Financial technology, widely referred to as fintech, has taken the world by storm. Thanks to the emergence of smartphones and increasing internet access, many people can perform tasks from their couch when they’d ordinarily need to go to a bank. According to the Pew Research Center, 81% of Americans now own smartphones. That’s a vast increase from only 35% of Americans when this kind of survey was first performed in 2011. That’s an incredibly short amount of time for institutions to adapt to this new way of life, particularly banks. The banking sector has needed to become more productive so that it can compete in this brave new world.
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