A lot of bank branches have been shut in the past ten year, due to reasons that cannot be substantiated. It is predicted that in the coming generation, one will not find a reason for not going to the bank. However, in the digital error that we are in, one can deposit a check by photo that is taken on their phone. Internet platform also makes the transaction work more accessible, since it is easier for a person to make an order on a new credit card within five minutes. It makes it difficult for one to go to the bank.
The digital technology suppresses old business in finance. Land, silver, and gold assets were used to represent a claim on property in past centuries. Thus, money turned into paper. Paper cash is nowadays vanishing, as people are opting not to use liquid cash when paying for their expenditure but prefer using the digital transactions through computers. It has been noted that bank managers are ending up losing their employment to computers. The digitization of the money sector cannot be stopped with the innovations that are taking place in fintech.
According to Forbes, for instance, there slightly over 400 private startup firms that are worth more than $1 billion. 52 of these companies are fintech. Enormous profits are taken by the venture capitalist. Thus, they have poured funds into fintech. However, fintech is a big international economic service whose value is expected to inflate to almost $27 trillion by 2020. This is more than the yearly gross domestic production of the United States. Nevertheless, it is difficult for a person to assume the things that bring about the excitement in fintech. Research has proven that most fintech firms are promising.
Plaid is one of the firms that are far from being referred to as a household name. It is difficult to find it in an app store like the prominent fintech applications. Plaid is known to have its hooks in not less than 10,000 banks. This includes the biggest banks in the world such as JP Morgan and Wells Fargo. Plaid plays a significant role in serving as a bridge of a thousand of apps and banks. This aids in investing, money transfer, and spending funds. Through research, it has shown that only one American out of every four has used plaid via one app or another. Plaid gives individual freedom to purchase bitcoin from a personal account through the coin base app. Moreover, one can trade stocks on Robin hood using the application.
Dil Bole Oberoi
