Fintechs

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Finchs, what are they, and why you should know? This article maps out the world of financial technology.

FinTechs are on the rise, offering strong competition against previously established financial institutions. These FinTechs can grow and grow fast while some banks seem to be playing catch up. Digital payment seems to be the most popular out of the FinTechs out there. It’s almost unheard of for a college student not to have Venmo or a similar FinTech. Existing without one of these Fintechs is almost impossible. More and more people are turning to these FinTechs for their financial management. How can banks and major financial institutions compete with these new FinTechs? Is there a way to offer similar services in union with the bank? If banks offered in-house financial managing tools and education through games and apps would account holders even use them? The strategies of FinTechs need to be considered when designing new products and services in the financial world.

“Fintech and Its Impact on the Finance Industry.” SCU, Leavey School of Business, Santa Clara University, 17 Jan. 2024, onlinedegrees.scu.edu/blog/understanding-big-data-and-its-implications#:~:text=FinTech%20is%20also%20disrupting%20the,don’t%20have%20physical%20branches.