Fintech, short for ‘financial technology’ is a term that encompasses a lot, yet most people seldom know what exactly it means. Some would argue that this is a big problem considering how much fintech will be changing all of our lives for the better in the future.
So what exactly is fintech? Fintech is new developments which will foster a change in the way we manage and use our money. Big milestones in this industry could change all manner of different aspects of our lives, from the way we buy groceries to how we pay our mortgages every month.
There’s big money in changing how finances are managed throughout the world regardless of whether you’re a business or just your average Joe. Fintech will lead the way to these changes and that’s why we’re going to take a look at 4 ways fintech will change all of our lives in the future.
Crypto Currency Will Make Transactions Seamless
Crypto currency is all the rage in 2017 with people all over the world investing in it – either to make a quick bit of cash or to push the technology developments further into the future.
The way the fintech aspect of crypto currency could affect us in the future is unbelievable. Banks could become obsolete due to the fact that crypto currencies are decentralized by nature. This means there could be a future where a computer program manages all of our transactions with no fees and very little margin for error.
DNA Will Be Used for Making Everyday Payments
One exciting area that fintech pioneers have been exploring is the use of DNA to authorise transactions and pay for goods and services. Imagine being able to use a retina scan of your eye or a fingerprint, or even full-on facial recognition, to be able to pay for your next grocery trip. Now that would be both convenient and extremely impressive.
Naturally, there are security issues which must be overcome to ensure that the machines handling this type of recognition can tell people apart accurately and consistently. However, once these fintech milestones are met, we can expect it to change the way we use our money in more ways than just one.
Cloud Technology Will Become Increasingly Secure
Cloud technology is the next stop in cyber security influenced by the developments made in the fintech field. As one of the fastest growing areas of technology out there, programmers are coming out with new ways to encrypt data and stop hackers in their tracks from accessing sensitive business and customer information.
By storing all of our data online, we’ll also be able to access it from anywhere, at any time, and with less and less concern for security. Cloud computing will make work efficiency go through the roof, so you can expect nothing less than constant updates to this type of tech.
Phishing Attempts & Online Scams Will Rapidly Decrease
We’ve all heard of someone who has been the victim of an online scam, usually some type of email phishing scam that reached their personal inbox. Phishing scams tend to try and appear as a legitimate company that hosts sensitive information, like Paypal or your bank, and then use that to request information like passwords and bank account details.
Fintech solutions to this may mark the end of widespread phishing scams as algorithms will soon be able to analyse emails for tell-tale signs of scams. Once these algorithms are advanced enough, we could theoretically see the end of phishing scams as we know it!
Fintech is the Future
As you can see, there are so many areas where fintech will make a genuine change to our lives in the future – the ones we mentioned are just the tip of the iceberg!
We hope you now have a better understanding
Author bio: Callum Catchpool is an avid follower of stock market trends, financial tech, and cryptocurrency developments. Callum is always looking for the next big idea to invest in for the future and follows the Goodwin law firm for legal issues surrounding Fintech.