FinTech is an abbreviation for Financial Technology, which refers to the integration of technology with various financial services. It enhances efficiency, reduces service costs, and meets the diverse and convenient needs of users. With just a laptop or smartphone connected to the internet, financial transactions can be conducted online at any time. If many young people in the digital age are still unsure how to manage their finances effectively, there's no need to wait any longer. Let's explore 4 ways to manage your finances in the FinTech era, starting with income management, expense management, investing savings, and having a personal finance assistant. Here are the details:

1. Income Management
         Online sellers can enhance customer convenience regarding payment methods. The simpler the payment process, the higher the likelihood of purchase decisions, which will help increase sales. The FinTech aspect related to this is in the Payment category.
         Examples of currently available options include Omise, 2c2p, Pay Social, Thaiepay, Siampay, etc. The operational principles or service formats include:
         • In-store payment systems such as Tokenization, which encrypts data to create payment systems on websites, allowing users (customers) to make purchases without leaving the site.
         •Link systems that allow customers from various social channels to access payment systems instantly (e.g., http://pay.sn/store-name). Within the link, product type, amount, and payment method can be specified.
         • Payment systems that support all payment types, whether customers pay via credit card, ATM card (debit), Paypal, installment payments, internet banking, etc.
         • Partner account memory systems, such as systems with Recipient API that store account information for each partner, making it easier and more convenient to transfer money to partners.

2. Expense Management 


         In this era, expenses can be managed online as if having an online wallet to manage money at all times, whether it’s paying utility bills, credit cards, leasing, insurance, or home down payments. The FinTech aspect related to this is in the Payment category, which is the most commonly seen. Examples of currently available options include Jaew Wallet, Paysbuy, Truemoney, Cenpay, Airpay, Rabbit Line Pay, DeepPocket, Modern Pay, mPay, etc. The operational principles or service formats include:
         • Money Transfer systems that allow money transfers using phone numbers instead of bank account numbers.
         • Online payment systems with various payment acceptance channels, such as credit cards, cash, online bank accounts, etc. Various types include credit card payments, leasing, insurance, home down payments, mobile top-ups, in-game credits, movie ticket purchases, etc.
         • Scan Barco systems for paying utility bills, etc.
         • QR Code scanning systems for those who purchase products online and choose to pay upon delivery, allowing them to use applications to pay instead of cash by scanning the QR Code on the bill when the product is delivered.

3. Time Management for Financial Comparison
         This resolves the headache of comparing information, helping young digital-age individuals make decisions regarding financial activities more easily, such as comparing interest rates, home loans, and searching for various types of insurance, whether it’s life insurance, car insurance, etc., or comparing credit cards. The FinTech aspect related to this is in the Lending & Credit, InsurTech, and Financial Comparison categories. Examples of currently available options include aBorrow, Carrance, Refinn, Frank, Rabbit Finance, Silkspan, Gobear, Masii, etc. The operational principles or service formats are similar, such as filtering systems based on the information filled in the fields, which are usually basic data for calculating financial products of that type, such as:
         • Loan selection systems, such as loan types, monthly income, desired loan amount, duration, etc.
         • Car insurance selection systems, such as year, brand, model, type of car insurance, etc.
         • Refinancing assessment systems, such as remaining debt, monthly payments, refinancing purposes, etc.
         • Credit card selection systems, such as points accumulation, monthly income, monthly spending through cards, etc.

4. Saving for Investment Management
         You can enhance the efficiency of managing your investment portfolio with services that make it easier to stay informed and manage your investments, whether in equities or mutual funds. The FinTech aspect related to this is in the Retail Investment and Financial Education & Research categories. Examples of currently available options include Jitta, Stockradar, Marketanyware, Setscope, Investorz, Wealthcare, Finnomena, etc. The operational principles or service formats include:
         •Stock Pattern scanning systems for technical stock investment cycles.
         • Research platforms for tracking market conditions and individual stock information.
         • Financial Chart systems that translate historical financial statements into graphs, making it easier to study stock fundamentals before making investment decisions.
         • Personal Robo-advisor on mobile for effective portfolio management.
         • Stock quality assessment systems based on specified criteria to help novice investors find stocks for investment more easily.
         • TrendLines systems for stock graph analysis tools.

5. Personal Finance Assistant    
         Choose tools to alleviate personal finance issues, such as accounting systems, tax management, financial planning, etc., akin to having a financial assistant by your side. The FinTech aspect related to this is in the Personal Finance and Business Tools categories. Examples of currently available options include ChomCHOB, iTAX, Piggipo, Flowaccount, TRCLOUD, Finnista, etc. The operational principles or service formats include:
         • Systems for managing points from various cards that help young shoppers with multiple credit cards. The credit card management system consolidates points from various cards into one place for easier redemption or purchases.
         • Tax management platforms   that assist with tax filing, tax calculations and deductions, and tax-saving planning, etc.
         • Cloud-based accounting systems that support personal business operations, providing full accounting solutions and real-time financial tracking.
         • Credit card management applications that help cardholders visualize their credit card expenses, installment systems, and show the billing cycles of each card easily.

 

       All of this is just a glimpse of the benefits that young people in the FinTech era can currently utilize. It is highly likely that more innovative financial solutions will emerge in the future. In addition to the creative ideas from FinTech startups, commercial banks are also adapting significantly, enhancing customer service convenience through smartphones, such as applying for loans via applications with faster approval results than usual, account types without passbooks to support customer lifestyles, and P2P payment services via mobile phones, etc.

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