Matthew Ledvina Suggests 5 Things about Fintech that People Should Know
The popularity of Fintech is increasing at an exponential rate and people all over the world are welcoming the technology with completely open arms. One of the primary reasons behind such massive growth of the fintech industry is its ability to make financial activities much easier for consumers.
Matthew Ledvina works as a director in a London-based Venture Capital firm and continuously monitors all the happenings in the world of fintech. While many people are using fintech or financial technologies in their daily lives, Matthew Ledvina explains 5 important things that every fintech user must be aware of and are as follows:
Revolutionizing Financial Services
Financial institutions have known to combine technology with finance a long time ago when ATMs and debit/credit cards simplified transactions and money withdrawals. However, soon afterward, greater emphasis is given to the utilization of technology in finance, which led to the emergence of the fintech industry. Today, fintech has replaced the traditional methods of financing with modern ones like mobile banking and peer to peer lending.
Banks Might Vanish in the Years to Come
While it is obviously not possible for banks to disappear completely, the requirement for their physical presence might be next to nothing in the years to come. In fact,with more and more people adopting the modern methods of finance nowadays, fewer people pay visits to banks for accomplishing tasks such as depositing/withdrawing money, making money transfer, etc.
More People Have Access to Banking Services
People who were deprived of banking services due to reasons such as lack of infrastructure, living in a remote location, etc. now have access to a wide range of financial services all thanks to fintech. For instance, there are many African Nations whose people are using the internet to gain access to numerous financial services. They have created non-bank accounts using which they can do things like paying or receiving money, putting money in a savings account, etc.
Getting Financial Advice is Easier Than Ever
Within Fintech, there are numerous applications that can provide users with quality financial advice anytime and anywhere. In general, these apps track and analyze the transactional behavior of users and make it easy for them to manage their money. In fact, there are apps that warn users when they overspend money in a definite period of time.
Losing Money – A thing of the Past
As mobile payments made it easy for individuals to pay or receive money, a pouch for carrying money has been replaced by modern-day mobile phones. Consequently, it eliminated the chances of losing money while on-the-go. Apple Pay and Samsung Pay are some of the prominent players that are playing a major role in boosting the cashless transactions throughout the world.
The development of the fintech industry has already revolutionized the way of financing and exposed a new world of possibilities. Many experts believe that fintech has still a lot more to offer to the people in the near future.
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