Finch, also known as financial technology, is a new way that transforms the way you may deliver, manage, and pay money or perform financial services. This is a new technology advancement that is changing the game for banks and financial activity.
Fintech targets both start-up firms as well as established companies. This is a business where it allows you to instantly accept payments online from across the globe, without the hassle of getting a physical bank involved. Two young gentlemen wanted to modernize the financial industry, making banking faster, cheaper, and mobile and so they did just that by creating a Fintech company called Stripe.
Stripe is a prime example of a financial technology company that has is booming due to this new technological advancement/method. People relate Fintech to an equivalence of popular mobile phenomenons such as Uber and Airbnb. Surveys have shown that 70% of people would rather go to the dentist than go to a bank, hence demonstrating how Fintech companies could take over the financial industry due to them eliminating the bank hassle and hidden fees. Founders have said that their Fintech goal is to make this system as easy as sending an email.
We may ask ourselves though, why does this matter to our business world? Fintech opens great doors for new entrepreneurs to approach because it allows anyone to create a business that they may have always believed of. As a result of Fintech, entrepreneurs are able to create these new businesses because Fintech doesn’t have the hidden fees, long paperwork, overhead and banking commitments that the traditional banks encompass. Fintech also is a smaller expansion which grants them opportunities to adapt and establish new ways that corporations cannot.
Source: Hot Topics + CBS News