Skip to main content

Matthew Ledvina Suggests 5 Things about Fintech that People Should Know

The popularity of Fintech is increasing at an exponential rate and people all over the world are welcoming the technology with completely open arms. One of the primary reasons behind such massive growth of the fintech industry is its ability to make financial activities much easier for consumers.


Matthew Ledvina works as an MD in a London-based Venture Capital firm and continuously monitors all the happenings in the world of fintech. While many people are using fintech or financial technologies in their daily lives, Matthew Ledvina explains 5 important things that every fintech user must be aware of and are as follows:

1.      Revolutionizing Financial Services

Financial institutions have known to combine technology with finance a long time ago when ATMs and debit/credit cards simplified transactions and money withdrawals. However, soon afterward, greater emphasis is given to the utilization of technology in finance, which led to the emergence of the fintech industry. Today, fintech has replaced the traditional methods of financing with modern ones like mobile banking and peer to peer lending.

2.      Banks Might Vanish in the Years to Come

While it is obviously not possible for banks to disappear completely, the requirement for their physical presence might be next to nothing in the years to come. In fact, with more and more people adopting the modern methods of finance nowadays, fewer people pay visits to banks for accomplishing tasks such as depositing/withdrawing money, making money transfer, etc.

3.      More People Have Access to Banking Services

People who were deprived of banking services due to reasons such as lack of infrastructure, living in a remote location, etc. now have access to a wide range of financial services all thanks to fintech. For instance, there are many African Nations whose people are using the internet to gain access to numerous financial services. They have created non-bank accounts using which they can do things like paying or receiving money, putting money in a savings account, etc.


4.     Getting Financial Advice is Easier Than Ever

Within Fintech, there are numerous applications that can provide users with quality financial advice anytime and anywhere. In general, these apps track and analyze the transactional behavior of users and make it easy for them to manage their money. In fact, there are apps that warn users when they overspend money in a definite period of time.

5.       Losing Money – A thing of the Past

As mobile payments made it easy for individuals to pay or receive money, a pouch for carrying money has been replaced by modern-day mobile phones. Consequently, it eliminated the chances of losing money while on-the-go. Apple Pay and Samsung Pay are some of the prominent players that are playing a major role in boosting the cashless transactions throughout the world.

The development of the fintech industry has already revolutionized the way of financing and exposed a new world of possibilities. Many experts believe that fintech has still a lot more to offer to the people in the near future.     


Labels:

Comments

Post a Comment

Popular posts from this blog

Best Ways for Americans to Make Donations to International Charities

Donating to a non-profit charitable organization is one of the best ways of helping others who are in need. In general, there are several charities that work for different causes such as providing disaster relief, healthcare facilities for the poor, protecting animals from cruelty, etc. Considering the USA, charities raise billions of dollars each year for the betterment of mankind, the animal kingdom, and the planet Earth. In fact, the annual charity generation in the USA is one of the highest in the world. Among the billions of dollars, most donations are made to the US charities while the remaining small portion goes to the international charitable organizations. No doubt, there are many Americans who are eager to donate their fortune to international charities but due to some reason they don’t. One of the foremost problems is that most international charities do not provide tax deductions to the US citizens and as a result, most people choose to make donations to US charitie...
1 comment
Read more

What Happens Now the GAO is Looking at PPLI?

It’s the question that everyone in the industry is asking right now, so we sat down with an expert to hear more. Matthew Ledvina is a cross border tax specialist with an extensive knowledge of PPLI and he was willing to sit down with us and shed light on the GAO’s latest activities: “Firstly, I want to say home important it is that an institution with the reputation and reach of the United States Government Accountability Office is taking this part of the industry seriously. I’ve been warning about the abuse of a number of variable insurance products and the wide-ranging implications such practices are having on the industry.” It’s certainly something of a hot topic right now, so does this mean an end to all offshore arrangements for high net worth individuals? “Absolutely not, this is more of a cleanup as it were. The key thing to note here is the IRS themselves openly acknowledge the legitimacy of many offshore life insurance products and the benefits they offer. What the GAO ...
Post a Comment
Read more

U.S. Tax Treatment of Annuities

As with life insurance, annuities are tax-favored investments under the Code. Unlike life insurance, however, the primary income tax benefit of an annuity is derived from the compounding effect of the tax deferral on the investment gains within the contract, rather than the avoidance of income tax, as with investment in a life insurance policy. Generally, under § 72(a), gross income includes any amount received as an annuity under an annuity, endowment, or life insurance contract. The income tax effect of an annuity depends, however, on numerous factors, such as whether the tax is being applied to a distribution during the a nnuity’s accumulation period or annuitization period and whether the distribution occurs after the death of the holder of the annuity contract or after the death of the annuitant (assuming that the holder and the annuitant are different persons). Section 72: Annuity Contract Defined To qualify as an annuity, the annuity contract must satisfy the requirements o...
Post a Comment
Read more