Examples of using fintech as an alternative to banking

Examples of using fintech as an alternative to banking

In the article What are the differences between fintech and banks FinFan shows you the convenience of using fintech technologies to replace traditional banks that have existed for decades in Vietnam.

So, have there been any cases of using the benefits that fintech brings into real life? Let's look at some of the following examples with FinFan to understand the above problem together.

Fintech helps people to open banking accounts in a few minutes.     

Remembering about 9 years ago when I opened a bank account for the first time at a bank, I had to choose the opening and closing times of the bank to be able to come and perform the operations and procedures to open the bank account.

Do you believe it? It took me more than half an hour just to open a bank account because at that time the bank branch was quite crowded, I had to dial the number and wait for my turn.

When it was my turn, I had to prepare some personal documents and fill out the forms so that I could complete the account registration process.

Before doing it, I thought it would only take 10 minutes to complete, but that time I had to wait more than 30 minutes to complete the documents and get an account.

5 years later, Timo was born and opened a whole new way of working with banks. Now, every time I open a bank account, I just need a few simple steps to have an account.

Technology has made everything faster, now you just need to take a photo of your 2-sided citizen ID, do eKYC verification and then just fill in some basic information about yourself. complete all the procedures that previously took you more than half an hour to complete.

Fintech helps people to pay all living expenses without staff collecting fees.

Also, about 10 years ago, every time the electricity and water bills came up, an electrician or water utility would knock on the door and remind them to pay. If you don't have a home, you have to go to the power company to pay.

After the digital bank and ewallet were born, all operations were done entirely by hand on mobile phones without any staff to collect money or no need to personally go to the electricity company or water supply to pay those fees.

Fintech helps people to make cross border payments faster.

In the past, if you wanted to transfer money abroad, you could only go through transfer companies, international money transfer services from banks, or use Western Union or MoneyGram (FinFan partner) services.

Currently, with the development of technology, people can perform the above money transfer operations more quickly and conveniently.

They can even transfer money from the bank account directly to the recipients’ ewallets through a service with cooperation between FinFan and Remitly, then the recipients do not need to take too long (only 2 working days instead of more than 1 week) to receive the amount they want to deliver.