Financial Technology Companies
It is time to learn more about the fintech. People already know about the banks and the credit unions. It is now time to learn more about the financial technology companies.
Lots of people might have had the experience of pulling up their bank account statements and seeing the monthly banking account fees. Are you one that still thinks in terms of the local bank branch? When is the last time that you went inside a retail bank?
Things are moving faster these days and when you are managing your money, you might not think about the retail banks. Do they really need all the physical locations? When you are spending money, how are you doing it? Are you pulling out cash? Are you writing checks? You are probably going to be pulling out your sofi debit card and buying your products and services. People are using digital to get more things done.
Tell the truth. Your checkbook might have a lot of dust on it. Don’t you really get annoyed if you are shopping inside of the store and someone in front of you pulls out a checkbook? Things are moving quickly. With the way that businesses are getting digitized, you might not even have to wait in line much longer. You might be starting to see some of the self checkout lines where you just walk out of the store and your account gets charged.
Some people might still be using their old banks out of habit. Others might be more up to date with things. They might have their sofi account and they manage their accounts online. Just think about it, you have access to sofi direct deposit. You have a sofi debit card. What else do you really need? Going to the atm to get cash is still an option, but people are swiping and now, you even have more options.
There are more players in the market when it comes to managing your money. You might have noticed some of the bank branches closing up shop. Some people might not have noticed, but others have. Some people might still think about calling a taxi, but others are up to speed with the rideshare apps like uber. Things are different these days.
Financial technology companies are coming into the marketplace and they are providing lots of value. Fintech brings in new opportunities. The old banks are going to have to compete to keep their customers.
