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What’s behind the hype about Fintech startups?

Information Technology has seen spectacular growth in the 21st century. The internet exploded from a mere six domains in 1985 to almost 10 million in 2000. And, rocketed to 366 million at the end of 2020. This incredible growth created opportunities and conveniences hitherto unknown to mankind.

The birth of e-commerce platforms like eBay and Amazon and the introduction of internet banking towards the end of the 20th century marked a major mindset shift for most people. Suddenly so many things could be done from the comfort of your favorite armchair.

The emergence of fintech startups

All of this, of course, created a need for payment mechanisms and means of securing the exchange of funds electronically. As people started to gain confidence in their online safety, the number of online transactions began to gain momentum. In turn, more payment gateways were created. Data encryption and privacy protocols were further improved. And so, yet more users began transacting online. And so on and so on and so on.

Then, along came a pandemic. Vast numbers of people suddenly felt threatened by the proximity of strangers in shops and offices. Social distancing and lockdowns drove another flood of consumers to live their lives online. It’s not difficult, therefore, to imagine the sheer enormity of opportunities in the online finance space.

How to attract and retain customers

Whilst there may be a slew of opportunities, without customers, you have no business. To hook customers, you need to convince them that you can satisfy their needs or solve their problems. And, you have to continue to do it if you want to hold on to your customers. This was the catalyst for the creation of a tsunami of fintech web applications.

Almost every imaginable financial activity can now be conducted through a web application. Fintech startup companies are falling over their feet to devise new offerings to attract new customers. Or to revisit existing apps to improve the user experience. With almost two-thirds of the world’s population having access to the internet, what’s not to compete for?

An investor feeding frenzy

Fintech startups have enjoyed phenomenal success over the last decade or two. Investors have been drawn to this industry like sharks to chum. In 2019 alone, investors pumped $34.5 billion into fintech startups. Opportunities abound.

This is a very big cake, and you can get a slice of it. If you have an idea for an innovative way to bring a financial service to the market, you may be sitting on a goldmine. The traditional bricks-and-mortar style of conducting business is losing traction very rapidly. The future of business is online.

Stake your claim

Don’t wait to see what happens. Make it happen. Put your idea into action. Hire a developer and bring that idea to life. The range of product options is vast. The consumer market is even bigger. There’s something for everyone that has the conviction to go after it.

Contact us at ALEAIT SOLUTIONS. We have been instrumental in the development of various fintech web applications. Our team of planners and developers will work with you and map out the best way to realize your vision.

The future of business is on the web. If you don’t get connected, you won’t survive the revolution.