Fintech is revolutionizing banking and the public is ready.
The United Kingdom fintech company Monzo raised £1 million in just 96 seconds on the “equity crowdfunding site Crowdcube, crashing their servers and setting the record for the fastest ever crowdfunding raise.”
The reason: a change in attitude, i.e., putting the customer first.
While the big banks think that’s important, very few of them are actually instituting changes to reflect it.
And technology is differentiating the fintechs from the old-fogey banks.
Things like machine learning and predictive analysis are telling customers that their balances are getting low rather than dinging them for NSF withdrawals.
Millennials don’t care about tellers or drive up windows, they want to do everything from their phones.
Other advances may be peer-to-peer lending or using the blockchain to keep track of balances. Or perhaps AR will help you “see” where your money is going.