While many people seem to have little problem sharing their data with social media platforms, there is definite pushback against sharing the personal data generated by a messaging platform. This can be witnessed in WhatsApp, the cross-platform messaging application whose main selling point has been its end-to-end encryption, and its announcement that its users will soon be forced to share their personal data with Facebook (which acquired WhatsApp in 2014).
The purpose of technology is, in a nutshell, to improve a task to make it less difficult and/or more efficient to complete. This has lately been demonstrated in the information technology that powers the financial services industries. Finance, insurance, and banking have all seen their processes benefitted by “FinTech.” Let’s examine FinTech to gain a better appreciation for it and its capabilities.