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Cash App Financial technology (FinTech), is expanding rapidly at a dizzying rate.
The rapid pace of technology is changing the way we live our daily lives. It also impacts how we spend, save, and invest our assets.
Likely will work well today as well as it did a few weeks back… but savvy financial planners double-check just in case.
The global financial technology sector was already on its way to being a major player long before the Covid-19 pandemic which led to forced lockdowns in 2020. The combined value of the FinTech industry is expected to be less than $310 billion by this year.
It is becoming increasingly difficult to count the number of financial technology companies or individuals who have been affected by FinTech’s rapid rise to the top. These are just a few examples that can provide valuable insight. Even the average person must keep up to date with the latest financial technology transactions.
1. Rocket Dollar: Alternative Retirement Investing
Until recently, the most popular way to save money for the Golden Years was through an IRA. You can put your money in an IRA, stocks, bonds, or a combination of these financial technology instruments.
These investment vehicles may all be tried and true, but not all offer the same return on investments (ROI). Traditional investment firms are known for their “wait and watch” approach to new opportunities, such as financial technology.
As newer products are evaluated, significant ROI can be lost.
Rocket Dollar, a leading alternative investing platform is an example. It is capable of pivoting quickly and taking advantage of newer opportunities (think cryptocurrency or startups) or non-traditional vehicles like real estate.
Rocket Dollar clients use their IRAs to diversify their wealth, which is always a good idea. Profitable ventures are also available to them, whose only risk is their inexperience. It can be a great idea for an adventurous investor to look into emerging markets and make sure their assets are flexible.
2. Square’s Cash App: Resolving Safety Concerns in FinTech Payments
We were well on our way towards becoming a cashless society before 2020. Reducing the risk of serious illness drew laser-like attention to the problem of how we handled and exchanged cash for everyday purposes.
Many consumers were reluctant to use debit cards, which is understandable. It took four fingers to input a 4-digit PIN into a checkout keyboard. This proved to be too much. Increased investments in touchless payment methods quickly became a reality.
All of the major players are included in the number of touchless transactions market entries. I immediately think of Visa, Mastercard, and Google Pay.
Cash App by Square is one that you may not have considered. Square is already a FinTech giant. However, its third-party payment application allows customers to use their existing credit or debit cards. It accepts Bitcoin. The Cash App is a privacy-conscious app that allows anonymous payments to Cash App accounts.
3. Samsung: Blockchain Enhanced Reliability
Publicized data breaches could have caused even greater damage to consumer confidence than Covid-19’s pandemic.
This is a huge statement, to be sure. But it’s clear that FinTech must continue to put a strong focus on security and privacy. Consumers are demanding that they have control over their data and that companies protect themselves against identity and asset theft.
Consumers who have been affected by data breaches are showing an increase in willingness to write paper checks again. They would rather have that than risk their financial assets. FinTech’s early days may have been reminiscent of the Wild West in the 1800s. Consumers are ready for law enforcement to enter the FinTech frontier. Sheriff Blockchain is your answer.
Investors Admire Blockchain’s Modifiability
Blockchain is a secure way to move money and assets over the internet. This increased security has attracted significant investment from Walmart and other major players like J.P. Morgan (Amazon), J.P. Morgan (Amazon), and PayPal.
Blockchain tech is a permanent, immutable record of legal financial transactions. Blockchain is linked by a peer-to-peer network and impervious server failures, as well as bad actors.
Samsung, a South Korean conglomerate, is known for its early adoption and use of blockchain. They have also come up with innovative ways to bring new products and platforms to the market. Samsung already has a platform for the enterprise called Nexledger, which is powered and secured with blockchain. The company also created an electronic wallet to be used with Galaxy phones. Cello Trust, a blockchain platform that tracks shipments throughout the supply chain, is called Cello Trust.
If Samsung can increase profits and decrease losses via blockchain, then expect other major players in the industry to quickly jump on board.
4. YOLOrekt — Machine Learning Used to Gamify Stocks
Many people nearing retirement may be reluctant to embrace AI because they have seen Stanley Kubrick’s “2001: A Space Odyssey”. AI and ML may conjure images of Skynet computers building armies of murderous robotics with Austrian accents for a younger demographic.
hese same tech-averse people seem to enjoy the convenience of smartphones. They are not opposed to chatbots. They love devices that can “learn” their habits and offer suggestions based on them.
It is also safe to assume that investors, despite having seen far too many science-fiction films, would be delighted to discover that AI can increase their returns on investments. One company received $1.75million in funding last year to bring AI to investing.
YOLOrekt uses the ramification stocks to forecast prices. It has received a lot of attention from FinTech. Although the software is similar to “educated gambling”, outcomes cannot be guaranteed. The interface makes it easy and enjoyable to place stock market bets.
The (Probable) Future of FinTech
It has been difficult to make any predictions based on the past two years. The four major-picture trends mentioned above will almost certainly gain momentum in the months and years ahead.
Customers don’t want to miss out on profitable investments because they don’t “fit” into traditional portfolios. They also don’t want to risk their safety. They want to do business only with companies that respect their privacy and assets. They are looking to partner with technology providers who use technology responsibly to make life easier and more prosperous.
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