Every third ad on TV or the internet today is of a fintech app. Considering the rise of fintech companies, one can easily say that we are in the middle of fintech evolution.
Do you know when this evolution started? It started during the pandemic when people lost their jobs and started finding other sources of income. During that period, the easiest source of income was through investment in equity and other securities. In addition to that, the world was introduced to two new sources of investment: Cryptocurrencies and NFTs.
The surge in retail investments opened the floodgates of UPI payments. Not only for the purpose of investing, but people also started paying online for almost everything. And all these factors increased the demand for fintech apps.
Today, on my phone there are:
3 payment apps
3 banking apps
2 investment apps
These 8 apps are accompanied by around a dozen of shopping apps along with investing strategy apps. I also had a couple of apps to invest in US stock market but after giving a lot of thought to it, I deleted them.
Like anything else in this world, this fintech evolution has its pros and cons. Let me put some light on them.
Pros
- The most important and basic benefit is that these apps are time-saving. These apps save a lot of time and energy.
- With these apps, you can pay your bills or even invest at your convenient place and time.
- These days all most of these apps are available in the regional languages. So now, they are even more use friendly and easy to use.
- With these apps, you can shut the outer noise and can invest after doing thorough research.
- I would say these apps help you keep your focus on the goal.
- Ultimately, these apps helps you help you to think wisely by cutting out the crap and pushes you to trust your instincts while investing.
- Cashbacks and discounts are just value added services of these apps.
Cons
- The biggest con is that they know your patterns and habits.
- Some of these apps can fetch all of your investments and can sell that data in the open market.
- These apps can be the reason for your impulsive shopping or overspending as they will show the ads on the basis of your interests.
- They push you in the trap of EMIs after luring you towards unwanted and out of the budget stuff.
- The chances of fraudulent calls increases as you are exposed after giving your important data.
At present, fintech Apps are taking place of entertainment and utility Apps on my phone. And I know I will stop at a certain stage.
Today, in the market, there are apps that will fetch all the information to let you know your net worth or just to tell your spending patterns.
You decide whether they are good for you or bad but I will suggest only one thing, think twice before sharing your information or allowing access to your finances to any fintech app.
Apps have made our life easy in many ways but as you have mentioned in the cons, these are a few factors which irritate the users. Payment apps have made the money transfer very easy.
Such payment apps have been so easy to use but they have some dangerous negative points if are not handled properly. Thanks for letting us know
With the proliferation of fintech apps, there is definitely convenience at your fingertips. However, as you have pointed out, there are serious security concerns. Hence one needs to exercise prudence, before downloading and using these apps.
I guess its not bad to have Apps on the mobile, after all it makes things easier. But as rightly pointed out by you, one needs to be cautious in their dealings.
Fintech apps are here to . They make our life easier and allow us to travel cashless. However, like you rightly mentioned they have their share of problems too. Maybe it would help if we aren’t too dependent on them.
I really appreciate your unbiased view of the fintech apps. Somehow I haven’t come in terms of downloading many just a few basic ones which are essential.
The rise in technology brings not only ease of use but also hidden threats. Apps are a great way to manage most of our activities but a little vigilance can keep the negative effects at bay.
Fintec apps do have benefits but I personally feel cons are more and brutal as your financial data is in open which can be misused to the core.
Financial digitization has made life easy, no second thought to it. But there are also lot many instances we read or heard around of frauds too. The responsibility is on us to learn more about the safety and then use these apps to improve life