Technology has taken over most of the daily life processes that we do and it makes the tasks less strenuous for us. Communication, shopping, travel and many such everyday tasks have started applying technology in it. As the whole world is now connected through the web and the technology behind it, even the financial industry has changed the way it looks at the business. When it comes to the application of technology in the finance sector, FinTech is the new term to define it precisely.
FinTech or Financial Technology is the means of technological innovation that battles with traditional methods in the operations of financial services. During the initial days, FinTech was just about applying technology to the backend of financial operations where the financial institutions held the sole privilege to handle the technology side and later it expanded itself to a state where technology becomes the key component of the whole financial business which gives the end customer privileges to handle and experience the technology associated with it. It includes innovations in banking, investment and even crypto-currencies such as bitcoin.
After all these years of technological revolution, traditional banks have started giving their customers some limited privileges where they can do monetary transactions and charge them certain fee amounts for each thing they do, but that was not enough for the global customers as the existence of under-banked countries and less privileged customers were not identified by many. That was not the final word of FinTech, time proved. Financial institutions which totally rely on the technology and the web were yet to come. When such innovations added more spice to the industry, web banks evolved to an advanced species in the business.
A premier example of such innovations is a Singapore based FinTech organization, WB21. Started in 2015 with a mission to serve the global banking customers, WB21 secured more than 2 Million customers with a monthly payment volume over 2 Billion US Dollars in less than 2 years. WB21 uses IRTP©, a proprietary software developed by its technical wing which facilitates its customers to make real-time payments in over 180 countries and it applies Global KYC© system to verify the authenticity of each account. With the stated technology, WB21 transfers money from a local bank account and store it in a globalized banking atmosphere with added security features. Customers of WB21 can send funds to other WB21 accounts without any additional transaction fee and it charges as low as 1% for wire transfers where traditional banks charge three to five times the mentioned transaction fees.
"In August 2014, we had enough of dealing with the obstacles of opening an international bank account. We spent hours meeting the key people and paid huge percentages as currency exchange fees. All these processes took a number of days to complete and as a group of serial entrepreneurs with businesses in various parts of the world, we wanted to bring some serious reform to the global banking and the payment industry. In less than two years since the start of our operations, providing accounts in 28 currencies, WB21 has proven its potential to change the global financial structure that currently exists." – said Michael Gastauer, Founder and CEO of WB21.
WB21 is available in the form of a website and mobile applications which let its customers enjoy the freedom and convenience of banking. It is like taking your own bank with you, wherever you go. The website and mobile phone applications are totally in sync to keep your banking data updated and safe. The user interface and features of the website are very user-friendly and customers can easily navigate through the services of their choice.
Battling with the traditional and local banks, WB21 is now leading the way over other FinTech innovations to serve the needy. It is very sure that in the coming years, the global financial arena will see more reforms that are going to change the entire attire of the experience and the world is yet to witness how WB21 is going to be the talk of the globe in this regard.