Empowering the banks that never close
Fintech companies are creating mobile platforms for payments, money transfers and savings.
Fact fans may be interested to know the term fintech was first used in 1971, two years before the first ATM appeared in the United States. Although it was a few more decades before it entered common parlance, we have reached a point where most people are comfortably interacting with it and feeling the benefits in their daily lives.
Traditional banking has been revolutionised – this writer is still astounded to have never owned a chequebook, which once seemed the ultimate seal of adulthood. Meanwhile, for the next generation everything is paperless and the concept of a bank is an app, rather than a physical building they would visit.
