This is a period that is greatly driven by technological developments and advancements. There are technology and its improvements in everything we see, and we do in life today and it is probably this that is making few important and so-called difficult things simpler. Yes, take for example the payments and incomes. This is common for a common man and there is some sort of payments and incomes for everybody. This is seen in large amounts with the commercial organizations and business concerns and here it is almost every day that there are some payments and receipts.
A much-expected collaboration for the present day world
As all of us know, it is the banks that take care of all these and now they have decided to join hands with the Fintech companies in doing this more efficiently and effectively. This is a motivation for the banks to perform better too and they strive to do by keeping pace with the fast developing technology. Initially when this was tried out and when a test was conducted there were a lot of queries and controversies and there were even situations wherein the transactions in money were reduced drastically and people were forced to look into other sources. Anything that gets implemented takes its own course of time; but when done correctly would definitely be of great help and use to all. And the same thing happened with this conglomeration too.
The risky ordeal
When this project was tested live it came up with the usual problems like security, safety, constant monitoring, fraud detection etc since everything would be done electronically, driven by technology. On the successful completion of this test and when it was proved fit and safe to be used for payments by and for the banks, the banks and financial institutions that were ready to go live on technological platforms had to send requests to their customers demanding a confidential login and password for maintaining and managing their accounts either on mobile phones or their computers reducing their efforts and time in reaching the branches personally. This way they could save time as well as make all their payments on time. It was also a beneficial move for the banks for they could receive all their dues and overdue on time wherein the system helped them in sending reminders to the customers just a few days before the due date. Now, this is a common practice and with time people have also become very comfortable using these services of the Fintech companies.