At present, the various benefits of fintech are starting to be widely felt in society. Moreover, the number of fintech companies in Indonesia is increasing day by day. Each fintech generally has advantages and disadvantages that users must learn more about.
There are still some people who do not understand what fintech is and what the benefits of fintech for consumers are, which makes it difficult for them to choose and use the fintech.
Before knowing more about the benefits of fintech for consumers, it is important to know what fintech is. Fintech itself stands for Financial Technology, the application of technology for financial service providers.
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The existence of this financial service has been proven to provide many benefits for its users. Moreover, it is supported by internet network technology and smartphone technology that helps most fintechs to provide optimal services.
Thanks to fintech, various financial activities from payments to funding can proceed more easily. Not only that, fintech also provides better implementation in the financial sector. Thus, people can carry out various kinds of financial activities more quickly.
From the explanation above, it turns out that there are quite a lot of benefits of fintech for today’s modern society. The following are the benefits of financial technology in detail for you to know:
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1. Increasing Financial Inclusion in the Country
The biggest benefit of fintech is that it can help increase financial inclusion in Indonesia. Fintech indirectly becomes a financial accelerator in the country that will improve the course of financial transactions.
This is good news for the financial sector in Indonesia. With the increase in financial inclusion, the national economy will also automatically increase. It will help to improve the welfare of the people in the country.
2. Helping Business People Get Business Capital
The next benefit of fintech for modern society, especially for entrepreneurs, is helping them to get business capital. By using fintech, getting the needed funding becomes more effective and efficient. It is also easier to find the potential investors needed.
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3. Providing Ease of Financial Service
Benefit of fintech (source: freepik).
Various kinds of financial services will be faster and easier thanks to the presence of fintech. This is one of the benefits of fintech for consumers in Indonesia, where financial activities such as payments can proceed more quickly.
4. Adding Reference Loans with Low Interest
There are many more benefits of fintech in banking industry, namely to provide additional wider loan references for consumers, especially for entrepreneurs who at any time need loan funds to improve the business they run.
Thanks to fintech, the options for getting a loan will be more diverse, each with its advantages and disadvantages. Not only that, low interest will certainly benefit the businessmen and, as a result, it will be easier to pay the loan until it is paid off.
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5. Supporting a Better Standard of Living in a Better Society
As stated earlier, one of the advantages of fintech is to helps provide a better standard of living for the community. The higher the financial activity, the more the economy will improve. It helps the community to get a better welfare and economic level. Therefore, the existence of fintech is quite important in supporting a more prosperous society.
6. Save Operational Costs
Generally, fintech provides lower fees compared to other types of conventional financial services. This is also seen as a positive benefit of fintech for consumers. That way, the operational costs that must be incurred by users or the community become smaller and help to save better.
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7. The flexibility of Financial Activity
The next advantage of fintech for modern society is to help provide flexibility in financial activities. Previously, all financial activities were carried out offline, and now they can be done online. This means that people can carry out financial activities from anywhere and anytime without restrictions, thus providing flexibility for every community who needs to carry out certain financial activities.
Those are the benefits of fintech for society. With this explanation about what the advantages of fintech are, hopefully many people will become more aware of the benefits of using fintech and people don’t have to hesitate to use fintech if they feel they need it.
