The way Google emerged and disrupted the world is similar to how FinTech is doing the same right now. Here's what Google can teach you about FinTech.n
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Google is almost 20 years old. In these two decades, it has become one of the most
popular tech companies in the world. So much so that we use it every single day.
Hence, I don't think one can deny the huge impact that Google has had on the world.
So many of our mobiles run on Google's operating system, we use the Google
browser every day and whenever we can't find the way we fall back on their Maps.
This is what makes me feel that there's a lot that Google can teach us. Take for
example FinTech. It's a technology-based product aimed at improving everyone's
lives. One cannot deny the similarity that FinTech has with Google. Both disrupted
their industries and made things more accessible to people.
It is this similarity that reveals that Google can teach you a thing or two about FinTech.
While Google has already established itself, FinTech is still growing and has a lot to
prove. But, what is certain is the fact that FinTech is destined for a brighter future. So,
here are a few things that Google can teach you about FinTech.
The Reason Why Google Can Teach You About FinTech
Google was a novel innovation just like FinTech is. And, to a certain extent, Google
too was created out of necessity rather than a luxury. People were at a point where
they had internet and it had the power to make a lot of things accessible to everyone.
Google saw the chance and fulfilled this void. Similarly, when FinTech companies
started to offer their services to people, the banks were not that forthcoming with
loans. A lot of things including recessions and economic crises forced the banks to
impose heavy regulations. So, the banks could not serve a lot of customers. These
FinTech companies offered them loans that the banks could not.
So, in a way, both disrupted their respective industries and empowered people. You
cannot ignore the power Google has nor the fact that we need it almost all the time for
something or the other. It has become a necessity. Banking too is a similar necessary
service. In fact, FinTech has helped promote banking and inculcate it in places that
were previously unbanked. People living in rural areas can now use the Internet to
Making Things Easier
When Google emerged, its sole purpose was to make people's lives easier. Now, if
you wanted to know something, you could just Google it. That's how you searched for
people, information, and businesses. Prior to this, you would have to search manually
in telephone directories, yellow pages, and what not.
FinTech too has made banking easier for people. Prior to FinTech people would have
to spend a lot of time going to banks, preparing cheques, getting their documents
ready. In a nutshell, they had to spend a lot of time and energy in order to go to banks.
Now, banking comes to you. FinTech has given you the opportunity to bank online.
From sending funds to paying bills, you can do all of this on the internet, from
wherever you want to. The same convenience that Google has granted us is what
FinTech is giving us now. It makes everything quicker and easier.
Changing The Way We Think
Google provides a host of services via Gmail, YouTube, Docs, Maps, etc. It has
revolutionised so many things. It has changed the way you send emails and
collaborate with people. This has greatly benefited businesses, freelancers and a lot
of other people. By offering every service from Docs to Mail under one single umbrella,
syncing and sharing work is no more a hassle.
Similarly, FinTech too has allowed you to control your bank account. It allows you to
do everything you want. Not only that it has helped grow a lot of small businesses into
flourishing larger ones thanks to their relaxed lending systems.
People who are newly employed or do not have stellar credit scores too can benefit
from FinTech companies. They can get personal loans to improve their credits
scores or pay off credit card debt if they want to. There's simply no hassle or rejection
involved. Your get loan approval in a matter of minutes.
So, what Google can teach you about FinTech is that people like personalized
services. They prefer to get information as fast as possible. In this case, it is the array
of banking services that FinTech companies offer. It is simple, yet it is efficient. Just
like Google is.