A spokesperson from Morningstar described it as follows: “Fintech companies are businesses that leverage new technology to create new and better financial services for both consumers and business. It includes companies of all kinds that may operate in personal financial management, insurance, payment, asset management, etc.”
Fintech is a result of the demographic shift in population where people are looking for easy access, efficiency, convenience, and speed. In this day in age, people want to be able to do everything on their mobile devices in a matter of seconds.
Fintech companies are disrupting the traditional business models with innovative ideas. The integration of finance and technology helps employees effectively manage their financial lives when and where they like.
Fintech can help cut costs for companies in the retirement and financial wellness space and improve benefit plan effectiveness. Ultimately, Fintech makes life easier for both the employer and its employees and individuals.
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