The press is awash with financial technology (FinTech) news. While the many breakthroughs in this sector might appeal to big business, ordinary citizens might wonder if they have any bearing on their daily life. Is FinTech helpful to you? Here are some ways you interact with FinTech daily that may surprise you.
1. Financial Literacy
You have many goals in life, and you work hard to achieve them. Without clear financial information, you will not be able to make the best decisions. FinTech helps you determine how best to spend your money through delivering analysis of your accounts when you need it.
Certain FinTech platforms provide in-depth information on various aspect of personal finance you need to make financial decisions. In the past, this information would have been hard to come by without its centralization via FinTech information platforms.
When you have clear, accurate and readily available information, you are empowered to take charge of your finances.
2. Convenience in Payment
Today’s consumer buys from the internet more than ever. As more firms deploy e-commerce platforms to offer convince and savings to their customers FinTech helps you take advantage of that. Digital payment solutions help you partake in convenient purchasing which frees up your time for more important tasks.
Anytime you need to travel you just hail a cab from your preferred service and pay for it in the blink of an eye. All these convinces would not be made possible without FinTech and the solutions it brings to your day-to-day life.
3. More Savings
FinTech helps you save when it comes to making investments. Artificial Intelligence (AI) in FinTech solutions helps you automate your investments through robomanagers. Since this technology bears low fees you can save on small-scale investments and earn more.
You can use FinTech to locate colleges, find financial loans to attend the college of your choice, and keep up with your finances. There is coming a day when you will be able to do everything all from your smartphone. We are almost there now. Packett Logix points out that banks have more regulations they are responsible for than tech companies do. So the good news is that, as more technology companies come onboard with financial solutions, the possibilities will be endless as to how you can use applications and high tech to do your financial transactions for you.
FinTech sound like a game for big technology companies and big banks but it has everyday implications for you. Learn how you can harness the power of FinTech in your life to improve your financial wellbeing.