You know you’ve made it when rumours never stop following you around and the fintech industry has certainly had more than its fair share. So, let’s get started and clear some things up!
The anti-hero of traditional banking
Batman and the Joker. Harry Potter and Lord Voldemort. Jean Valjean and Javert. Grouping fintech and traditional banking to that list of archnemesis -in the words of Taylor Swift- is why we can’t have nice things. Both fintech and traditional banking have their pros and cons. For instance, banks have more experience and have earned the trust of the majority. But, fintech offers convenience, and flexibility, and is slowly building trust. Rather than enemies, they complement each other. The world is wide enough for both fintech and brick-and-mortar banks.
Fintech companies are a fad
It’s been quite a few years since this rumour has been around that it discredited itself. Just look back at the pandemic, the fintech industry benefited from it and benefited others. The pandemic also proved that fintech and traditional banking are not enemies. During the pandemic, a few banks, such as NBE, allowed applying to its online banking service in a way that doesn’t require you to physically go to the bank. See, they can work together!
Hackers’ favourite place
I think that Baby Boomers' fear of inserting credit card info. online fueled this rumour. Your money doesn’t become “secure” only when it’s surrounded by concrete, have you not watched Money Heist?! Fintech built itself up and continues to thrive because of its efficiency and security. Cybersecurity is a challenge and a pillar of fintech. Using AI tech and machine learning algorithms limits fraud and minimizes human error. The tech in fintech doesn’t stand for nothing! And, do you really think the industry would have survived for this long if they kept losing other people’s money? Yeah, with fintech, your money is online not on the line.
It's only for the youth
A common trait I’ve noticed in both Millenials and Gen Z is that they don’t gatekeep! Sure, fintech is more popular with our generation than Baby Boomers’ but that is a given. Millennials grew side by side with technology and Gen Z grew up with technology. So it makes sense that they are more inclined towards fintech than Baby Boomers. However, because different generations have different fintech needs, Baby Boomers are important to the innovation of fintech. For instance, E-commerce and trading platforms are popular among Baby Boomers. And as the saying goes; sharing is caring and fintech is for all.
Bottom line: don’t listen to haters.