Financial Technology Is Overhauling Banking Faster Than We Can Say “Checkbook”

Life Before the Financial Technology Boom

With advancements in financial technology (fintech), there’s no denying that banking has become infinitely more convenient over the years. We have the ability to autopay our bills, receive account balance updates to our phones, and no longer are our purses and wallets cluttered with forgotten bank receipts, as they’re now sent directly to our inboxes. It’s hard to believe that not so long ago balancing checkbooks and visiting a physical bank branch for most of our account needs were the norm.

We used to have a plethora of options when it came to checkbook designs, from Disney characters to florals to the artistically abstract, and now we’re hard-pressed to find a reason to use our checkbooks at all. When taking note of the dramatic improvements to the financial technology industry over the last decade, it can feel a bit like living in a spinoff of Back to the Future.

How Financial Technology Is Revolutionizing Banking

Who would have imagined that we could create another stream of income by using an app and building the global financial community? With SocialBoost™, Meed’s Member Banks return a portion of their revenue to the global community that we, as Meed users, can receive as a regular stream of income. And our earning percentage can increase for every person we invite who becomes a Meed user. Thus, the larger we grow the global community, the more we can earn.

Another advancement is the ability to send international remittances to family members in developing countries, which used to be a long, complicated, and drawn-out process. Scams were common, and it could take weeks for money to arrive. Remittances account for one of the largest sources of external finance for developing countries, and it is essential that funds be sent in a timely manner without the sender acquiring unnecessary fees. Thankfully, new trailblazing mobile financial services apps like Meed allow for remittances to be sent directly across borders to the recipient’s mobile device, making it easier for rural populations to access.

The financial industry has kept pace with the technological boom, and simplified our lives in numerous ways. Sometimes it’s difficult to keep up, and it makes one wonder what will be outdated or forgotten when we look back on our progress in the decades to come.