Fintech is used to describe new tech that seeks to improve and automate the delivery and use of financial services

Answers

1. 
   Fintech is used to describe new tech that seeks to improve and automate the delivery and use of financial services. It helps to companies, business owners and consumers better manage their financial operations, processes and lives by using specialized software and algorithms that are used on computers or smartphones. Fintech is future of economical operations. It provides a lot of services for consumers. Pay money using our smartphone with nfc cheap using Google pay apple pay etc. It’s easy for using you can use biometric authentication such as face id fingerprint instead of password. You just need your smartphone or smart bracelets instead of a lot of cards. In one app you can use all of your cards. And you can buy tickets more cheaper than usual using app or websites (7/24). Normal cash desk works on one schedule and it may not suits your schedule or there is big queue. How it’s cheaper ? Because normal cash desk works humans who takes salary, they give you ticket which is made from paper. If you buy using fintech they give you qrcode which you show to automat machine. There are a lot of such as beneficial services that provides fintech. (Online banks which offer more favorable loans than conventional banks)
   
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   In my opinion we refuse paper money. Because it’s harmful for ecology and humans can use paper money at shadow economy. If we use digital economy we can stop shadow economy which helps to stop corruption and illegal transactions. Now it may difficult to older generation of our society but if we check stats we can see they are adopting to use e-money.
   
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   The FinTech industry is booming, disrupting the financial sector and attracting billions in investment globally. Over €2.7 billion was invested in European fintech in the first quarter of 2018 and in the same year US FinTechs raised $12.4 billion in funding. The UK also has over 1,600 FinTech firms which is estimated to have more than doubled by 2030. (O’zbekistonda haliyam internet tezligi o’zgarmadi). Negligent advice and failings in client services are common risks for any company providing financial services, especially FinTechs who offer new financial products through new distribution models. FinTechs can also have a reliance on third-party contractors, adding an extra liability risk due to third-party negligence.(Because of bad service our study platform always has interrupts and lags you may check at 9.00 am http://platonus.tfi.uz/). New technology, new products and new distribution brings a wealth of opportunities, but also new regulatory exposures. FinTech companies will need to ensure they keep on top of the implementation of suitable and satisfactory risk management systems. As the FinTech market evolves, so will the regulatory environment, and a major risk for FinTechs will be keeping pace with the regulators’ latest updates. FinTechs will also have to consider differing regulations in multiple territories should they operate internationally. The majority of FinTechs deal with a high frequency of funds movement. High volumes of payments, transactions and customer accounts, as well as the fast growth and implementation of new technology, leaves them vulnerable to theft. These thefts could be by an employee or external party. Given the nature of their operations, FinTech companies are prime targets for cyber criminals. Network security, data breaches or even a denial-of-service attack - as well as damage and rectification costs following these incidents - should be a major concern for FinTech companies. Also Technology failure can mean customers are unable to access services resulting in lost income or lost customers. We have such problems our banks.