You’re thumbing your way through your social media feed when you see an outfit that jumps off the screen. You select your size, click buy and just like that, your new threads are on the way. Easy-peasy.
This seamless experience is made possible by embedded finance, and it’s just one of the ways that technology is changing how people buy things. These days, you can buy a coffee, split a restaurant tab with your friends, or send money to your relatives on the other side of the world—all with just a few clicks on a cell phone.
Financial technology—or fintech for short—can have many benefits. It can make financial services cheaper, more convenient and easier to access. An app or a website is available 24 hours a day, 7 days a week. So, you can use financial services when you need them. And without the need to maintain a storefront, many fintech firms have lower operating costs than traditional financial institutions. So, they can choose to charge lower fees for their services.
Thousands of fintech companies already provide financial services in Canada, and there’s still room to grow. In many other countries, fintech is even more widely used.
