People's Sentiment Towards Fintech

People's Sentiment Towards Fintech

Financial Technology (fintech) is a term used to describe the use of innovative and creative financial technology to design and deliver financial products and services efficiently. The main idea of fintech is to make financial services better for consumers, not to get banks out of business. The use of technology enables startups to compete with "traditional" commercial organizations by providing quick and easy solutions, mostly inexpensive for all your needs in the financial markets, such as Payment / P2P / Investment / Digital Banking / CrowdFunding Funding and more. The idea of internet-based financial technology is not shifting the role of traditional finance as we know it so far. One of FinTech's main goals is to reduce the cost of infrastructure for financial institutions and not have to have a vast network of branches or offices or employees to serve customers in all types of companies. Fintech utilizes the latest internet technology and software. Business processes that can be completed with fintech include payment, investment, financing, insurance, cross-processing, and infrastructure.

To find out people's perceptions and sentiments about this fintech phenomenon, social media analysis is the most appropriate method. The fintech user community is undoubtedly getting used to social media technologies such as Facebook and Twitter, and most of the conversations and vent they do are done on social media. Based on statistical data from the Academic Drone Emprit (https://academic.droneemprit.id/) from 28 November 2019 to 5 December 2019, fintech has been mentored as many as 612 worldwide, mostly in Indonesia and Southeast Asian countries. From all the mentions and conversations, it w, as revealed that most were negative. Of the 612 were categorized as negative sentiments, 57 positive sentiments, and 81 neutral. This is certainly a big question, why does this new technology seem to be rejected by the community? After reading the news a few days earlier about the closure of 125 illegal fintech by the FSA (https://www.tribunnews.com/bisnis/2019/12/05/ojk-hapus-nama-ajaib-technologies-dari-daftar-fintech-ilegal), the author can understand the public's unrest over the actions of this illegal fintech. Most illegal fintechs are in the Peer to Peer lending category; they lend funds directly to the public with the help of android-based applications. Based on stories circulating in the community, many of this gal fintech make use of people's ignorance about this technology. The Fintech ensured borrowers with very high-interest rates and threatened and terrorized the borrowers if they did not immediately return the funds within the agreed time. The borrower's ignorance by agreeing to certain conditions (the fintech party can access the borrower's data) when installing the fintech application, makes the borrower's data accessible and disseminated by illegal fintech parties.

Fintech technology has, of course, been tarnished by the many cases of illegal fintech; the various available advantages are meaningless and can make people afraid to use fintech technology, especially P2P lending. The government, in this case, the FSA, is expected to continue to actively combat this illegal fintech actively, simultaneously continuing to educate the public about how to use this technology safely.

 

 

 

 

 

 

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