Fintech: How it Has Revolutionised Personal Finance

Technological innovation has been the driving force of society for, well, since we have existed, isn’t it? Sure enough, the levels of innovations around us are on a completely different level today. We digress; the point is innovation has given us plenty of tools that have made our lives easier in more ways than we could imagine.

Take FinTech and personal finance, for example; with all this access to information as well as novel technologies such as FinTech, consumers have been able to transform personal finance for themselves, be it wealth management, lending, or some such. Nonetheless, let us take a look at some of the many ways FinTech has helped with all that.

Ease of investment: Easily one of the biggest advantages of FinTech has been the fact that personal investments are now as easy as ABC. No, really; all you need is an app, upload your credentials, select the funds or other assets you want to invest in & voilà. Simply put, FinTech has made it easier for users to access investment options whenever they want, wherever they want. And it is not simply the ease of executing such transactions, but also the fact that it eliminates the concept of middlemen, thus allowing users to save considerable sums of money they would otherwise spend on mediators.

Seamless payments: Sure, now one is bound to wonder "But we have had the concept of credit and debit cards for a while now and they sure have made payments easier than having to tote cash around for every single thing." Now, this is fair, though we must say that the world of payments has grown considerably over the past few years. Today, thanks to FinTech, we have UPI, digital wallets, tap and pay, and countless other such modern payment options. The ecosystem has also added smart point of sale solutions and other such tools that allow people to make payments for their purchases via a wide variety of options, no matter if they are making said payments online or in person.

Management of wealth: FinTech has ushered in an age of artificial intelligence-driven tools, chatbots, automated advisors, and countless other such solutions that have served to change how people connect and engage with financial advisors.

As a result, wealth management, which was previously deemed to be reserved only for a select few service providers, has become much more accessible than ever before. Companies are using hybrid strategies, i.e. robot advisory, human-driven services, etc. to deliver top-notch wealth management services to clients.

The impact digital technologies, especially FinTech, have had on the banking and finance sector has been for everyone to see. However, what a lot of people may not realize is that such avant-garde technologies have also changed the face of personal finance as evidenced from the above discussion. The contribution of FinTech to personal finance treads beyond what we have listed above. It has also made it easier for people to access the requisite capital, appropriately focus on personal finance, and so much more. So, if you too want to partake in this digital transformation in financial services and leverage it to drive your business’ growth, you know FinTech is the way to go.

Hi, I am Dorothy and I write technology related articles