Adam Clarke, founder and CEO of Macropay and an expert in the financial technology (fintech) world, believes that understanding fintech opens up a world of opportunities for many entrepreneurs. Clarke himself found success in the field after founding Macropay, a fintech company that deals with payment services.
The Macropay CEO said that fintech can be overwhelming as it covers a broad spectrum of technologies from software to algorithms and applications. However, there’s a straightforward way to understand it. According to Clarke, fintech refers to forms of technology that disrupt and enhance traditional financial services.
Adam Clarke on What is Fintech?
Simply put, fintech is adding a technological aspect to finance. It allows tasks like depositing funds, moving money, and paying bills digitally possible. Apart from simple processes, fintech can also get more complex when it comes to its other aspects like crypto exchanges or decentralized finance.
In this article, Clarke focuses on answering several questions regarding fintech. This includes a brief overview of how financial technology works, a section on safety discussing one of the most important consumer concerns, and how fintech will potentially affect the future of the world.
How does Fintech work?
The goal of fintech is to provide people access to financial services in various innovative ways. Currently, traditional banks have developed mobile applications to let their customers perform online banking and access their accounts through their mobile phones. Apart from this, fintech also has developments such as cryptocurrencies which aim to remove middlemen and enable people to transact peer-to-peer.
According to Clarke, there are so many ways that fintech is helping the world, and discussing them one by one will take forever. However, what the Macropay CEO believes is currently relevant in the world of fintech is online banking and alternative payment services (APMs). “In terms of small businesses, I think what could really help at the moment is APMs and online banking. This is why we chose to focus on these with Macropay,” he said.
Are the techs created by Fintech safe?
While there are some aspects of fintech that are not 100% safe like cryptocurrencies because of the lack of regulation, there are various fintech solutions that have been proven to provide enterprise-grade security.
According to Clarke, technology has advanced so far that systems can prevent fraudulent activities and hacking attempts. “While not every aspect of fintech has developed to the point of being impenetrable, some services like open banking will not be easy to crack,” he mentioned.
How will Fintech affect the future?
While Adam Clarke of Macropay recognizes that it may be impossible to accurately predict how fintech will evolve and change the direction of financial services in the future, the Macropay CEO has some ideas. According to Clarke, the current landscape is manned by human personnel, but the future may integrate advanced artificial intelligence technologies.
“I believe that artificial intelligence will play a vital role in the sector in the future,” Clarke said.
