So what exactly is FinTech?

The world is changing rapidly. It is very hard to follow new tendencies as well as to invent anything more mind-blowing than people already have these days. A human has proven himself as one of the smartest and most creative inhabitants of the planet. Taking this into account, is it possible to break the standards and implement the future in daily life today?

Definitely yes. FinTech or a beautifully sounding complexion of words “Finance” and “Technology” is an existing evidence of that. The phenomenon of FinTech is already common in the society, even though it may not be noticed. Daily habits are getting automated and it is already the first step to the future. FinTech takes a big part in this process. It is a way how financial services get more independent, futuristic and incredibly automated. Every person who has a credit card to buy even a regular ice cream in a shop is already a user of FinTech. There is no way back.

Going back in time or even talking to older generations, it is possible to see how things are transforming within every year. Elderly people cannot even follow the trends as they are so progressive. I will never forget the way a senior aged bus driver looked at me when I used the Apple Pay function to pay for the ticket with my phone. He was surprised, maybe scared, but at the same time amazed. I bet the driver was not notified about this kind of money transaction around that time or maybe he had not seen it in practice yet. This made me realize that youngsters do not even think about this kind of future orientated implementation. It already seems so obvious and needed.

Baltic states are pretty impressive in this industry. Even Latvia has plenty of successful FinTech startups. They already take part in the market share and beat the records. According to a Forbes article, ”Sun Finances” which was set up by a Latvian has expanded to 7 countries and employs 750 people. The founder Toms Jurjevs and his FinTech business is a wonderful example of how financial technologies correlate with a person's ambitions. It also gives society an insight on how the future is going to look like. Or another startup from the Baltics called “Jeff App” is already taking over the Asian market and has big plans to accept many challenges in order to grow. The article provides hope that even small countries can be giants in such a specific field of business.

Loaning and other financial systems are getting more modernized in the way of quality and becoming more client-orientated. These two factors could be a key to success. The expansion of FinTech is going to make a big noise and take all the possible regions around it. Humanity just waits for it, observes the rapid development and enjoys the feeling of modernization. 

The article was created in cooperation with the #futurecreators program implemented in the incubator, the author of the article: Anastasija Babarikina