FinTech 2020

What is FinTech?

Financial Technology, aka FinTech, is a technology used to improve and automate the use of financial services. FinTech is the 21st century competitor of traditional banks. FinTech offers a faster service. Online banks and bank apps allow consumers to make financial transactions anywhere and anytime. Unlike traditional banks that close at 5 pm. 

How does FinTech affect you?

1. FinTech is responsible for the use of cryptocurrency trading and blockchain uses in the financial world. FinTech also makes it easier for the average person to start investing with ease.
2. Crowdfunding Apps like GoFundMe, have been made possible from FinTech.
3. Mobile payments have been made easier, due to apps like PayPal, Cash App, and Zelle.
4. As mentioned above, new technology allows faster banking services and transactions.
5. Automated investing opportunities are available to anyone that wants to start investing with apps like Acorns, Robinhood, Betterment, and more.
6. Because online banks do not have to pay to lease multiple buildings or bank teller salaries, they can afford zero or low account fees.
7. As a result of online banks having low overhead costs, they can pay their customers higher interest rates on savings accounts and investment accounts. Online banks often have no minimum account balance to open an account. You can start a savings account or investment account with $5!

The development of FinTech has helped us advance our traditional banking systems. We are now able to make bank transactions and apply for loans anywhere in the world. FinTech comes with many advantages for the average consumer. What are some ways FinTech has made your life easier?

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