The concept of banknotes was born in 17th century London, where goldsmiths could take these precious lumps of metal from clients and store them safely.
In exchange, the merchant would obtain a notarized receipt indicating the identity of the smith, and the quality and the quantity of gold kept.
Though the gold was an immobile asset, both the merchant and the smith could use their agreement to benefit. Methods of sending and recording transactional information, verifying their authenticity, and trading assets evolved, and the same city grew to be a financial powerhouse in the following centuries.
The rest of the continent was no exception.
Fintech companies generally make use of technology to improve financial services. The laws that once allowed the crisis to occur also prohibited this technology from finding applications in finance, but this is no longer true.
The status quo is now everyone’s to share.
People have seen stellar advancements in entertainment, healthcare, and transportation thanks to technological progress, and now the fintech sector is eager to show them what kind of impact it can have on finance.
Consider the notion of getting a loan, and what it used to entail.
Twenty years ago, a loan was something almost exclusively obtained through a bank or another institutional lender, and if you needed it, you were in for an arduous and laborious process. After you filled out a long application, gathered and submitted scores of documents to prove your identity, creditworthiness, and the existence of other collateral assets, you still had to wait for the bank to verify this information with other institutions.
All in all, lucky (and overqualified) borrowers were likely to see their money within a month, alongside a strict repayment schedule. Fintech companies like ezbob have changed the notion for the better.
This company entered a young fintech industry in the throes of the crisis and has capitalized on laws that require institutions to share customer and financial data.
Borrowers who need a fast, fair loan for their business can access financing within a single day because the algorithms and other data technology behind ezbob’s platform make the traditional process both autonomous and accurate.