67% of Adults Use Mobile Banking: The Rise of Fintech. Financial technology, popularly referred to as “ Fintech,” is the application of innovative and advanced technologies to products and services in the financial industry.
The World Bank reports as of 2020 that, at least 67% of the global adult population uses mobile banking, with 1.2 billion adults using mobile banking in 2022.
Titi, a small business owner in ile-ife, uses Fintech platforms like Emerald Inc. to access loans and manage finances, thereby increasing sales by 25%. Here is how;
- Emerald uses non-traditional data, such as social media, online presence, and behavior, to access Titi’s loan eligibility status.
- Titi applied for a loan via the Internet, thereby reducing paperwork and increasing convenience.
- Emerald algorithm-based approval process was completed in 24 hours, compared with traditional banks, which take weeks or months.
On Security
- Emerald protects Titi’s sensitive information with secure data storage.
- It uses two-factor authentication, ensuring only authorized access.
- It has a fraud detection system that protects small business owners like Titi from online fraud.
On innovation
- Emerald offers Titi customized loan products favorable to her business requirements.
- Emerald also offers access to online resources and materials that aim at improving Titi’s financial literacy.
Fintech platforms improve accessibility by reaching underserved populations and providing alternative credit scoring. It is not how people are dumping traditional banks opting for a better alternative.
As the industry continues to expand, individuals, businesses, and the government need to embrace positive transformation. Choose Fintech today, and choose the easy pathway to a financially secured future.
