The world of finance was a realm dominated by brick-and-mortar banks and traditional lending institutions. Customers had to visit physical branches, fill out paper forms, and wait in long queues to access basic financial services. However, with the rapid advancement of technology, the financial landscape has undergone a transformative evolution, giving rise to the era of fintech revolution.
Traditional Banking: The Foundation
Traditional banking, with its roots deep in history, laid the foundation for the modern financial system. Banks provided a safe haven for people’s savings and offered loans to stimulate economic growth. However, the processes were cumbersome, time-consuming, and often involved extensive paperwork. Customers found themselves navigating a labyrinth of bureaucracy, making financial transactions a daunting task.