Fintech: 7 ways finance gets a facelift with Tech 2021 tips


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Our finances are changing and the banking sector doesn’t seem to be a big part of it. Technology makes our faster, cheaper and more efficient financial services, but they are mainly technological start-ups and fintech companies (financial technology) which pave the way for the evolution of finance.

Mobile payment applications are now mainstream. We expect to do most financial transactions online, whether it’s making a payment, making a money transfer, getting a loan, or investing for our retirement. With every service available digitally, There is a good chance that we will one day make physical bank branches redundant.. It would be old fashioned to expect customers to physically step onto a bank.

Let’s take a look at 7 ways the financial industry is ahead of technology and how the industry is changing under our noses.

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1. Digital currency is not going anywhere

Most of us have heard of bitcoin and blockchain. Digital currency suffered a huge collapse after a bubble, but it turned out a lot louder than expected. While the price has yet to regain its maximum value, the long sideways trend suggests that the 8-year coin is not going away anytime soon.

However, instead of the price, bitcoin transactions it can show better picture for your use. In the graph below, we can see that average daily bitcoin transactions have increased steadily.

While this does not conclusively prove that more people are using bitcoin, it could be that the same people are simply doing more transactions, it does imply a strong bitcoin payment infrastructure which encourages people to continue using this currency.

A strong infrastructure can be attractive to businesses, especially owners of small and medium businesses operating online. Payment by bitcoin is irreversible., meaning customers cannot give defective checks (which will bounce) or dispute payments unfairly (on PayPal). Commercially, owners can save 2-4% on fees imposed by popular payment processors.

While Bitcoin will have a long way to go before universal acceptance as a fiat currency, it seems to be happening quickly.

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2. Bitcoin as peer-to-peer remittances

Bitcoin remittances are becoming more and more popular, and for good reason. Compared to traditional money transfer services, its the prices are much more affordable and the funds transfer time varies from instant to hours instead of days.

Without completely bypassing money transfer companies and banks, there are plenty of bitcoin transfer services that make it easy to transfer money, benefiting millions of foreign workers and the expat community all over the world.

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3. Global hybrid financial platforms

With the popularity of bitcoin as a means of payment and remittance, there are now financial platforms that Supports crypto and fiat currencies. One of these companies is Wirex, which combines and simplifies the two systems for its customers. All accounts are online and can be opened and accessed without going through an agency.

Hybrid financial platforms have a global target audience, since bitcoin itself is global. Here we see the start of the trend where small startups can compete with big banks by serving the global public to deliver all-in-one financial services, which was beyond their capacity just a few years ago.

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4. Robot-advisers

It’s tempting to imagine robo-advisers as robots sitting at desks surrounded by piles of papers. However, robo-advisers are simply online systems that can help investors manage their financesespecially when it comes to investments. Basically, they are fund managers without the high commission rate.

Robo-advisers help fill a significant gap in easy and affordable access to financial advice. There are even specialized robo-advisers who pre-programmed to meet specific demographics, like Ellevest for women investors. Millennials are certainly not left out; you can find robot advisers here.

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5. Financial information search engines

It is now easier than ever to research the financial information of many global companies. Dubbed “Google for Financial Services,” AlphaSense indexes “research documents, including corporate files and transcripts, presentations, news feeds, press releases, Wall Street investment research, as well as internal client content“According to its CEO Jack Kukko.

How does this affect our finances? Well, on the one hand, Millennials strongly favor socially responsible businesses, and only support companies in line with their values. This means that it is now easier calling on companies that fabricate or exaggerate their CSR claimsor boycott a product / service due to unethical expenses incurred by the company.

Second, he has Reduced time needed for finance professionals to conduct research., which should lead to a drastic drop in the prices of financial advisory services.

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6. Exchange traded funds are everywhere

A relatively new investment vehicle, exchange-traded funds or ETFs, have grown in popularity in recent years. They are popular for many reasons: they are more economical manage and maintain, Easier buy individual stocks, like diverse like mutual funds and offer many thematic industries that attract new investors.

For example, Purefunds offers ETFs that track the video game industry, drone economy and mobile payments. Additionally, popular online broker TD Ameritrade offers over 100 commission-free ETFs, and DriveWealth’s Passport offers non-Americans the option of investing in US-based ETFs.

Of course, all of the above companies they came up with their own mobile apps, which makes investing in ETFs easier and much more attractive to technology users.

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7. Non-bank peer-to-peer loan market

Traditional banks are no longer the only option for obtaining loans. Individuals and small businesses can now obtain access to financing for individuals via the P2P lending market, where there are now several lending platforms (here are a few) for connect borrowers and lenders.

As in a typical loan agreement, lenders will charge interest in exchange for funds. There is also a peer-to-peer lending platform that focus specifically on lending via bitcoin, like BTCJam and Loanbase.

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This “Uber moment for the financial sector” isn’t expected to end anytime soon – new concepts are always in the works or in development.

For example, peer-to-peer contracts can be done using Ethereum, a decentralized platform for applications that run exactly as programmed by cutting or reducing the possibility of fraud, censorship or interference by third parties. With these qualities, these ‘smart contracts’ can be applied even to complex financial arrangements, but are currently beyond the ability of a non-encoder to use.

It is too early to predict whether the above products and services will be sufficient to support existing traditional financial systems. However, one thing is clear: fintech will certainly force traditional banks to evolve, or see how your profits are managed.

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Final Words: FinTech: 7 Ways Finance Gets a Technology Beauty facelift

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