Questions about example sentences with, and the definition and usage of "Fintech"

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    2. ​‎In the past, people usually paid anything with cash. In more recent times, people can apply technology to let the cash do more things which makes the investment in return. Fintech combines the two words, Finance and Technology. Fintech’s purpose is to offer efficient service. Therefore, we do not only think about the Fintech application, but also think of its cause and effect. There are many reasons why Fintech has become so popular. One of the main reasons is the technological progress which makes it more convenient for customers. For instance, we can use a cellphone payment system when we buy something in the store. People don’t need to worry about forgetting to bring their wallet, or even bringing enough money when they are go shopping. Furthermore, we also can easily invest in stock or fund. People don’t spend enough time researching what kind of stock to buy or sell and which will bring the most profit. In addition, we also could apply to crowdfunding. Crowdfunding is the practice of funding a project or venture by raising multiple small amounts of money from a large number of people. Such as Zeczec cup, the most famous example in Taiwan. In the past, when we need money, our first thought is to borrow from the bank. Now we can use P2P leading which is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. It is changing our original lend and lease relationship which allows both sides to receive benefit. However, these changes have had different effects. One effect is personal security. For instance, if most of the banks information is computerized and a hacker attacks the banks information, everyone including the bank, will receive loss. Another result of Fintech is investment management. Through big data and artificial intelligence, technology causes financial advisors to lose their jobs. The reason is because the managing finance robot is faster and more efficient according to personal calculations of the best investment portfolio or the most suitable investment targets. A further effect is on the economy. Fintech lets cash flow more fluently around the world. In conclusion, Fintech can be helpful be bringing convenience to customers but also may lead to suffering along with the bank. Twenty years ago, Bill Gates stated, ”banking is necessary, banks are not” but banks are still around today. Therefore, I think it is important to find your own advantages and learn that challenges may come along the way.

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