3 Reasons Why Consumers Prefer Fintech Investments


3 Reasons Why Consumers Prefer Fintech Investments

Financial technology is the key innovation and technology that aims to challenge traditional financial practices in the provision of financial instruments. It’s an emerging field that makes use of advanced technology to enhance financial activities in finance. These instruments are derivatives, which are financial contracts or agreements that pay their values when they’re purchased or sold. There are a lot of firms that are engaged in providing services regarding financial technologies, all of which are aiming to become leaders in their respective markets.

The Nasdaq is one of the prominent exchanges that deals with derivatives and other financial instruments. Companies like Fintech and Nasdaq are determined to penetrate the market as a strong player and have plans to make it big in a few years. Their entry into the Nasdaq resulted to the success of Green Dot, which was one of the first online brokers to offer high speed internet access to stock quotes. Since then, other companies like Green Dot, First-e and Jaipur Securities have also established their presence on Nasdaq. However, these companies have different backgrounds from Nasdaq.

Fintech companies have come up with innovations that make online trading easier and more convenient. One of their innovations is online insurance quotes, which allows consumers to obtain estimates and quotes for homeowners, auto and life insurance from a single source. There are a lot of traditional banks that provide such financial services, but consumers are now looking for more convenient options. In addition, with online insurance quotes, people are able to compare various products easily and quickly. Consumers are encouraged to compare different home insurance quotes because they’re offered by different insurers, thus giving them the opportunity to choose the best one.

A lot of traditional banks provide home refinancing and home equity loans, but consumers nowadays prefer to go for other lending options, such as fintech. One of the main reasons is that fintech allows customers to get better interest rates and different payment terms. Traditional banks may provide better interest rates because of their long-established business relationship with financial institutions and lenders, but consumers have now chosen to go for a more convenient option.

Another reason why consumers prefer to go for fintech companies is because they don’t have to deal with paperwork or other hassles. With a traditional bank, consumers need to fill out paper forms and other documents before getting approval for a loan or credit. Furthermore, borrowers are required to submit their personal information as well as other important documents to several different banks or lending institutions before getting access to different loan products. These days, with the help of smartphone technology, all banks can offer their clients online banking and even loan application processing services right from their own websites.

Lastly, with smartphones being the widely preferred device for surfing the Internet, it makes sense that traditional banks would want to take advantage of the situation. The good news is that more financial institutions are already starting to offer mobile banking services through their smartphones. So if you’re planning to purchase a smartphone in the near future, consider investing in a fintech product. It’s now or never.