Is Financial Technology (FinTech) really taking over, or is it just a new hot buzzword? It started out as only an extra perk banking apps provided but has continued to take the financial industry by storm.
Any financial institution that doesn’t provide an app or online support is just obsolete and outdated. There’s no reason for us to walk around with cash, exact change, or even checks when we can pay for virtually anything with an app.
Dinner with friends? Forget that pesky separate check request and Venmo or PayPal your friends. At some point, big businesses got wind of the FinTech trend, and there was no turning back.
Today, the FinTech sector investment share increased from 5% to 20%, and the numbers continue to rise. As the industry grows, we’ve become reliant on these apps to transfer money, to plan our budget, and to monitor our spending habits. There are AI-powered roboadvisors that give people financial and investment advice.
It’s Disrupting the Way Money Is Managed
We’re wary of carrying cash everywhere we go. Big cities are menacing, and small towns are full of people below the poverty line. When we carry cash, it gets spent faster. When we go out to eat, we’re stuck at the end of our dinner, trying to split the check somehow.
We are all too familiar with the qualms of hoarding quarters for laundry. Financial technology has come to make our lives so much easier that even laundry quarters are a thing of the past.
It goes past paying for laundry and dinner, though. You can now instantaneously transfer money to friends and family, or even your landlord. You can check balances, monitor your spending, set up a budgeting plan, and figure out where to invest.
FinTech is here to stay, and it’s taking the world by storm. If you don’t hop on this train now, you’ll find yourself behind everyone else. Forget bulky wallets, the risk of getting robbed, and long queues at the bank.
It’s Safer, Faster, Easier, and More Secure
Instead of risking someone using your credit cards, pick-pocketing your cash, or getting access to your information and stealing your identity, you can rely on FinTech to keep your hard-earned money safe.
These apps usually work with your biometrics, either a fingerprint or Face ID recognition and these are just a lot more secure. FinTech is helping us keep our money safe by making sure only you have access to it.
Furthermore, transfers are now faster, stress-free, with no unreasonable bank fees, and safer. Everything can be taken care of on your phone or smart device, and banking branches have become obsolete.
There are also platforms now that can run a check on your credit score, history, and income bracket to give you loans in an instant. No need to go to a branch and speak with a representative after having run a million and a half errands to print and get your documents.
Everyone Is on It
Now that we can set up auto-payments from our bills, pay for our laundry with an app, split checks in seconds, and track our spending, there’s no reason not to go online with your finances.
Everyone is doing it, whether to get advice on how to budget and where to invest, or to make payments more stress-free, and there’s no reason why you shouldn’t. The future is now, and it’s online.
We’re being introduced to a faster, safer, and less stressful way to deal with money. FinTech is now re-imagining and re-building the way we handle money.
FinTech has been disrupting the market for almost a decade now, and it’s here to stay.
Don’t Wait! Hop on Board Now
There’s absolutely no reason to resist the advancements in technology when they’re all happening around you. All you need to do is choose your platforms, decide where you want to go with your finances, and let the AI do the work for you.
You don’t need highly-trained financial advisors anymore, artificial intelligence doesn’t ask for bonuses, breaks, and most importantly, it never skips a detail. You’re better off opting for the safer and cheaper option than sticking to the old ways we used to handle money.