How FinTech is Disrupting Traditional Banking: The Evolution of Financial Services

We all know technology is disrupting everything, from the way we eat, and the way we work to the way banks handle our money. In fact, more than ever, it appears the traditional financial banking system faces an existential crisis because of FinTech. FinTech offers users more access, more choices, and ultimately, empowerment. So let’s look more into how FinTech is disrupting traditional banking!

In the end, we’ll mention this exciting new platform called AlgosOne, an AI trading bot which is designed to empower users financially as it helps to grow their capital without them having to do any work!

What is FinTech?

FinTech or Financial technology is a relatively new term that is used to describe a new technology that seeks to improve and automate the use of everyday financial services.

At the very core of this technological innovation lies the underlying idea of how advancement in technology can help companies, businesses, and consumers better manage their financial processes. It can also help them to conveniently interact, seek out loans, or offer different kinds of services which can be complemented through FinTech.

FinTech comprises two main things; specialized software and algorithms which are used on computers and smartphones. Initially, the technology was only applied at the backend of established financial institutes but as demand rose and software became more advanced, FinTech started to include different sectors and industries.

What Are the Benefits of FinTech?

FinTech comes with multiple benefits. These include:

• Easy Money Transfer: through the help of mobile wallets, payment apps, and mobile payments, FinTech has helped to make transactions faster, more convenient, and cheaper than banks.
• Personal Finance: robo-advisors and budgeting apps have allowed users to improve their financial and retirement planning by giving them access to professional tools.
• Lending: through the power of peer-to-peer lending platforms, FinTech has opened new doors for small businesses and individuals to obtain loans.
• Blockchain and Digital currencies: blockchain technology and cryptocurrencies have the power to transform the entire global financial systems as they offer more transparency, better access and reduce the cost of transactions.

Real-life Use Cases of FinTech

Almost all famous and renowned FinTech startups like Paypal, Square and Robinhood have one characteristic in common: they are designed to challenge the status quo by offering users easy access to financial services.

For instance, PayPal helps to improve cross-border payment by decreasing the time it takes to transfer money from one end of the world to another, while at the same time reducing fees. Similarly, Robinhood has been at the forefront of the FinTech revolution as it enables commission-free trading and fractional investments.

In short, FinTech ensures that any aspect of a person’s financial life is unpleasant or filled with extensive paperwork. As it can be solved with innovation and technology, and can help provide a more seamless experience to users than before.  

Who Are the Users of FinTech?

At the moment, there are four broad categories of users who use FinTech daily or utilize its technology. These include:

• Everyday consumers
• Business to Business (B2B) for banks
• Clients of banks
• Startups

Generally speaking, the younger you are, the higher the chances that you’re aware of FinTech and perhaps use it daily, which is due to ease of access. The same goes for small businesses and startups because it is easier for them to raise capital.

Impact of FinTech on Traditional Finance

For the financial sector, technology is nothing new. From ATMs to readable card machines to e-banking, the banking sector has always stayed at the forefront of technological innovation and will continue to do so in the years to come.

While FinTech companies have successfully been able to attract an audience due to their convenience, however, the real financial power still stays in the hands of traditional banks and other financial institutes. It may change given FinTech companies stay ahead of the technological curve and continue to provide faster, cheaper & accessible financial services.

But for now, FinTech presents more of an evolution to the existing banking infrastructure rather than a force of total disruption.

Introducing AlgosOne: AI-Powered Trading Bot

It’s clear how FinTech is disrupting traditional financial services by helping users become more financially aware, especially when it comes to growing their capital. Let’s talk about AlgosOne.

AlgosOne is an AI-powered trading bot that automates the process of trading for users! This means that users do not need to have any trading or coding background to grow their capital rather AlgosOne does the job for them. Here’s why AlgosOne stands out:

• Accessibility: at the core of AlgosOne lies the mission to help everyone achieve financial freedom. This is why the entry to AlgosOne is kept at a minimum because users only have to deposit $300 to get started!
• User-friendly interface: AlgosOne’s dashboard is designed to be extremely user-friendly with intuitive features, which makes it convenient for users to get started immediately after signing up.
• Diversification: AlgosOne doesn’t only invest in cryptocurrencies or stocks but it also invests in forex, commodities, bonds and indices. This makes it possible for users to expose their capital in multiple other profitable areas.

Considering this, AlgosOne empowers new users to grow their capital hassle-free and access an expert-grade platform that is otherwise inaccessible to many users.

Conclusion

While not posing an ultimate threat to the banking sector, FinTech is changing the way everyday users access financial services by offering low fees and hassle-free cross-border transactions to take loans. This is also where AlgosOne comes along, an AI-powered trading bot that empowers users of all financial power with the ability to grow their capital risk-free.

Want to grow your capital hassle-free with AlgosOne? Sign up today and watch how AlgosOne is able to deliver quality results without you doing any hard work.