This article shows how financial technology can simplify and make it easier to understand financial data. Many people look to invest money and once they read about the different finance instruments they can invest in they research about these products such as equity, debt, insurance etc. The information on these products isn’t easily understandable and due to this people over pay through fees, choose the wrong instrument and sometimes don’t even go through with investing their money because of the financial jargon describing these products. To tackle this, they have created a financial interactive technology which is similar to a nutrition label for a financial product. The financial label is interactive which not only makes it simpler to understand but also increases your knowledge of the products you are trying to invest in. For example, you will be able to understand attributes of funds you are trying to invest in a simpler manner like expense ratio of the fund or that fund’s NAV. To me this is a great use of technology as people need to invest their money in the most efficient way possible even though they do not have a financial background. This financial technology helps them to do so.
https://knowridge.com/2017/01/interactive-nutrition-label-for-financial-products-helps-investors-make-better-choices/
Great article. I think Fintech is going to clarify complexity of investment in many section such as stock for people, which can empower economic situation for middle class in society. If we consider sharing the knowledge one of the main concern of current era, Fintech has no option rather than democratise investment for everybody.
I agree with hamed, I think this type of innovation in the fintech sector could greatly increase the participation of investments from middle-class Americans. Increasing the wealth of the middle class could help our economy out greatly and improve the welfare of the nation. I appreciate the idea of striving to make this type of knowledge more accessible and understandable for all.