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3 Undeniable Facts About Fintech
For most people, fintech is merely the modern-day application of financial technology in day-to-day business processes. But there’s a lot more to learn about it.
For starters, you might want to check out this infographic by Carsurance that presents 87 interesting things about fintech. Whatever your level of knowledge about financial technology might be, you’ll certainly find the publication quite useful.
That said, consider the three facts below in addition to the 87 that you already got from the infographic.
Millennials Prefer Fintech to Banks
Today, more than 71% of millennials would rather visit a dentist than banks. This class of people is keen on embracing the convenience, speed, and affordability that comes with fintech. And it gets even better with people born beyond 2000.
Fintech Outruns Regulations
In the recent past, financial technology has been gaining popularity around the world in ways no one ever predicted. But contrary to what you would imagine, this has had its fair share of problems.
Take, for instance, the cryptocurrency space – a lot of people have lost money because the sector is largely unregulated.
For example, one of the biggest blows to cryptocurrency investors occurred just a few days ago when the CEO of a crypto exchange passed away with passwords that held more than $ 150 million in investor funds. Of course, this wouldn’t be happening if a proper regulatory framework was in place.
Expect Even More Hype
The better part of 2017 and 2018 saw fintech technology such as blockchain gaining popularity around the world. This caught the attention of many investors as well as the authorities.
The crypto craze, for instance, is just but started. However, always remember to stay vigilant because when a market is about to take a downturn, you won’t miss the development of hype and mania. This is what happened in 2017 getting to 2018. Despite all this, analysts remain confident that fortunes will change for cryptocurrency investors in 2019.
Do you have any interesting facts about fintech that you’d like to share with the world? We’d love to hear all about them in the comments section below.