The world of finance has entered a new era, catalyzed by advancements in financial technology. The intersection of finance and technology is better known as fintech, and it’s transforming how financial services are provided and consumed.
Essentially, fintech involves the use of technology to make banking and investing easier and more user-friendly than ever before. It’s important for students considering a finance degree to be familiar with these innovative tools and apps so they can enter the workforce ready to embrace these changes.
Financial technologies have been around for decades, beginning with the first ATMs in 1967 and continuing through the development of NASDAQ (the world’s first digital stock exchange) and SWIFT (Society for Worldwide Interbank Financial Telecommunication), which facilitates global payments. But it’s the emergence of new tools and applications that have truly transformed how we bank, invest, borrow and move money.
Examples of fintech include robo-advisors like Betterment, which utilize algorithms to automate investment advice; peer-to-peer lending platforms that connect borrowers with lenders rather than banks; and home mortgage companies that can approve credit quickly and offer zero-interest promotional periods. Other innovations address a number of other needs, including:
For example, the ability to easily pay for goods and services through integrated payment providers such as Shopify for e-commerce, Housecall Pro for plumbers and Mindbody for yoga studios has made it possible to take traditional brick-and-mortar businesses online, offering customers a more seamless experience. These are just some of the many ways that technology is changing how we do business, and it’s important for all professionals to stay up-to-date with these developments so they can continue to provide the best customer service possible. https://greyjournal.net/hustle/work-tech/navigating-the-new-challenges-for-fintech-startups-in-a-changing-economic-landscape/