Tech

It's the Perfect Time to Turn to FinTech

By Eric Hamilton , Jun 01, 2020 10:44 AM EDT

Money management has evolved in recent years. People aren't eager to make appointments at their local bank branch, and they're not organizing their monthly budget using the classic envelope system. They're leaving these dated activities behind and quickly embracing the variety of options offered by contemporary FinTech. 

FinTech is not just the ideal option because it is newer. It's ideal because it's faster, safer, and more convenient than old money management methods. At this moment, you will want to turn to FinTech whenever you're dealing with your finances. 

It's Faster:

FinTech is designed to meet modern needs for simplicity, flexibility, and, most importantly, speed. 

For instance, if you need to borrow money to help you with an emergency expense, you could choose a lending website or app over going to the bank. The bank will have strict requirements - like high credit scores - that you will need to meet to get approved. If you do get approved, you will have to wait for weeks to get access to the funds. 

That's not an ideal situation when you're trying to cover an urgent cost. 

But a lending site like MoneyKey doesn't have the same strict application standards as a traditional bank, and it has shorter wait-times. You can get approved for an online installment loan or a line of credit and get access to your funds quickly - sometimes, you can have it as early as the next business day. It's a simple, straightforward process that will help you cover an unexpected emergency expense.

It's Safer:

People across the country are practicing social distancing to stay healthy and safe, and to protect vulnerable members of the community. These are the essential rules of social distancing:

  • Limit your time in public spaces

  • Only go out for essential trips (grocery shopping, prescription pick-up, important doctor visits)

  • Keep a distance of at least six feet from anyone that does not live in your home

You can see how a simple errand like going to the bank could challenge the rules of social distancing. If there's a line, you will have to try to monitor how close you are to other people. If you don't have a car, you might have to go on public transit or walk through crowded streets to get there. 

Online banking is an excellent solution at this time. You don't have to interact with the public or worry about how close you are to a stranger in line. Transfer funds, apply for installment loans, deposit cheques and more on your bank's website or mobile app. If your bank doesn't have an online option - this might be a good time to switch to a small neobank that caters to online services. 

At the moment, people are not as comfortable using cash. The chances of paper bills being contaminated are statistically low, but that reassurance doesn't ease the public concern about how much the bills pass through people's hands. That's why you should focus on digital funds - they don't carry any risk. Use online banking or cash transfer apps like PayPal and Venmo to send funds and pay for items as much as you can. 

It's Convenient:

You already use your smartphone to manage your emails, schedule, work tasks and exercise goals. Why not add your personal finances to that list? FinTech allows you to do everything that you could want to accomplish at a bank branch, accounting office or checkout counter on a single screen. 

FinTech is fast, safe and convenient, allowing you to manage your money without leaving your home. Most importantly, it's going to be your best bet for handling finances right now and possibly in the future.

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