Fintech (or “financial technology”) improves and automates financial transactions. It’s everywhere where we use money, from our phones to our local bank branch.
Here are a few ways Fintech making banking safer and more accessible
ATMs have become frequent targets of fraud. Card skimming involves a fraudster affixing a card reader on top of an ATM’s real reader. It accounts for more than 80% of ATM fraud.
The Fintech industry has brought new innovations to the challenge. Biometric sensors and iris scanners can bypass card swipes, a validation process that’s more accurate and secure than cards and their PINs.
Fintech can help make more informed decisions about your money. Data science and AI can analyze spending habits and debts, making allocations and transactions that align with your goals and make sense for you.
With more reliance on Fintech, banks can perform work faster and cheaper, passing savings to consumers with lower fees. Some Fintech service providers use blockchain infrastructure to further reduce transaction costs, charging much lower fees on transactions and transfers.
By enabling mobile banking, Fintech brings financial services to underserved populations who don’t have access to local branches. People with disabilities benefit from remote, mobile access, too.
The data science and AI behind Fintech can help review loan applications faster and make more informed decisions, analyzing a wide range of data in addition to traditional credit scores.
That means Fintech lenders take more into consideration than your FICO score. Fintech’s automation also speeds up the review process, so your loan decision is both smarter and faster.
Fintech has also introduced more convenient peer-to-peer lending through apps such as Venmo, Google Pay, PayPal, and Apple Pay.
Bright uses Fintech start to finish. Built on 34 algorithms developed by experts from around the world, Bright analyzes your income and spending and makes decisions and transactions tailored specifically to you. Bright uses Fintech’s data science and AI to provide personal loans, make payments on credit cards and allocate savings according to you, your habits and your priorities.
The result is smarter, hassle-free money management, driven by the world’s best Fintech.