WHAT IS FINTECH, YOU ASK?
It’s a common question in 2020. FinTech, also known as financial technology, is just as it sounds. It is the merger of two industries that seek to innovate traditional financial and technological services, and it’s taking the financial world by storm. While the idea of FinTech originally emerged to modernize technology behind the scenes of established banking and financial companies, it has shifted over the last few years. Now, FinTech has turned into a revolutionary element in our daily lives. Everything from your bank’s website and mobile app, to money transfer services like Venmo, to crowdfunding platforms, and more have largely come around in response to the FinTech revolution.
Now more than ever before, FinTech has made it possible to bank, budget and manage your flow of money, pay for everyday purchases, and make important decisions on things like student loans and insurance all from a few taps on your phone.
But FinTech doesn’t only help consumers. It has also brought about a number of services and applications designed to provide solutions to business owners. Digital crowdfunding platforms have made it easier than ever to raise money to pay for startup costs. Mobile payment apps, like Square and Apple Pay, have opened up sales to potential customers, and have made purchases as easy as a touch of a button.
The benefits of FinTech seem endless, but it also raises questions on how this trend will impact the future of technology, and what it means for us.
Learn more about how it’s changing the financial sector in our everyday lives, how to break into this booming industry, and what you should be aware of here.