There was a time when you would have to wait in a queue just to make a cash withdrawal or deposit at a bank.
And don’t even get us started on how long the process of trading in the stock market or investing in mutual funds was. (Pssst – It took forever!)
But as time went by and more and more processes (thankfully!) went digital, the world of investment and banking changed.
The financial sector benefited hugely when processes started becoming digital. Banking became easier, trading in the stock market became easier, and even investing in Fixed Deposits of mutual funds became a lot more manageable. And these newly digitized processes paved the way for the growth of fintech.
You see, the concepts of saving, investing, and being fiscally responsible are as old as time, but how each generation approaches these undertakings has evolved.
So, while the process of financial management is not a new one per se, the evolution of the ‘investor’ has highlighted the need for dedicated service providers who can help young investors navigate the world of investing – which, let’s be honest, can be intimidating.
This is where disruptive fintech startups assume the role of an engine leading the locomotive for investors.
Today, millennial and Gen Z investors are more financially aware than the previous generations, and they prioritize saving and investing to beef up their financial portfolios.
Fintech startups have enabled young investors to save money, invest it, and manage it easily, seamlessly, securely, and on the go!
Further, when the market is growing so rapidly and the options for investing are becoming so diverse, investors need reliable solutions which can enable them to make calculated decisions and explore new options as well.
That’s a general understanding of the role fintech startups are playing in the market today. Here’s a slightly deeper delve into the landscape change that fintech startups are bringing about –
With all that fintech startups do, it is important to remember that they are guides, and you still need to do your own research and make decisions based on your knowledge, budget, and trajectory.
This is especially true when you are foraying into dealing in more high-risk fields like the stock market, or are availing options that promise higher returns.
But, if you do your own research, and find the right fintech startup to suit your needs, then fintech companies can be your own personal Gandalf – guiding you on your journey to making sound investment decisions and saving your money optimally.