The financial industry is constantly evolving, and with new technologies come changes in how we manage money. In the digital age, we’re seeing a shift away from traditional methods like banking and investments to more online-based options.
In this post we’ll touch on 3 ways we see the Future of Financing further evolving:
1) Fintech:
As Fintech evolves into a $100+ billion market, we’re seeing a lot of innovation within the industry, including new companies entering the Buy Now, Pay Later industry. These new companies are challenging the status quo by offering alternatives to traditional lending practices for smaller purchases. They do this by approving loans based on a borrower’s future income instead of their credit score or debt-to-income ratio — which we love! They also offer online payment options and free overnight shipping to help customers make quick purchases without the added stress of paying for it right away.
2) Blockchain:
Blockchain is another technology that’s starting to have a huge impact on the financial industry. As we continue to build out the global blockchain network, we’ll be seeing more companies use blockchain technology to create new financial products such as digital wallets and smart contracts. When everything is connected through the blockchain, the opportunities for financial transactions are endless! The world of finance is constantly evolving and changing — and new technologies and innovations will continue to shape the future of the finance industry for years to come.
3) Cryptocurrency:
Cryptocurrencies are quickly becoming a hot commodity in the finance world, as the value of each cryptocurrency continues to climb. Many investors believe that cryptocurrencies will become a legitimate alternative to fiat currency in the future. Bitcoin recently reached an all-time high value of almost $69K USD per coin, though it is currently at a little less than $23K USD at the time of this writing.
We encourage trying out some consumer-facing FinTech companies but do want to caution on any Investments within Cryptocurrency considering the latest debacle that happened with Sam Bankman-Fried cryptocurrency exchange FTX and cryptocurrency trading firm Alameda Research.
