Nadeem Shaikh believes that the industry of financial services is still under the early stages of digital transformation. Some organizations have been quick to adopt financial technologies but there are others that remain entrenched in the Industrial Age ideas. One of the things that Nadeem Shaikh is passionate about is change in order to improve the current state of the financial services industry.
From his experiences with fintech, Nadeem Shaikh believes on new ideas that can bring people together and create ground-breaking businesses.Fintech or financial technology includes technologies that are being used in the financial services sector and financial institutions on the back end of their businesses. In simple terms, fintech is a disruptor because it represents technologies that have disrupted the traditional financial services. Examples of financial technologies include mobile payments, money transfers, loans, fundraising and asset management.
Acoording to Nadeem Siakh, fintech is not a fad but a new technology that businesses need to organize their long term strategies for growth and partnerships in a more sustainable way. Based on a report from Accenture, investments in fintech across the world have increased dramatically from $930 million in 2008 to $12 billion in the early part of 2015.
The success of fintech is not limited to the financial service sector but every business connected to the industry. Fintech startups are small but smart and they can quickly disrupt traditional financial institutions that failed to innovate quickly. Fintech is revolutionizing the way that small businesses work, accept payments and go global. They are making it easy for startups to run a business.
Even farms that are located in the middle of nowhere land can accept debit and credit payments because of tools like PayPal and Square. Yes, there are fees but is makes it easier to do business. Entrepreneurs can efficiently go global because there are international money transfers. For smaller transactions, PayPal automatically converts the currencies making it easy for a customer in the US to purchase some goods from the United Kingdom. Besides that, customers are now aware that they can easily access information from anywhere and could adjust their investment portfolio according to data gathered.