Hidden Figures, Hidden Service.
We've all seen that inspirational film about the three women that helped launch the first man on the moon. 'Hidden Figures' kinda explains what it's like to be on the outside looking in, especially when it comes to banking!
Hello again, and welcome to another week of trying to break down financial info that everybody seems to know about-but us!
This week, we're talking FinTech.
In the post-2008 financial crisis, the UK created an ecosystem that is the envy of the world. That Ecosystem is known as FinTech. Financial Technology to you and me.
For the most part, this has passed us by. That's because it seems only for the youngsters, hipsters, and those in financial services that like to confuse us with mumbo jumbo and then end us screwing you over with fees or lock-ins.
But FinTech was really started for you and me. And basically, anybody fed up with the current banking system that only seems to serve itself.
These are three key trends driving the FinTech revolution
In-demand products and services.
Fintechs listen to market needs and offer up services customers previously did not realize they needed, such as digital wallets, automatic savings, and instant and hassle-free accessibility. The most common reason consumers chose their fintech company is because they offer a product or service that consumers couldn't find elsewhere.
Trusted recommendations.
When it comes to finances, people rely on trusted friends, family, and colleagues to recommend products and services. For instance, my sister-in-law first mentioned FinTech to me. She has used one of the cards for a couple of years and was able to get her mother a clone card [more on this next week!]
Ease of use.
It's so easy to use. We've all had credit and debit cards for years, but this is another level of simplicity, trust me!
As part of the review, I looked into the top digital banking accounts. Friends would ask me for advice, so I have decided to share my knowledge.
My favourite is Starling, I’m so impressed with this bank. So easy to use and a bonus they now have an accounting package for £7 a month. An easy decision and I managed to get signed up within 15 minutes. Completely digital and a very user-friendly app.
All the banks now analyze your expenses to help you complete your accounts. Before, I would waste time researching and sorting, but now the banks can do this for you too.
Interest rates are at an all-time low, so the most critical factor for a bank is the usability and customer service. Starling nails this better than our traditional high street banks.
Take us out Dennis…
Money in my bank, but I just can’t get no love…
Well, that’s all folks for this week. Check out these accounts for yourself, you won’t be disappointed.
Bye for now, Paulette