How is Food Tech the next Fintech Milestone

• 19 February 2020 | 1089 Views | By Mint2Save

The business leaders in the world today are focusing on the quality and standards to be set for fintech or financial technology. Finance technology nowadays is focusing on a lot of factors. One such being the evolution of itself. It is the sector that demands to have more of a magnifying view towards the growth and the rise of its factors.

Well, coming towards its core, financial technology, or in short fintech is a way of using technology in creating or delivering the economic goods and services. The various segments of business like advisory, investment, payments, etc. are the regions where fintech has already spread.

Banks and smaller financial companies also are contributing in their ways towards fintech, either by improvising their existing strategy or some by starting their own. It is a technically better way to not just enhance the field but also to provide the customers with a better experience towards finance even for those who were not able to become a part of the same before. 

This growing technology has left a significant impact on society hence raising the bars for the financial market. Examples of fintech companies include Adyen; a platform for accepting payments through the sales channels, Qufian; a loan site, Xero; a company that provides software for small businesses purpose loans, etc. 

Food Tech or Food Technology

Thinking just about the word food, we all get the urge to eat something. It comes in our mind what could be on our plate? What to have for lunch or dinner or breakfast or maybe a brunch? Well, well, well, after thinking about all of it, let’s take a twist towards food. Yes, its technology. Now combining the two gives a lot of dilemmas; how is exactly technology going to make my food tastier? Or what could I be served with technology? And above all, will it be that tasty as my food right now?? Before going to all of these thoughts, lets first understand what exactly food technology is all about. 

What is the food tech?

So food tech is generally defined to be a way in which technology is used to serve, sell, or exhibit food. Sounds interesting, right? Food technology is an innovation towards all the food lovers that have been experimenting in one way or the other towards their love for food. 

It helps to invoke better methods towards specially producing food, though improving the quality. It is an innovative way of creating or evolving menu. It has, in just a few years, developed as an individual sector that is growing with the technology factor growing.

Some food tech Examples

While there is some growing awareness between people towards buying or selling food, nowadays, every industry or seller or buyers focus on neither cooking nor selling packaged food before few days. They also avoid eating food that is cooked before, there are a lot of companies focusing on the evolution of food by improvising the quality and health of food. 

Meat from animal cells:

A company in the UK is trying to make a way through which they can produce meat through the animal cells. This will not just protect animals from being hunt or killed but will also make a quality increase in the meat people need. 

This will, however, be a market boom towards the innovation of food, it will be expensive since there will be the technology used with other factors counting. The first meat created now costs around $9000 per pound; the technology is still trying to boost up its methods to produce a better product.

Artificial intelligence  contributing to serving food:

Food technology is not just about creating food, but also about how it is going to be served. Well, in no much time, there will be your robot that is going to be designed to help your food. This the how the food will be connecting with technology and evolving in a new way. 

This AI will be your chief or can be used for hotels, restaurants, or any of your own companies. AI can also be useful in hospitals where it is mostly required to have hygienic and healthy food.

Not just AI will serve your food, but also would deliver the menu and save your time to pick up. And the ongoing uber, Zomato or such delivery apps also have become a bridge towards technology to food. To pay your money and wait for your food to be delivered home.

Technology towards farming:

Farming being the core of the food preparation, there are a lot of farming technologies that are also being used to create quality food. Systems that control atmosphere, provide nutrients, and improve the water conditions are certain technology factors that have been introduced as food tech.

Food tech as a Milestone

After understanding both the technical terms of food and finance, let’s talk about the fact that what would happen when these two will collide with each other. Though technology has been growing abundantly in these two factors, certain drawbacks would be a milestone towards their growth.  The technology though rising, brings with it a lot of factors that will be a breaker for the technology.

As going through the facts, the food tech market is assumed to be growing by 16%-20% per year. The food-tech market has also taken a lot of the IT sectors as for now; there are a lot of apps that are running for the employees to order their food. But, with the rising apps, there are also rising the competitions that make the financial market be affected as their product has to face the market price getting low and thus changing the marketing technology. 

This is a significant milestone for fintech as they have to lower their cost and then manage to also deliver or produce with the help of technology, which is itself a little costly. 

Also, it is tough to maintain technology for food and then go for finance as it will not just be costly but can also be clashing towards each other. The requirements also cannot be matching to each other. Thus, creating another milestone for the technology.

Foodtech is also a pure trial and error kind of process since it is being created right now. This can be a more significant milestone for fintech since the finance sector has to present it to the customers, and it won’t be beneficial for their growth if the product leaves a negative impact on the users. This can be quite raging towards fintech as then customers will no longer believe in the quality or the promises being made. This will be competitive towards the market growth also.

With food being a part of service also, fintech will be of no use since the delivery of food will now be in the hands of Artificial Intelligence. This can be a milestone for fintech as then the robots will be responsible for the product delivery services and can also be accountable for bad behavior if they are faulty. In such cases, finance technology has to bear as they are responsible for delivering the services. This becomes a little risky for the customer response as then it would be expected to have the right answer, which can be a bit doubtful.

Growing technology in food can also make more competition in the technical areas again, becoming a milestone for the finance technology as they might be depending on the food technology to show their products and then let the picture for marketing begin. Companies that might be wanting to sell their goods can use financial technology for their food products to grow. Thus, there can be a significant dependence in that case. 

Conclusion

The developing world would always opt for something new and trending. Technology is growing, and a significant factor of growth is now being seen in some new sectors like food and finance, which has led to more curiosity amongst people. Also, with the growing interest is the ever-increasing expectations that have to be met. While both the industries are trying to immerse themselves in the market in a new form, they are also quite co-related to each other, which makes them a milestone for each other. But, if things are maintained according to both needs, there will be a massive innovation in technology.