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.
Better money management
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.
Lower transaction fees
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.
More access for underserved communities
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.
Easier loan reviews
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 helps you reach your financial goals.
Bright is a Fintech that runs on MoneyScience™, a new patented system of 34 algorithms that applies over 20,000 data points for each user every day. Over 200 equations drive the system’s core work. As of October 2021, Bright had made over 5 million transactions and paid down approximately $150 million in debt for its users. On average, Bright also saves $744 each year for our users.
We’re a mission-driven company dedicated to improving the lives of everyday consumers through AI-driven financial planning. Data science is at the heart of every product that we build.
Bright also adheres to the highest standards of privacy, security and transparency; we believe in data as a force for good; and we exist to bring real, positive change to the lives of our users. As a Fintech, these ideas are at the core of our business, and we believe they set us apart from many of our competitors.
Bright’s patented MoneyScience™ analyzes your finances and moves funds when it makes sense for you. Bright can also help build more savings while paying off your debt fast. With an AI-driven personal Bright Plan, Bright can deliver life-changing results.
If you don't have it yet, download the Bright app from the App Store or Google Play. Connect your bank and your cards, set your own goals, then let Bright get to work.
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Avi has three Masters’ degrees from the University of Oxford and the London School of Economics. He is an experienced data sciences expert with 11 years in data science research.