Question

what you can do to develop a FinTech Idea / strategy for a real - world company (existing or fictional)

Answer 1

A digital product platform that can provide convenient and cost effective access to funds.

Usually bank accounts require rigorous tech setup costs.

The same needs to be circumvented with new age products which are "lighter", requiring lesser server space, cloud storage and hence lesser costs.

One of the ways to innovate in the fintech space would be by using the blockhain system.

A Blockchain is a type of diary or spreadsheet containing information about transactions. Each transaction generates a hash. Each block refers to the previous block and together make the Blockchain.

How this would save server space and hence costs:

A. Lesser beaurocracy

B. More transparency

C. Efficient digital transmission of data

D. Extremely secure, hence lower security costs

E. Highly distributed

F. Lighter since data is encoded in the simplest form.

Hence a payments solution that incorporates blockchain technology can offer unique and much lower transaction costs to the end users of cards and internet banking.