Fintech, short for financial technology, combines the world of financial services with that of technology. The end result is an enhanced user experience and additional financial products that are usually automated. Meaning, they don’t require the assistance of a live person.
In this article, Freedom Financial Network will go over several areas in Fintech that are changing our personal financial lives for the better.
Changes In Our Everyday Lives
While banks still have tellers, there numbers have been cut drastically. Nationally, tellers have dropped 17% from 2005 to 2015. When Wells Fargo opened their first high-tech bank branch in 2013, it had no tellers. Instead, the bank was outfitted with large touch-screen ATMs. Although there were a few employees walking around with tablets providing assistance, there were no formal tellers.
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