Transparency a big boost to fintech services

Financial technology or fintech has undoubtedly transformed the finance industry over the past few years. From something as simple as mobile banking apps to insurtech platforms, fintech solutions have simplified what used to be tedious traditional banking and other financial processes and are thus awakening a world that is reliant on technology for everyday transactions.

In fact, data shows fintech usage has significantly increased over the past few years. From 2015 to 2019, for example, the number of consumers using solutions for money transfers and payment grew from 18 percent to 75 percent. Increase in consumer adoption was also evident among fintech solutions for insurance, savings and investment, budgeting and financial planning, and borrowing. Fintech adoption was even more pronounced during the Covid-19 pandemic, where people were forced to stay indoors and turn to digital solutions to manage their day-to-day transactions.