In today’s day and age, there are changes and technological advancement that is paving their way to make almost everything in our life available online. With the introduction of financial technology (FinTech), alternative solutions, and a variety of business models have continuously been emerging, which could potentially render traditional banking practices obsolete.

FinTech radically alters the way certain financial services are performed in such a way that it allows current financial services and products to be delivered in arguably innovative ways. Numerous startups have now appeared, which provides services that are even more specialized and are often cheaper, faster, and more convenient than those offered by traditional banks.

Just like any other growing industry, FinTech does not come without risks. It has its fair share of advantages and disadvantages. Although advantageous and convenient as it may seem, there are still things we need to look out for.

Be that as it may, since the technology is slowly integrated into traditional banking institutions, rules and regulations have been implemented by various government agencies to assure that certain risks are being controlled. As the banking industry continues to grow, it has also learned to adapt to its shortcomings and new challenges through the use of the right tools, proper management, and adequate regulatory policies in place.