By Nicholas Vardy Most Americans still manage their finances using brick-and-mortar banks, brokerages, and insurance companies.
But so-called “fintech” companies are slowly chipping away at these traditional businesses. Soon even your local bank branch and ATM may be relics of the past.
“Fintech” is short for the “financial technology” sector. It consists mostly of startups that have developed digital technologies to provide cheaper and faster financial services to tech-savvy consumers.
Fintech services include payment processing, online and mobile banking, online and peer-to-peer (P2P) lending, and even brokerages like Robinhood.
Fintech is still a small part of the overall global banking and financial sector. But it is snowballing. …read more
