Fintechs have made people’s lives unnecessarily complicated

Fintechs have made people’s lives unnecessarily complicated | opinion

Money is too complicated, and we’re to blame. Banks created a bewildering array of financial products. Fintechs made it worse.

In the days before computers, you would go to the bank, and they’d show you how much you had and how much you owed. Simple as that. Then, in the 1970s and 1980s, banks pioneered building different systems for each product — bank accounts, loans, credit cards, mortgages and the like. These once-innovative systems have calcified into inflexible silos that resist connectivity and product evolution.have built a blizzard of new products.

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