Over the past decade, fintech has changed the way we think about financial services. In many ways, it’s given us a more convenient and efficient system for managing our money. Fintech is making banking easier and faster, helping us plan our finances better, eliminating paperwork while boosting efficiency and reducing the need for financial advisors (who often charge high fees).
#1: Fintech is Making Banking Easier
Fintech is making banking easier. The same can be said for other financial services, such as investing and insurance.
In fact, fintech has made it possible for people to bank from their phones or computers at any time of day or night–even from their couch! They don’t have to go into a physical bank anymore; they can do everything online or through an app on their phone.
The convenience factor is huge because it saves people time and energy; no more waiting in line at the teller window or waiting for someone else’s transaction process before yours begins (which used to happen all too often).
#2: Fintech Eases the Process of Financial Planning
With fintech, you can easily see your finances in one place. Rather than having to go through multiple accounts and apps to get a complete picture of your financial health, fintech lets you keep track of all of your accounts in one place.
Fintech also makes it easier for consumers to plan for their future by providing tools that help them set goals and figure out how much money they need for retirement or other long-term goals like buying a house or paying for college tuition (or even just saving up enough cash so that when an emergency strikes, they’ll have some cash on hand).
#3: Fintech May Reduce the Need for Financial Advisors
- Fintech May Reduce the Need for Financial Advisors
The financial services industry is a huge, lucrative business. According to Forbes, it accounts for over $1 trillion in assets under management and has been growing at an average rate of 7 percent per year since 2010. With so much money being thrown around, it’s no wonder that many people feel they need professional help managing their money. But while relying on an advisor may seem like the best way to manage your finances–especially if you’re not well-versed in investing or personal finance–fintech could change all that by allowing people without any experience doing so themselves to make smart investment decisions on their own time and dime (and potentially save thousands).
#4: Fintech Eliminates Paperwork While Boosting Efficiency
The fourth way fintech is changing financial services is by eliminating paperwork while boosting efficiency.
Financial planning, for example, can be a time-consuming process that requires filling out forms and gathering documents. With fintech apps like Acorns or Betterment, you can set up automatic deposits into your investment account and let the app do all of the work for you. If you want to get more involved with managing your investments but don’t want to spend hours researching stocks and bonds online (or even on paper), these apps make it easy for anyone who wants to invest their money wisely without spending hours doing research themselves.
Fintech is a growing industry that is poised to change the face of finance as we know it. The technologies being developed right now will have a tremendous impact on how people manage their money, plan for retirement and even invest in stocks or bonds. We’ve seen some incredible innovations over the past few years and there are many more on their way!