Financial technology, or “fintech,” might sound futuristic, but it’s already a part of our daily lives. If you’ve ever sent a friend money to share a bill at a restaurant, cashed a check using your phone, or used a banking app to transfer funds between your accounts, fintech is the services of traditional banking but with the convenience of a click of a button.
Today, more Americans have a cell phone than a bank account.
That means that without knowing it, most of us are carrying a portal to emerging financial technologies right in our pocket. Fintech provides immense opportunities for financial inclusion by using technology to extend banking services to the unbanked and under-banked. And there is more to fintech than just having a mobile bank account.
Fintech gives us the power to do things like easily participate in the stock market from our phone or computer, democratizing investments. It increases competition in financial services so you can save for retirement, knowing that you’re getting the most competitive returns. It expands financial inclusion, offering the unbanked and underbanked the opportunities to gain financial security and send their kids to college.
As a member of the Financial Services Committee, I work every day to make sure that all Americans have access to these exciting technologies so financial security is attainable for everyone. You can read more about my work to advance financial technology in my recent op-ed in The Hill.