Fintech startups are among some of the fastest-growing in the US and worldwide. Fintech is helping to move everyday banking and finance into the digital sphere. However, it’s more than just a niche interest. Here are three tantalizing facts about the fintech boom that might surprise you.
1. Fintech is a Genuine Threat
At least, traditional banks are seeing it that way. Ultimately, as a result of the ongoing digitization of society, the need for digital finance has grown. Global challenges since 2020 have exacerbated matters, too. Everyday consumers demand access to money and management tools with greater efficiency and convenience.
Fintech, therefore, is helping to provide everyday people with such convenience. Traditional banks are no longer seen as the go-to for all money woes and planning. It is easy enough for a smartphone user, for example, to load up a banking app and make decisions from home.
Is it any wonder that fintech - as a disruptor - is causing mild panic? Even bigger banks are starting to embrace the sphere as a step in the right direction. Over two-thirds of executives in traditional banking believe fintech will change the way we bank for good.
2. Fintech Breaks Down Barriers
The fintech boom shouldn’t be ignored. Almost two-thirds of all American citizens are already using fintech via digital banking. It’s little wonder why startups are pivoting more and more towards the sphere.
However, fintech is also helping to break down long-established barriers elsewhere in the world. With digital banking provided to modern standards, money handling becomes more secure and more predictable. Money is also easier to trace and transact without having to depend on paper trails for fiat currency.
Countries and communities struggling with poverty can also access money safer and easier. Looking further into the cryptocurrency side of fintech, global users can also trade easier and with fewer restrictions.
Ultimately, fintech solutions are helping to make banks work harder for their customers. Account-holders no longer have to head into physical branches for transactions. Some fintech apps even allow widespread trading without the need for a physical exchange.
3. Fintech Startups Have Been Here All Along
What’s truly fascinating about fintech is that it has been around for longer than many expect. In fact, millions of people have been using fintech for decades - with PayPal being a key example. Did you know that PayPal first started life in the late 1990s? This venture, of course, was a major stepping stone for Elon Musk, now one of the world’s wealthiest businesspeople.
PayPal has been a staple of business and consumer transactions for many years through its ties to eBay and beyond. It is a crucial template for ventures aiming to soar in the niche.
With fintech remaining a colossal sphere for startups in the modern age, real-time data on such companies is vital. Information on movers and shakers in fintech is now ready to view and analyze through Fundz.
SOURCES USED
https://invozone.com/blog/5-things-you-didnt-know-about-the-fintech-industry/
https://www.alux.com/fintech-industry/
https://www.kantox.com/en/10-fintech-facts-probably-didnt-know/
https://www.statista.com/topics/2404/fintech/#topicHeader__wrapper
https://www.electronicpaymentsinternational.com/news/paypal-history-milestones/
Topic: Startups
