In today’s day and age, there are changes and technological advancement that is paving their way to make almost everything in our life available online. With the introduction of financial technology (FinTech), alternative solutions, and a variety of business models have continuously been emerging, which could potentially render traditional banking practices obsolete. FinTech radically alters the way certain financial services are performed in such a way that it allows current financial services and products to be delivered in arguably innovative ways. Numerous fintech startups have now appeared, which provides services that are even more specialized and are often cheaper, faster, and more convenient than those offered by traditional banks. It is now a trend that has captured not only these startup enterprises but also the banks themselves, which compelled them to adapt to this new revolution in the banking industry for them to thrive. This article, therefore, discusses the beauty and advantages that come with FinTech, particularly concerning the retail banking industry.

Source:  www.fintechweekly.com