Every time you flip through a news channel and catch a glimpse of the latest currency exchange rates, commodities prices and other indicators, do you ever stop to think about just how much goes into merely bringing you this information? If you don’t, there’s no better time to do so than the present. At the very least what this will do is give you a new appreciation for the often mystified world of Financial Technology, and at best you will be able to spot some gaps you can perhaps capitalise on yourself to markedly improve your own financial situation.
Basic FinTech computing
If you’ve watched the iconic Leornado DiCaprio movie, Wolf of Wall Street, the “missing” computers referred to by his character when he was about to start a new job with a new firm are beyond the basics of fin-tech computing. His new boss/supervisor tells him about how they trade directly off of the “pink sheets,” which perfectly demonstrates how at that level fin-tech is already becoming a little more sophisticated than necessary.
Breaking it down to the basics, fin-tech computing plays a crucial role in keeping records and updating information necessary to fulfill trade orders. It ensures that the public-facing side of the record-keeping infrastructure is always up to date, considering the impact of all the trades that take place. For example, a simple epos system for takeaway outlet can help in keeping track of the meals sold through the window and maintaining a record of transactions. Similarly, a fin-tech system for an e-commerce store can track customer orders, providing valuable insights into the products sold.
In the realm of online banking, this digital banking platform is transforming how financial transactions are managed. These platforms not only keep records and update but also offer advanced analytics and insights to help make informed decisions. They can provide real-time updates on account balances, transaction histories, and even offer personalized financial advice. This way financial institutions can offer better services to their customers and enhance the user experience.
Advance FinTech computing
Advanced Fintech computing brings together system engineering and software engineering to craft intricate models for automating financial procedures and gleaning insights into market trends and customer behavior. System engineering entails the use of mathematical models, algorithms, and computer simulations to devise complex systems. The adoption of Model-Based System Engineering (MBSE) in Fintech computing has enabled companies to streamline the integration of their finance and technology systems in a more efficient and cost-effective manner. Consequently, many firms collaborate with tech companies like PandaTech Company for MBSE mechanisms capable of handling extensive data, processing transactions swiftly, and delivering secure and reliable services.
Furthermore, Fintech computing employs other sophisticated technologies such as artificial intelligence, machine learning, natural language processing, blockchain, and big data analytics. These technologies empower companies to gain insights into customer behavior, anticipate market trends, and automate processes. AI and machine learning can also enhance the precision of financial forecasts and automate decision-making procedures. With the incorporation of these technologies, Fintech companies can heighten their efficiency and cut down on costs.
Networking and connectivity
The financial sector is the biggest client of the ITC sector (Information and Communication Technology), which is why as a consumer you might be baffled to find that while your connectivity services might be acting up at times, the banks and other financial sector entities still enjoy a workable service. These big clients are prioritised over regular consumers, simply because the world pretty much runs on the records being created and updated within the financial sector.
None of that would be possible without the networking and connectivity technology which goes into running the financial sector, for instance if you try to complete an electronic payment, perhaps with your credit card, for whatever product or service you require instantly, your bank wouldn’t be able to approve and complete the payment timeously, if it all, without the networking and connectivity of the World Wide Web among others.
Front-store
The most visible fin-tech node you likely interact with is that of front-store platforms like e-commerce stores or even something like a POS machine. It is common for restaurants, retail shops, and apparel stores to use POS machines for tracking customer orders, processing payments, and managing inventory. An example of such a system might be a fast food epos system, which can help a business reduce wait times and improve customer service by processing orders quickly and accurately. Overall, POS systems are a great way for businesses to streamline their operations, save time, and improve customer experience, making them an essential part of the modern retail landscape.
So next time you complete your order for CBD worms to be delivered all the way from someplace like Orange County, take a moment to consider all the technology that went into making this transaction possible. At the very least you’ll come away with a greater appreciation for those worms – they’ll taste 10 times better, if that’s at all possible!