Author: ppraneshmannari

From the rise of Fintech, we have seen growth of P2P online transactions and banking sectors. There also has been much hype about digital currency and physical banks being replaced. As the years, have progressed the investments also continue to grow.

With the trending tech in the industry, the new startups are moving towards insurance and wealth management which have still been underdeveloped with little innovation. The new and interesting technology in the industry is “Robo Advisors”, which are used to assess a user’s risk profile and match the relevant low-cost investments. The algorithms are designed to optimize the returns and taxes with your investments.

With the Fintech industry growing, so are the technologies. Adding new technologies like AI, makes me wonder what awaits us in the future.

SRC: http://www.forbes.com/sites/nikolaikuznetsov/2016/11/22/the-next-phase-in-fintech/#736e473a4a29

Img Src: http://www.forbes.com/fintech/2016/#164120bc5668

With technology guiding banking, there are new innovations that are highly influential to people’s choices. One such choice is “going card less”. It may not be an innovation that is going to be disruptive but, it can create a higher level of security for transactions and ease of use for customers. ATMs of various branches of Bank of America already include the card-free option.  While they plan to convert all their ATMs, Wells Fargo and JPMorgan Chase are installing and testing this option at various branches.

Wells Fargo claims this is how it is going to work:  You’ll log in to the bank app and request an eight-digit access code. At the kiosk, you’ll enter the access code and your regular ATM code to start the transaction.

How the bank thinks it is going to be helpful: Customers need not carry their card all the time. It can make it more secure with card thefts causing issues to customers.

What ATM manufacturers think: They are not sure card-free ATM transactions would prove more convenient than using a card. Also, they don’t see it being beneficial to the card users.

What I feel about the whole card-free ATM: Considering US is not cash based economy, with very limited cash transactions there is not going to be much effect as there are not many withdrawals. But it might be a path leading to a complete mobile/ online banking system without any additional cards required in the future.

 

REFERENCE: https://apple.news/AC6frPQ2qS2-v0JYGP9Z25Q