Will FinTech & Blockchain Change the Finance Game? (Spoiler: Yes)

We are currently in the throes of the technological revolution and this revolution is impacting every aspect of our lives from food to health to education and entertainment.

One of the areas really feeling the impact is finance. This is a good thing, as finance was desperately in need of an upgrade and the changes being introduced will have radical and positive impacts on society as a whole, improving our access to finance.

We know that life is expensive and costs add up. When you see the fees you are charged to use major financial institutions (you know, the institutions that nearly caused our economy to collapse in 2008) just so you can access and use your own money you start to wonder if there isn’t a better way. This is one of the reasons FinTech is such an important upgrade: fees are lower so users get to keep more of their own cash.

Plus, thanks to FinTech, our wallets are undergoing an upgrade. Now, with digital wallets, blockchain and cryptocurrencies, our finances have a new level of global access and security. This is big news for businessmen and women who work internationally or even everyday people interested in accessing the online global marketplace. Companies like BitGo and NanoPay are making the modern routine of international business much smoother.

Lower costs to access our own money. Who can argue against that?

Not all of us were born with silver spoons in our mouths or access to always flourishing money (or blockchain and cryptocurrencies) trees. But that shouldn’t mean we are shut out of the business world. Within the changing work world, entrepreneurship will become more and more important and the system needs changing so more people can access funding.

With FinTech (and blockchain), the funding process has evolved from the few base options of yesterday. Today’s entrepreneurs can go beyond the big banks to get funding–and this is excellent news to the groups underrepresented in loan acceptance and entrepreneurship. With options, entrepreneurs can decide the best way to finance their dreams and bring their business to life. Whether through loans, venture capital from companies like FinTech Collective or crowdfunding (potentially reaching millions of investors), today’s entrepreneurs have much more in the way of funding opportunities—and this is an amazing thing.

That being said, an upgrade to our wallets and funding is not the most extreme change to financial management.

Artificial intelligence is something that’s been in our consciousness for some time (with similar concepts being found in everything from ancient mythology to science fiction) but it only really came into being in 1956 and is only now starting to have a solid impact. True, it may seem odd to state that robots will help improve humanity, but properly harnessing the potential in this technology will radically improve lives around the world.

For those seeking loans, companies like Upstart are using the technology to provide quicker, more affordable and all-out better loans to the general population through its unique “direct-to-consumer lending platform.”

AI has brought us big data and big data is what will allow us to better conquer risk management and analysis. Its presence will change how companies function (once they figure out how to use it). Companies like AisleLabs see the potential that now exists and offer their services to help retailers master how big data can change their processes.

Don’t fear the machines, as they will help you make better decisions.

Change was needed in the world of finance and FinTech is the butterfly now emerging from the cocoon. So much of our financial world has changed since the financial revolution took hold and this is amazing to see. Future generations won’t know a world in which the banking royalty choose who has access to vital financial services as the revolution has brought in a new democracy.

And that democracy comes with so many perks it’s sad to think about the past (a.k.a. the financial dark ages, before the dawn of blockchain and cryptocurrencies). Finance is now easier—easier to access, easier to use and easier to understand. It’s about time.