Financial Technology

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How Has Fintech Impacted Different Industries

How Has Fintech Impacted Different Industries?

Fintech has spread massively over the years, to the point where it impacts more than just the financial industry. Thanks to the development of fintech, two types of products were created for the benefit of others: B2B and B2C. The first type, B2B, offers different financial services through fintech apps, while the second type, B2C, offers apps that are user-oriented for clients. The B2C model, specifically, was created to compete with financial service providers. 


From mobile apps to trading areas, fintech projects vary immensely and allow entrepreneurs to get their money without having to visit the bank. Here are a few industries that fintech has impacted over the years.


Funds Transfer


Transferring funds used to be slow and expensive. If you wanted to transfer money, you really had to think about when you would do it and when you needed the money transferred by if you wanted to get it done in time. However, with fintech, the funds transfer field started to develop; according to Think with Google, 69% of smartphone users transfer money using a mobile app rather than a website. Plenty of online services exist for money transfers, such as TransferWise. These services give small companies and private users the chance to send money to others at a lower price. 




Since many people have credit cards with certain payment limits, it’s possible to take out a loan online. Web and mobile applications such as KreditBee and MobiKwik allow people to use their sites and take out a loan quickly; users can usually apply and be approved for a loan in fifteen minutes. Once approved, the whole sum of the loan can be transferred to any banking card within an hour, and users can access their personal information (balances, arrears, etc.) quickly and easily. It’s no longer necessary to stand in lines and sign physical documents to get a loan; this trend could completely replace habitual crediting.




Chatbots are artificially intelligent bots that can, among other things, help improve the financial process. They can send notifications about changes to whoever is listed, provide helpful information to users, and more. Due to this, chatbots have increased user loyalty, which increases a business’s profit and makes a product more competitive. Several banks globally already use chatbots and have seen these results, using them to notify clients, help clients pay their bills, and so on. Some, like MasterCard, even have a chatbot for Facebook Messenger to improve digital services.

Great Podcasts All About Fintech

Great Podcasts All About Fintech

Podcasts have become one of the most popular forms of media over the last few years, and for good reason. Practically anyone can make a podcast if they put the energy into it and podcasts can be about pretty much anything. One topic that has plenty of podcasts to check out is FinTech. You can find many podcasts covering the subject, with each one giving a different perspective than the other. Some may discuss news, while others may attempt to teach their listeners all about the subject. Regardless of what you’re looking to listen to, there’s a FinTech podcast out there for everyone. Here are a few great podcasts all about FinTech.

For FinTech’s Sake

Although this podcast is only around 2 years old, it’s easily one of the most popular and high-quality FinTech podcasts out there. Hosted by Zach Anderson Pettet, the show takes a look at what happens at the intersection between finance and technology, exploring the perspectives of founders, investors and, incumbents. Episodes of the show range anywhere from 20 minutes to an hour and a half, so you’ll get plenty of variety as well as many guest hosts.

Breaking Banks

Highly considered to be the #1 FinTech podcast in the world, Breaking Bank is hosted by Brett King, a FinTech expert who has written several books under his belt. The show takes a look at how technology and the way customers behave are bringing about changes and will continue to change banking over the next 10 years, as well as how it’s affected banking over the past 200 years. Every week Brett and his team discuss the most important financial topics and they’re constantly inviting new guests to give their own perspectives so you’ll always have something new to look forward to.

Banking Transformed

Technology has changed banking drastically, and there’s no denying that. But for some of us, that isn’t easy to accept, especially if you’ve been working in banking for a long time. Banking Transformed is hosted by Jim Marous, one of the top 5 banking and fintech influencers in the world. In each episode, Jim takes a deep dive into the impact that digital disruption has had on banking and will continue to have on banking, as well as the leadership and cultural challenges that come with it. Jim’s ultimate goal is to help listeners embrace the change and make the most of it because things will only continue to change with the passage of time.

FinTech 101: What is a Green Bank?

What Is a Green Bank?
You may have heard the term “Green Bank” and wondered what it meant. This short article will explain the term and concept behind it.

Green Banks in a Nutshell
A green bank is a bank that exists for the sole purpose of battling earth climate change by funding projects that may be able to decrease the global carbon emissions and increase the use of alternative and renewable fuels and energy. They tend to support infrastructure spending in wind, solar, and other renewable energy space.

Green Banks: Functional Model
Green banks are not climate charities. Their funding is expected to be paid back with a profit for the bank. Currently, they are supported by some states in the U.S. and also by private funding. Green Banks utilize philanthropic and public funds. They generally fund energy projects that beyond the research stage and “good to go”. The Coalition for Green Capital (CGC) is a nonprofit agency that is deeply involved in advocating for green banks’ continued development.

Where Did the Idea for Green Banks Originate?
The idea for green banks started in 2008 when two entrepreneurial-minded, Ken Berlin and Reed Hundt, came up with the concept as part of the Obama transition team’s plans for promoting cleaner energy changes in US society. A proposal to enact federally supported green banks was attached to the American Clean Energy and Security Act. The concept never made it as legislation at the federal level. Green bank supporters were not daunted. Consequently, green bank advocates persuaded some states to take up the cause.

Green Banks: Some Statics
Currently, there are at least ten states that have at least one green bank. In addition, they are in the early stages of catching on globally as well. They also exist in Australia, the United Kingdom, and Malaysia. Within the U.S., green banks have already been involved in the funneling of some $3 billion in funds for clean-energy projects.

Green Banks: Their Future Development
With the advent of the Biden presidency, green banks may again find a firmer footing at the federal level. Indeed, in December 2020, Mr. Biden proposed the idea of a national green bank. They appear sure to gain more traction internationally as the desire to dampen climate change takes hold.

How To Forge A Career In Fintech - Jacob Parker -Bowles

How to Forge a Career in Fintech

Fintech companies offer innovative solutions to financial problems. They help banks to improve their customer service and be more flexible. Due to the growing popularity of the fintech industry, their jobs can be very rewarding. But what does it take to forge a career in fintech?

Start Small, Learn and Grow

Fintech is a booming industry, meaning that there’s more to be discovered. As a result, there’s a lot of opportunities in this industry. It helps to get into the industry with some experience in the financial sector.

However, it’s not necessary. A person with a law degree can learn on the job and become an expert in no time. Therefore, one shouldn’t procrastinate. If they think this is the industry for them, they should go for it. They can start at the bottom and work their way up.

What’s Fintech All About?

Fintech is an interesting industry because an individual works in two vast industries: technology and finance.

An example of an emerging fintech trend is open banking. Here, the bank allows tech startups to facilitate customer service and transactions through an app. The customer has to consent before using the app. Once the customer agrees, the bank discloses that person’s banking details to the startup.

Any person that works for the bank or startup is already involved in the fintech industry. That’s how easily one can find themselves working in the fintech industry.

Skills Required

There are three sets of skills that are important in the fintech industry: software and hardware engineering, finance, and communication.

A person with coding skills can work in the product development department. Their work will be to code programs or applications that can be used to improve the financial sector. The person with finance skills helps the coders comprehend what the app is supposed to do. The person with communication skills will help to monetize the fintech solution.

Finally, the fintech industry can be very demanding. If one wants to succeed, one has to consider work and personal life. They have to be in perfect balance. Too much work can leave a person feeling exhausted and unmotivated. Therefore, it’s always good to think about one’s health and happiness.

The Ins And Outs Of Cryptocurrency Mining

The Ins and Outs of Cryptocurrency Mining

Most people have heard of cryptocurrencies by now. Bitcoin and Ethereum are two prominent examples of this type of currency. Crypto is designed to be secure. It utilizes blockchain technology to create a secure record of transactions. Many people invest in crypto by trading through marketplaces, much like traditional ForEx markets. Of course, it’s also used for transactions. Cryptocurrency has the advantage of being anonymous. It’s very difficult to trace. Famously, this intense focus on security has made it very popular on the dark web.

Cryptocurrency is created through a process called mining. Miners also add new transactions to the ends of blockchains. Working as a cryptocurrency miner requires some seriously powerful computer technology. Traditionally, powerful graphics cards have been needed to conduct an effective cryptocurrency mining operation. Miners also need to be very proficient at math. It’s a competitive field, and being able to solve problems more quickly than other miners is essential to success.

These days, miners tend to work in large teams. It wasn’t always this way. It used to be fairly easy for an individual miner to get set up. In fact, in the beginning, there was really no financial reward for creating new blocks in a chain. The people who did this work simply believed in cryptocurrencies. Over the years, some big investors have been getting involved in the mining space. This includes big high street banks. Individuals have had to form larger groups in the hope of competing with these large groups.

The financial rewards of cryptocurrency mining are sizable. A newly-mined block can be worth up to 12.5 bitcoin. That’s quite a bit of money. Each new block needs to contain data proving that the miner who’s claiming it actually did create it. Essentially, they must show their work in solving the mathematical problems in order to get the reward. This is still a fairly wild marketplace. Japan has started regulating crypto, but only lightly, In other countries, there are still no rules.

It’s expected that this will change in the near future. For one thing, investors risk being burned and losing large sums of money. For another, it’s highly likely that governments will want to start collecting taxes on the capital gains associated with cryptocurrency transactions.

Benefits Of Fintech For Small Companies Jacob Parker Bowles

Benefits of FinTech for Small Companies

Financial technology, known as FinTech, is changing the way many small business owners run their companies. Struggling to find financing from lenders and strict regulatory compliance is leading many smaller companies to focus on FinTech. Instead of relying on traditional lenders to help support their companies, many entrepreneurs are now turning to affordable solutions from financial technology companies.


FinTech Product and Service Offerings

FinTech companies offer a range of solutions for small companies. Business owners have access to lending, foreign exchange services, and digital business solutions. Many finance experts agree that the rise of FinTech is not just a passing fancy, but a real shift in the way small business owners generate revenues and profit. A report from the World Economic Forum suggests that FinTech will change the entire business environment.

From invoicing solutions, peer to peer lending, and supply chain financing, FinTech companies are gaining a real market presence in the business world with their low-cost solutions. Additionally, these companies are not hamstrung by the regulations that many traditional banks face.

One of the largest gaps FinTech companies fill is lending solutions. Traditional banks often turn away small business owners seeking smaller loans. By offering so-called “micro-loans,” FinTech companies provide a critical lending solution for smaller companies that need less than $50,000. The Small Business Administration considers any loans of $50,000 or less as “micro-loans.”

Many FinTech companies also offer strategic invoicing and expense solutions. In many cases, small business owners have free access to these solutions using easy to download apps.


Other FinTech Solutions

Lending and tracking invoices are only two of a countless array of solutions offered by FinTech companies. Property management companies can accept payments from tenants using the solutions. Additionally, loans are available to help some of the costs of repairs and security deposits that many residents struggle with while property management companies still receive those funds upfront.


Many experts agree that FinTech for smaller companies is still in its infancy. Adopting FinTech as the primary source of business solutions for entrepreneurs is still a challenge. However, many experts do agree that FinTech companies have found a niche by providing services to smaller companies that largely go unrecognized by bigger banks.

Transferwise — The Revolutionized International Transfer Jacob Parker Bowles

TransferWise — The Revolutionized International Transfer

Anyone who has ever had to deal with international money transfers, whether through ACH, wire transfers or e-Wallets like PayPal, knows well the extreme headaches, frustrations and steep fees that are a seemingly unavoidable part of doing so. Yet, in a globalized world where it is necessary for businesses, entrepreneurs, and freelancers to send and receive payment across the world and in multiple currencies, international payments are often a necessary part of conducting business.

In many cases, however, the costs that businesses and individual entrepreneurs face for maintaining international payment capabilities can be prohibitive. While banks and services like PayPal often advertise low fees for sending money across borders, everyone who has done so knows that the realities are often not as they are promoted.

TransferWise is a UK company that was founded by two entrepreneurs who finally had enough of the deceptive marketing that banks and other services put out about the true cost of international transfers. TransferWise is a system that is designed to eliminate the banks’ and large payment processors’ stranglehold on international money transfers. By holding accounts at hundreds of banks across the globe and striking strategic deals with key financial institutions, TransferWise is able to almost completely eliminate surcharges associated with sending and spending across borders.

TransferWise typically charges a simple, low fee of around .6 percent, plus a flat fee of $1 per transfer. Whereas sending $5,000 from the United States to the United Kingdom through PayPal may cost business account holders upwards of $200 between both the sender and recipient, with TransferWise that same transaction will cost only around $31. It’s easy to see how savings like that can add up to huge boosts to the bottom line of any business that is required to regularly transfer large sums.

TransferWise also has a number of highly unique products, such as real foreign bank account services. TransferWise Clients are able to obtain real account information in dozens of countries, which they can then use as their local business accounts for that area. Having local bank accounts wherever one does business not only provides a patina of international prestige, but it also can eliminate hundreds of dollars in transfer, exchange and service fees on every transaction.

TransferWise is revolutionizing the way that international payments are made.

What Is Psd2 Jacob Parker Bowles

What Is PSD2?

PSD2 (or the second Payment Services Directive) is a law in the United Kingdom and other parts of Europe that has affected payments since January 2016. All payment service providers (PSPs) were required to adhere to the new policies by January of this year. Although many Europeans may not assume this law affects them, let’s look at the ramifications of adapting to these new standards.

What does PSD2 consist of?

In order to understand the impact of PSD2, we should first explore what it is comprised of. According to, the law is meant to open the payment services market up to more competition by regulating standards. Some of these include:

  • Stating of exchange rates when making a payment in another currency, such as an online purchase from a foreign site.
  • Increasing security measures, including a two-factor authentication system.
  • Limiting payer liability in the event of an unauthorized purchase, either from information theft or vendor error.

How does PSD2 affect consumers?

Consumers had previously been exposed to unfair and deceptive banking practices, which includes limited access to fee schedules and hidden interest rates. A lack of competition in the banking sphere reinforced these practices. As a result of PSD2, customers can expect more transparency and open communication regarding the status of purchases, rates/fees, and other financial services.

Another benefit is the ability for third-party payment providers to offer better solutions to traditional banking services. This may include investment products, accounts, and payment vehicles. Even online banking can change, as consumers can use sites and apps to easily access information.

How does PSD2 affect the marketplace?

Competition is expected to increase as a result of this law due to exposing unethical practices. I expect many fintech companies to debut, with solutions for every client concern. These can range anywhere from budgeting apps to alternative payment platforms. One area that should see substantial growth is wearable payment devices.

Regardless of the amount of competition this brings, we can expect to see more secure platforms and better incentives for consumers. A bank cannot simply bring people in because they exist; they must now prove they are worthy of your money. Payment systems likely will increase their move toward digital, as new businesses provide vendors with plenty of options for cashless payment accessibility.

In Conclusion

Although you may not see immediate changes in your banking routine, you can expect to hear news of increased options in the near future. I anticipate this change will affect the general population in a very positive way. Even further, this law opens the door to fintech entrepreneurs who would normally shy away from competition. In a year’s time, I believe traces of this law will show up in our everyday lives, and it may even influence other countries’ banking systems.

Paying With Your Phone Jacob Parker Bowles

Paying With Your Phone

Cashless payment alternatives are increasing in popularity, and there are no signs that it will stop. One big breakthrough is the ability to pay with only your phone, through Apple Pay, Android Pay, or the soon-to-be Google Pay. There are definite pros and cons to paying with your phone, for both convenience and security reasons. Let’s look at some of the biggest.

Pro: Forgot your card? No problem.

We’ve all had that moment where we could have sworn we brought our wallet, or that we put our card away, but we can’t find it. Although it is stressful to lose a card or to not know where your wallet is, paying with your phone can, at the very least, get you out of a sticky situation. Luckily, many stores and restaurants are beginning to accept mobile payments, so you may be in luck next time you have no alternative.

Con: Hackers can steal your data.

While companies like Google and Apple have high-end security, hackers have been able to exploit even the most obscure security flaws to steal your information. With Apple Pay, for example, you store your complete card information on your phone. Hackers have to be extremely skilled to get this info, but it is not impossible.

Pro: Less time in drive-thrus.

Many fast-food chains are implementing mobile payments to reduce wait time and add convenience. Think of the last time you went through a drive-thru. From the time you place your order to the time you have to pay, you have to worry about not holding up a line while searching for a way to pay. Using your phone simplifies this process, as we often have our phones in easily accessible places, while our money may be located somewhere not so convenient.

Con: Processing times can lengthen.

Even though you may not hold up a line by looking for money, you may hold it up due to long processing times. Devices that are meant to read your phone are slow and sometimes can’t detect anything. You may spend twice as long paying via phone instead of paying the old-fashioned way.

Mobile payments are likely going to become standard in the next few years. However, in order to make them efficient and safe, bank institutions, phone manufacturers, and device reader companies need to consider both the good and bad things about this process and change accordingly. Once that happens, you may be hard-pressed to find a place that does not accept a mobile payment.

Altcoins That Are Worth Your Attention Jacob Parker Bowles

Altcoins That Are Worth Your Attention

When the average person thinks of cryptocurrency, they likely think of Bitcoin. Not only is it the most popular, it is also the most expensive, and some say the most volatile. While most cryptocurrency are tied to Bitcoin, either by using similar code to create it or simply through the market, each coin has its own distinct use and purpose. I suspect that in the future, a few altcoins will rise above the rest and will stay. Although I think everyone should put many hours of research into anything they invest in, here are some interesting altcoins to keep your eye on.


Litecoin is, in its basest form, a copy of Bitcoin. However, Litecoin comes with some distinct advantages that set it apart. It has a limited number of coins, just like Bitcoin, but it is larger at 84 million versus Bitcoin’s 21 million. It also processes transactions 4x faster than Bitcoin (with an average time of 2.5 minutes), and allows for better technology to be implemented. This has resulted in lower waiting times for transactions, as well as lowered fees. Finally, Litecoin is more fair to miners when they are rewarded.

Another reason Litecoin is a great altcoin to watch is it is easily accessible for even the most tech-illiterate. You can quickly buy Litecoin on Coinbase, which also offers a Litecoin wallet. Also, Litecoin is tremendously less expensive than Bitcoin, coming in at a few hundred dollars, rather than several thousand. While I cannot suggest anyone go and buy Litecoin, I think it is an altcoin that is worth watching out for.


Another altcoin making waves is Ripple. Many people looking to exchange currency are doing so through Ripple. The currency itself has a built-in way to switch currency instantly. For example, people looking to travel may use Ripple, because they can convert from their country’s currency into their destination’s.

Likewise, banks are interested in Ripple for these reasons. It becomes much faster and less expensive to exchange currency through Ripple, rather than the traditional way. This is a bonus to both the bank and the consumer, as rates to transfer are significantly lower. Furthermore, Ripple can be a benefit to overseas merchants, and may eliminate excess fees for foreign buyers. This one factor is why I think we can expect to see Ripple adopted on a broader level than Bitcoin or Litecoin.


One benefit of cryptocurrencies on the whole are their anonymity. However, none is safer than Monero, which claims to provide complete discretion with your transactions. Because Monero is completely decentralized, you are 100% in control of your money, and if you lose it, there is no way to get it back.

Due to the nature of Monero, it is used heavily by criminals. While I do not condone criminal activities, I would be foolish not to recognize that this cryptocurrency has staying power for this reason. Also, many celebrities and companies are offering discounts to anyone who makes a purchase using Monero. I have mixed feelings about Monero, however, I will continue to watch it and see what happens next.

As I’ve said previously, I cannot and will not give you advice on how to invest in cryptocurrency. However, these three altcoins are becoming quite popular, and anyone interested in the options available may want to watch what happens to them. I believe that altcoins, just like Bitcoin, are going to become even more mainstream, and we will likely see more great altcoins join in the future. For now, we will have to watch the market and the news carefully before deciding where to place our money.

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