The passage of time has been incorporating, as is logical, improvements in various productive sectors of society. This has accelerated in the last 20 years with the widespread use of the Internet and the appearance and evolution of mobile devices.

All the changes have been far-reaching and have sought the improvements that technical advances have been able to offer, but it is true that for some sectors the transformation has been radical. The case of communications is perhaps the most obvious, but not the only one.

The Fintech Influence On Finance

Finance is one of the most important and longest-established sectors in the history of society. Its great leap came, indeed, in the recent past with the digitalization process that significantly affected entities such as banking.

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Despite some initial reluctance of some groups, the truth is that this process led to considerable speed and convenience in many of the services that both individuals and companies use on a frequent, even daily basis. However, in many cases, this digitization was aimed at following classic schemes, only the environment changed, which became digital.

More recently, the FinTech ecosystem has been consolidated. These companies are born from the conjunction of the concepts of finance and technology and their approach has gone beyond being a simple alternative to the classic entities, offering products and services in this sector in the same way that other companies of greater antiquity already do.

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The great challenge for FinTechs is to innovate through the possibilities offered by technology, its creative application and the approach to the new needs and customs of a more modern society.

While the fact of streamlining many of the processes in the world of finance through digitalization already implies several advantages (costs are one of them), it is the possibility of creating added value, which differentiates them from other options, that makes these companies a disruptive phenomenon.

Adapting To New Realities

This added value can come from offering new services, but also from transforming the way in which existing services are used. A good example of this is the company NAGA, which has launched an investment platform with a powerful innovation in the way in which the user is trained and informed in order to be able to operate.

NAGA includes more than 1,000 assets for operations classified by groups such as forex, cryptocurrencies, indexes, CFD’s, shares, among others. Therefore, its catalogue is extensive and its environment is pleasant and intuitive, another of the characteristics of FinTech.

However, one of its great contributions is to present itself as a social trading platform; that is, it allows and facilitates contact between different traders so that, in their socialization, they can share knowledge and ideas that may be useful. 

Changes The Role Of The Client

In NAGA’s conception, the figure of the client is no longer a passive subject but a much more active role thanks to information and training. Precisely, training is another of its sections, with free tools available to the user, such as webinars or eBooks, among others.

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In addition, NAGA Trade values are accompanied by updated charts and can be customized to receive relevant news. Of course, other FinTech elements are also included, such as tighter commissions or much more streamlined processes, as well as up-to-date software that works to make the customer experience secure and private.

The example of NAGA, which already has more than 1 million customers, is paradigmatic among FinTechs and responds to this spirit of creating new concepts that are much more appropriate for today’s evolved society.

It also has to do with Web 2.0, although NAGA is already thinking of adapting, in a pioneering way, to Web 3.0. These companies are transforming a traditional sector and it seems that they will continue to do so with a use of technology that is taking giant steps forward.   

At the same time, the FinTech ecosystem will have to face some current challenges, such as achieving more homogeneous legislation or the unification of broader services in a single digital environment, so that wealth can be operated and managed, as well as making payments with a single app, in order to make it even easier and more convenient for the consumer.

In the meantime, more and more traditional companies are copying their ideas and the innovations they bring to the table. However, they may not have the agility that characterizes FinTech companies to create and carry out their projects. These are new times and users increasingly value speed and availability.