The Dangers and Threats of an Overregulated Economy
Overregulation stifles innovation, weakens competitiveness, and fosters inefficiencies, threatening the growth and stability of an economy.
Design, Experience, LifeStyle Blog
Fintech, a portmanteau of “financial technology“.
Refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are regarded as the “ABCD” (four key areas) of fintech.
For example: use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency. These are examples of technologies designed to make financial services more accessible to the general public.
A cryptocurrency, crypto-currency, or crypto is a digital currency. It is designed to work as a medium of exchange through a computer network. Moreover these currencies are not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Therefore it is a decentralized system for verifying that the parties to a transaction have the money they claim to have. They are eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.
Startups, established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.
A subset of fintech companies focus on the insurance industry are collectively known as insurtech or insuretech companies.
Fintech companies use the following technologies
AI algorithms provide insight on customer spending habits.
They are allowing financial institutions to better understand their clients. Chatbots are another AI-driven tool that banks are starting to use to help with customer service.
Big data can predict client investments and market changes in order to create new strategies and portfolios. It can analyze customer spending habits, improve fraud detection, and create marketing strategies.
Robotic Process Automation is an AI technology that focuses on automating specific repetitive tasks. RPA helps to process financial information e.g.: as accounts payable and receivable more efficiently than the manual process. It is often more accurate.
Blockchain is an emerging technology in finance which has driven significant investment from many companies. The decentralized nature of blockchain can eliminate the need for a third party to execute transactions.
First-party fraud, ID Theft, Bot Attacks, Imposter scams, Regulatory developments, Deepfakes, Buy Now, Pay Later, Crypto and money laundering, Money mules
Overregulation stifles innovation, weakens competitiveness, and fosters inefficiencies, threatening the growth and stability of an economy.
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