In the age of technology, there’s no wonder why Fintech is increasing in popularity. Fintech, which is short for Financial Technology, a business that provides financial services through the use of modern technology and software.
Anyone born in the early 80s and late 90s is considered a millenial. And anyone who knows anything about millenials know they prefer most if not all transactions to happen quickly and easily. Fintech allows the option to skip finding the closest bank branch, going to the bank, setting appointments with bank consultants, and many other interactions that might prove to be too lengthy and stressful of a process for today’s generation.
What about banks?
The obvious competition for Fintech startups when it comes to selling financial solutions and services to customers in the financial sector are banks. The speed at which fintech startups have begun to grow and innovate makes it difficult for banks with regulations to keep up.
What’s next for Fintech?
There is no telling how big the Fintech industry will grow. However, need for a tech-savy society to have smooth digitized financial transactions whether it be investments, payments, lending, or money transfers makes Fintech a promising industry.
Stay tuned for future posts about the Fintech industry including the latest news, trends, events and fintech company spotlights.
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