Use fintech apps to grow your wealth

Fintech (finance-technology) startups have exploded in the past five years, shaking up traditional product and service offerings in banking, insurance and superannuation; industries long overdue for disruption.

Digital “non-bank” platforms and apps are promising to demystifying complex financial processes, personalise customer experience and offer round-the-clock convenience. Whether you’re paying off debt, budgeting, getting started with investing or saving for retirement, there is likely to be a fintech app to help you.

However as digital technology replaces human decision making, we need to ensure that the algorithms that will increasingly decide our financial fate do not reflect the unconscious and often unhelpful biases of their creators. As artificial intelligence expert Clara Durodié points out, “algorithms have parents”. In mathematician Cathy O’Neil’s terrific book Weapons of Math Destruction she outlines the importance of both intention and design in electronic decision tools. She suggests that a far scarier, and more likely, scenario than machines taking over the world, is the prospect that current disadvantage is entrenched in our society by poorly designed, opaque and largely unchallengeable algorithms. Overweighting of factors such as ethnic origin, postcode, or marital status may adversely affect access to, and cost of, capital and other critical financial products, particularly for those from less affluent backgrounds.

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Source: Use fintech apps to grow your wealth – Sydney Morning Herald