Fintech in Every Aspect of Our Lives
Fintech – the application of new technological advancements to products and services in the finance industry; short for financial technology – has pervaded every aspect of our lives. The union between finance and technology has revolutionized the banking and introduced us to embedded finance – the integration of financial tools and offerings into a traditionally non-financial platform. Throughout the years, these technological advancements have seamlessly woven into our lives and heavily altered the way we manage our transactions and assets. Whether it be online banking, investing, or any other financial services. Fintech has effectively made future transactions more convenient for the wealth management industry. How exactly did Fintech manage to infiltrate so deeply into our lives, and why will it continue to do so? Let us dive in.Embedded Finance is The Reason We are Looking For
Moreover, the fintech industry has seen rapid growth in recent years with innovators working around the clock to improve and remodel our financial services. Rich Turin – Best Selling Author and a well-versed expert in the Fintech Industry with over 20 years of experience – posits that the Fintech industry is hugely competitive in China, similarly to the impact investment banking had in the West. The lucrative nature of Fintech attracts many young developers and academics hungry to innovate the next successful creation. Their willingness to sacrifice to earn fuels further rapid innovation within the fintech industry. This has led to the growth in embedded finance, introducing new services and products that continue to simplify the lives of many. For example, many e-commerce companies provide the option to pay later, presented through companies and applications such as Hoolah, Atome, and recently Grab. This ultimately extends the reachability the fintech industry has to a global platform and the increased convenience brought to users. Hear more on what Rich Turin has to say on the current financial environment in different countries here:Accessible Every Step of The Way
In a world without borders, the evolution of Fintech in any part of the world will have global ramifications. As a result, an article from Mckinsey established that these advancements will have a significant impact on the entire ecosystem surrounding banking and financial services through their data-driven insights. For example, exploring the new asset class: cryptocurrency. Nowadays, we are able to invest in cryptocurrencies in hopes to yield profits over time. A decentralized space in which anyone around the world can invest cryptocurrencies ensures constant accessibility. In an interview with Edmund Lowell, founder, and CEO of KYC-Chain, he noted that this was especially useful for countries with a collapsing local currency, allowing companies and people to protect their savings through stable cryptocurrencies. This ultimately illustrates the importance Fintech has had, having the ability to influence the world.Affordable for Everyone, Everywhere
Advancements in technology have aided in lowering costs of financial planning, facilitating further accessibility for users to access financial services. One particular way has been through the introduction of Robo-advisors. Essentially, this hybrid solution is a marriage between human advice and technology, utilizing algorithms to provide automated investment guidance to those that use it. Benefits:- Decrease in advisor fees
- Lower barriers to entry for financial advice
