Uses of FinTech
Information & Communications Technology and Media | 29 Sep 2020

Robo-Advising and Stock-Trading Apps
Robo-advising has disrupted the asset management sector by providing algorithm-driven recommendations and a customised portfolio management without human supervision. With advanced technologies that can analyse various portfolio options 24/7, even financial institutions have adapted to offer online robo-advising services.
Perhaps one of the more popular and big innovations in the FinTech space has been the development of stock-trading apps. Traditionally, investors had to go directly to a stock exchange. Now, investors can buy and sell stocks at the tap of a finger on their mobile device.
FinTech is here to stay
Before the advent of FinTech, a business owner would have gone to a bank to secure financing or start-up capital. If the business planned to accept credit card payments, they would need to partner with a credit provider and install the relevant hardware. With mobile and advancing technology, these hurdles are largely a thing of the past.
As with most technology, the younger the user is, the more likely it is that we are aware of FinTech. Consumer-oriented FinTech is targeted mostly toward millennials given their huge size and rising earning potential. While FinTech focuses on millennials, older consumers will do well to get used to mobile and online applications. For businesses, I suggest that the finance industry has already been disrupted and FinTech is required, no longer to get ahead of the competition, but to even just survive.