Safety Online

As our financial information is increasingly being transitioned to online apps and even fully online institutions, that means we have to be more aware of the problems we can face online. This means the companies that you provide your financial information to need to be trustworthy throughout the industry.

Additionally, understanding the different evolutions of technology and not only how it can be used for you but also against you is crucial. Therefore, while apps that can help you understand and access financial services easier might seem like the perfect solution, there are also drawbacks. Artificial intelligence, plain-old hackers, and people use the word "password" as a password need to "up their game" in a way.

Use and benefit from financial technology. However, be thorough and understand the risks of your financial information on online apps.

Rapid Growth

In short, Financial Technology isn't going anywhere. According to McKinsey and Company, fintechs are expected to grow almost three times faster than the traditional banking industry. Compared with the 6% annual growth of the traditional banking industry, fintechs are expected to grow at 15% every year for the next five years. Therefore, financial and digital literacy is paramount in today's world.

The Role of Artificial Intelligence

Artificial intelligence is a massive part of the future of financial technology. AI helps increase access to financial services worldwide, allowing people to talk to intelligent programs to access services. Additionally, RoboAdvisors will probably be the most extensive use of artificial intelligence in the future. AI advisors who use programs to create investment and financial plans for you in mere seconds are something out of a sci-fi movie, yet they are our present. While they are being integrated now, the use of RoboAdvisors will only increase throughout the financial industry. Automation and access are only going to grow in the future, and you must educate yourself using resources provided by Niner Finances and other online resources.

Being safe online with your financial information is crucial to your financial health. We also encourage you to visit our Identity Theft Module for more in-depth information on how new technology is being used in criminal ways.

Next Chapter: Check Your Knowledge: FinTech

Check Your Knowledge: FinTech

All Chapters:

[Chapter 1]: What is FinTech and Why Do You Care?

[Chapter 2]: Common FinTech Services

[Chapter 3]: Investment Applications

[Chapter 4]: Cryptocurrency

[Chapter 5]: Blockchain

[Chapter 6]: FinTech in the Insurance Industry

[Chapter 7]: Financial Security and the Future