Michael VanErdewyk obtained his BS in biology from Dakota State University. As founder and CEO of Bright Bucks Inc., Michael VanErdewyk leads and manages the company which launched a powerful Fintech Mobile App Platform designed for Non-Profit Organizations and social media influencers and creators to help engage their stakeholders, collect important market data and analysis, increase revenue and much more. Building this platform includes design, engineering, and development as well as raising capital, building the team, sales and marketing.
Fintech firms have garnered growing significance as providers of financial services in both developed and emerging markets. The following are some of its impacts.
Introduction of smart chip technology
Smart chip technology has bolstered the security of transactions within the banking industry, making it one of the most conspicuous impacts of this technological advancement. These chips generate distinct codes for every transaction, posing a challenge for fraudsters attempting to utilize pilfered card information for unauthorized purchases.
Innovation of biometric sensors
Another noticeable impact of fintech on the banking industry is the innovation of biometric sensors. This biometric sensor allows customers to access their funds just by using their biometrics without having to go around with their ATM cards.
Faster Transactions
Fintech grants financial institutions enhanced processing capabilities, enabling customers to execute payment swiftly with heightened security through mobile apps. Banks, Credit Unions, Financial institutions and most companies have the opportunity to utilize efficiency by making use of these mobile apps.
