frontend Technology We Used

Graphql Code Generator
Graphql
React JS 18
Typescript
Infura
Material UI

Advanced react hooks

SWR- SWR is a React Hooks library for data fetching. SWR, components will get a stream of data updates constantly and automatically. And the UI will be always fast and reactive. for data fetching.

Wagmi- Wagmi is a collection of React Hooks containing everything you need to start working with Ethereum. Wagmi makes it easy to “Connect Wallet,” display ENS and balance information, sign messages, interact with contracts, and much more — all with caching, request deduplication, and persistence.

Backend Technology

Solidity
Hardhat ( test deployment)
Graphql

Features

Basic features

Theme- dark and light ( will depend on the machine theme)
Lazy loading- for faster page load
Loading screen before page load
Redirect 404 Page, if page is not found

Opthy features

Login with metamask, wallet connect, coinbase wallet
Two roles of users- liquidity provider and swapper
Any user can create an opthy with an expiry date
After creating an opthy he or she will become a liquidity provider.
All created opthy will be listed in the marketplace.
Swapper can swap the opthy until it will expire.
Liquidity provider can relist their opthy in buyable marketplaces.
Liquidity provider can edit their relisted opthy
Liquidity provider can see their own created contracts
Liquidity provider can reclaim their contracts after the expiry
Swapper or liquidity providers will be able to see the contract history
Liquidity providers can buy a contract need to make sure
ERC 20 token- ERC-20 is the technical standard for fungible tokens created using the Ethereum blockchain. A fungible token is one that is interchangeable with another token.

Collins NFT

About Collins NFT:

It is a customized NFT (non-fungible token) platform through which a seller can mint tokens(ERC-721 standard) in MATIC blockchain network for their product and share that product link on any platform or website or they can use NFC tag to tap and access specific product and buy. Buyers can purchase those tokens from a variety of websites using our Collins NFT platform by paying the value of that product. Also, we have some external REST API support for the NFT platform.

Backend Technology We Used

Solidity
Truffle ( test deployment).
Infura(MATIC RPC node access).
Alchemy(MATIC RPC node access).
POKT(MATIC RPC node access).
Web3.
Skynet(decentralised cloud for uploading files).
NFT storage( IPFS file system for applying content addressing).
Openzeppelin (A library for secure smart contract development).
Meteor deployment service for secure build and Devops.

Assert(for test-driven approach of the smart contract).

Frontend tools:

React Js.
Web3.
Etharium.
Metamask.
Skynet(decentralised cloud for uploading files).
NFT storage( IPFS file system for applying content addressing).

Features

Frontend:

Every user can customize their personal web pages.
Lazy loading- for faster page load.
Loading screen before page load.
Redirect 404 Page, if page is not found.
We have multistage from with capability of saving steps in each section.
Authorised routes are protected with JSON web-token.

Backend:

User can log in with OTP so no need to remember the password.
OTP based Authentication for payment transfer to self-account.
User can change their mail by verifying with current mail OTP.
Buyer can add product at no cost because it’s not directly added to the blockchain. When someone buys that product immediately that is added to the blockchain.
During buying token users need to complete metamask onboarding and then they can go for the buy.
Here every user can be a buyer and seller.
After buying one product user need to approve that product to resell and it’s a secure approval from the same blockchain network smartcontract will handle that.
For approving one token or adding token to user’s metamask account, we are using metamask hooks.
Buyers can also resell the product easily so it’s a simple customizable marketplace.
All the transactions are happening with secure smart contract and metamask web APIs so no chance to escape the contract rule for a transaction.
One transaction can contain in a standard blockchain network so everyone can verify the transaction with the known public key.
ERC 721 token is a non-fungible token(NFT) standard and easy to transfer and store data.

Final Words

Our success proves our excellence. Get in touch with us, if you also want to invest in a profitable FinTech development project. We are here to help you by providing the required assistance per your specific needs.