Fintechs are transforming business models and increasing innovation in financial services. Innovations include cryptoassets, peer-to-peer online platforms, insurtech, alternative digital payment platforms, and even central bank-issued digital currencies.

Fintech has the potential to deliver benefits to consumers through better access to financial products, greater flexibility, more efficient delivery and service, and competitive pricing. Therefore, regulators must carefully weigh the risks and benefits that this innovation can bring. What are the benefits of fintech?

From clarifying spending patterns to facilitating efficient budgeting, providing instant digital access and tracking progress toward financial goals, fintech offers a multitude of benefits that help consumers navigate turbulent times with greater resilience. Fintech aims to make financial services more accessible to a broader population, including underserved communities and individuals with limited access to traditional banking services.