Technology continues to affect and change many industries including the financial sector. New fintech firms are putting pressure on many of the current titans of the financial service industry to evolve. Wall Street is being pressed to change as individuals have greater access through technology to alternate products that are usually seen as cheaper, more intuitive to use, and at times can give better returns. Mobile applications, portfolios that automatically re-balance, increased transparency, and new ways to track success are all new developments that are making banks and financial institutions lives a little more difficult. Fintech companies are at times able to create services and products that are better for customers with far less capital or employees.

Overall, I think the rise of money management fintech can allow people greater access to information, resources, and services that would not have been available decades ago. These fintech firms can even the playing field and hopefully allow people to save and invest money with greater ease. I also think that many investment firms, mutual funds, and other professionally managed firms will see a decrease in business in the coming years as there will be other cheaper ways to diverse one’s holdings.

https://www.bloomberg.com/view/articles/2016-06-08/fintech-is-ending-money-management-as-we-know-it