3 ways FinTech is changing our everyday life

By Leandra Monteiro

In recent years, humanity has evolved the way they handle finances. The influx of modern technology has revolutionised the world of finance and banking. Financial Technology, more commonly referred to as FinTech is making traditional methods of banking obsolete.

As the world goes digital, the current generation of youth needs a faster, more self-reliant system of banking and finance. This has given tremendous room to FinTech companies to cover ground. In several developed and developing countries around the globe, FinTech companies are steadily taking over, providing services and products that were once found only through financial institutions.

Today it’s difficult to do anything with your finances without using some kind of FinTech. Here are 3 ways Financial Technology has revolutionised our everyday lives:

The Online Bank: The way we do our banking has changed so much in the last few years. To check account balance or credit card balance, people automatically seek an online platform. Most people are more than likely checking a website or even downloaded an app for their smartphone. Furthermore, it is now ingrained into our lives, we may not even notice it.

In fact, the very way bank’s function has changed. Most banks now encourage their customers to avail of online services rather than have to physically visit the banks premises for smaller easy tasks. Adding to the fact that brick-and-mortar branches often have not-so-flexible business hours pressing on the consumer’s time, digital is always accessible.

Small Businesses & Entrepreneurs: FinTech has been quite the game changer for entrepreneurs and small business owners. Normally, start-ups would find it quite a task to acquire a loan from a traditional banking institution. However, there are now a number of FinTechs that enable SMEs to secure loans, manage payroll, and process payments.

In fact, small businesses, an area historically viewed as high-risk, is one of the key parts FinTechs have had the most influence in terms of transforming and building up.

Economic Equity and Access: The rise of FinTech is credited to them creating an opportunity in the face of adversity. FinTech companies have since their inception, majorly focused on those sections of society that have traditionally been financially ignored.

With lesser protocol than traditional financial institutes, FinTechs are more financially inclusive. The FinTech field is dotted with newcomers who are often marketing to non-traditional customer bases. Thus, giving almost everyone the access to reliable financial services.

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