Does Fin-tech Help Move the Humanity Forward?

When we leave for work or school in a busy paced lifestyle we all live in today, no one even considers taking a moment to make sure we have cash on us, just pat our pockets to make sure we have our phone and/or card and out the door we go. It is reasonable to say that as humanity carries on, the busier it will get if you can imagine it or not. There are many wonderful advances that fintech has recently invented that has benefited a majority of the population today, such as next-gen banks, chatbots, financial apps and much more. Just imagine what else will be invented twenty years from now and how much of an impact it will have. We have achieved the ability to carry out mainstream banking functions all thanks to financial technology.

Accessibility will be a major factor that will lead to many deciding to use fin-tech instead of having to travel to a bank or institute. For instance, in most rural parts of the globe where there are not any financial institutes around, individuals might have an urgent need for money because of natural disasters or family emergencies and possibly have to go on long treks that can take days if there is no transportation available. If they have fin-tech on their phones than it will save them the trip of having to travel long ways to reach a financial institute. Additionally, people can easily do transfers on their own time, we do not have to worry about making it to the bank before it closes or waiting in long lineups. Furthermore, with fin-tech everything is in one place^[1]. For example, if you go to a company’s website such as Turnkey-Lender, it gives you everything you need to know about taking out a loan if you are curious and gives you information about medical and dental financing software as one example,^[1] which can be useful to know in the long-run and information you would not have necessarily received in the first place. Along with easier accessibility to discover other features in fin-tech, it saves time. Approval time from lenders on Turnkey Lender for example, takes an average of thirty seconds while other financial institutes take about nine business days^[1]. Because people are working from all over the world, there is customer service 24/7 which can not be said about most banks situated in a city or town. 

Throughout humanity, we have developed great inventions by building on top of technology that has already been created. Fintech industry can keep us connected and keep us aware of incidents and projects. Anything can be addressed as we are getting more innovative.^[3]. We as humanity have achieved great heights when social technology was created, being able to connect to others from all over the world. Fintech has already collaborated with this idea of a social platform by introducing platforms such as Patreon and GoFund. In addition for us to create innovate, mind blowing technology, collaboration is an important aspect. Partnering with business owners, influencers and other technology providers will help make lending fair and world wide.^[1] This will increase the production of technology that a magnitude of customers will appreciate because more people will be able to pitch in their suggestion while it is being produced.

Fintech also gives lenders a choice of where to lend because there are multiple platforms. Entrepreneurs need a place to start up their business. Some fintech companies will help small and mid-size lenders establish their own lending system. ^[1] This will give a head start to the ones starting their business whichever way they desire. Moreover, customers will have a huge variety of choices when looking for which lender to choose from. Customers can easily access data to help make their decision financially^[3] and compare it with other companies. This way customers are well informed and can make educated decisions which subsequently will make companies “up” their game, so it will lead to many new and improved inventions through competition or there will be an enormous amount of collaboration, creating the best versions of financial technology.

Artificial intelligence has been and is a controversial subject when addressing the workforce. AI is a huge game changer in fintech. AI will increase work efficiency and also open doors for more opportunities in automation, intelligence and creation aspect of business.^[2] We do not have to worry about bankers not being able to understand us as the AI will be able to process multiple languages and accents. They can also pull out information in milliseconds because of their capability which will be a likely granted in the future but a pivotal moment in history. Even though there will be less employment in financial services, there will be more job opportunities because of businesses hiring more people to work on automation, intelligence and creation. There will be more expanded opportunities for entrepreneurs, leading to a multitude of people “creating their own Amazon,” instead of working at one.

Now if someone were to ask if financial technology will help move humanity forward, what would you say. More people will be able to access fintech than ever before because of this digital age. There will be a variety of places to choose from when considering which fintech institute is the best for the individual. It is also much quicker, saving valuable time for customers. Collaboration is a key component for great technology to be invented and fintech is a wonderful way to get people from many different fields to give their opinions to create the latest technology. The world is open for entrepreneurs, especially in technology, making it easier for ones opening their business door actually leave their doors open without criticism from the public before they have tried the product. On top of that, AI’s will be developed by humans so that alone will provide new jobs. As a matter of fact, fintech will indeed help push humanity forward.

1.https://www.turnkey-lender.com/

2.https://www.weforum.org/agenda/2018/09/4-ways-ai-artificial-intelligence-impact-financial-job-market/

3.https://fintech.treasury.gov.au/the-changing-face-of-financial-services/