When a kid in the 1970s, I recall how cool it was to use one of the first ATMs at a local bank. It completely changed how I could get at the several dozens of dollars in my account. I no longer had to visit during banking hours, but could do so on my own schedule. It was the magic of new technologies!
Now, of course online banking has made the experience of money exceedingly convenient. Not only constraints of time are removed but also location is no longer a factor.
I like the idea that fintech will usher in a whole new level of convenience and sophistication. Frankly, some legacy banks are having trouble adapting to a new paradigm. For example, if I don't move money from my high-rate savings account into checking before paying a bill, I will be dinged with a fee. Why? If anything I'm putting more activity on their system because they are requiring two transactions. It all boils down to how thing used to work. These new Internet financial organizations are not so burdened by an aniquainted system of processes.
