How Fintech is Changing the Landscape for Everyday Consumers

Fintech is a term that is a combination of financial technology and it involves any technology that facilitates financial products or services online. These services are typically automated and they assist a variety of financial needs. Over the years, fintech has done a great deal to make things easier for consumers.

Robo-Advisors

A robo-advisor is a useful tool for investing and managing your portfolio. It is highly automated and includes very little human interaction as it is guided by software and algorithms. However, you can still contact someone if needed. Robo-advisors can help you diversify and grow your investment portfolio. They can make basic decisions for you. Additionally, they give you advice on your investing. Some robo-advisors also come with financial planning tools and help with tax optimization. The biggest draw of robo-advisors is they are far cheaper than in-person advisors. With robo-advisors, you won’t need to worry about paying fees and they have very low minimum account requirements. However, you won’t get the personalization and customer service that comes with using an in-person advisor. 

Online Banking

Banking has shifted from brick-and-mortar to more of an online presence. This shift is due to a variety of factors including technological developments as well as cultural trends. Younger consumers are particularly inclined to choose an online bank. Online banking saves people a lot of time. They don’t need to fit a trip to the bank into their schedule anymore. Now, you can simply add funds, manage accounts, and more on your phone or nearly any other device. You are also fully in control of your banking and don’t need to have someone else manage your transactions.

Mobile Payment Services

One of the most useful advances of fintech is the creation of mobile payment services. This includes services such as PayPal and Venmo. They make it easy for you to make payments online. You simply connect your debit or credit card and you can do your shopping online without having to type up all your card information. You can also easily pay back friends and family or request money. There are a variety of mobile payment services to choose from and they each offer slightly different approaches.

With all the advances in technology, it only makes sense that the financial world has been impacted as well. Fintech has allowed the average consumer to have more control over their finances. The financial landscape is likely to continue changing as more consumers take advantage of the available technologies.

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