“Finance rules the world, but soon technology will rule finance.”
You may not realise it but you are taking part in a revolution. From online shopping, to comparing phone contracts, to paying with contactless or Apple Pay, you are part of the fintech revolution disrupting traditional financial and banking industries.
What is the fintech revolution?
Fintech is the term used to refer to innovations that marry finance with technology to better provide financial services. In one way or another, fintech is at the heart of many of the technological developments you use everyday.
For students, fintech isn’t innovation at all. It’s just how they do things. Who hasn’t noticed students pulling out their phone to pay for a coffee or a brightly coloured debit card attached to their digital bank that has a playful name (and community)?
The old ways – cheques, cash, filling out multiple forms – are becoming ancient and unwelcome. And they are becoming old fast! In reality, all this fintech innovation is happening faster, much faster, than consumers can handle.
What does this mean for the consumer?
Fintech helps us to move money faster and cheaper and enables greater personalisation. In essence, it makes many daily tasks that bit easier. But the change is coming at a rapid rate and that can be both disconcerting and overwhelming. Not to mention potentially dangerous when not understood or adequately educated.
Fintech is the future and the future is bright but like all change, we need to manage our expectations and ease into this new world step by step.
This is one of the many reasons why we believe that financial education is key in the fintech revolution. We may not be able to control the speed of change but we can take control over what tools we engage with, how they can benefit us and, importantly, how to protect ourselves.
In this spirit, we’ll be publishing a series of blogs about fintech to help you better understand what it means for the higher education sector, as well as for you as an individual consumer. Look out for more instalments coming soon!
In the meantime, please do get in touch if you have any comments or questions.