Frere Enterprises Asks: What is FinTech? How Is It Changing the World?
PETALUMA, Calif., Oct. 16, 2018 /PRNewswire/ -- Financial technology (FinTech) has already changed most people's lives, yet many people don't understand what FinTech is. FinTech is vaguely defined but is used to establish trust, compare data, decentralize power and provide meaning for data. FinTech is found in online banks, online money transfers and in cryptocurrency. It builds history and profiling through comparing data. By using some of the technology already available to us, we should be able to act with more confidence and get more done in a fraction of the time. Brandon Frere, CEO of Frere Enterprises and other ventures, believes that advancements in FinTech may cause improvements in all of our lives. "Imagine how much your finances would improve if you had a robot Warren Buffett advising you," said Frere. "FinTech isn't just money transfer, blockchains and CRMs; it is also anything that strengthens those processes. Any kind of information gathering, comparing or transferring can use FinTech."
We are living in the information age and FinTech helps information spread. Here are some examples of how FinTech can be used every day.
- PayPal is a popular FinTech service that altered payment to allow for an immediate and direct transfer, where before payment usually required some intermediary step or took a lot of time to transfer.
- Every interaction with clients can be recorded with a Customer-Relations Management (CRM) tool such as SalesForce. All the data related to every meeting or transaction can be recorded and compared to other data from other clients.
- Blockchains are basically thousands of different ledgers that update together that require a permission code that goes through all the ledgers or the transfer doesn't go through. This creates a more secure ledger that allows changes between different locations to happen with greater security.
- By comparing all of the data on the ledgers, companies can make corrections from that data. Then they can effectively ask questions like "If this client buys a football, what other things are they likely to be interested in based on the footballs that other people bought?"
- Insurance companies and other companies can profile people based on their Facebook and the blockchain data. Insurance companies could give a health rate based on a person's Fitbit data.
- Other data, such as which words are stated on a written record asking for a loan, tend to correspond to relevant statistics, such as who is more likely to pay back such a loan.
FinTech, and blockchain in particular, may change the world as much as the internet did by adding trust and giving meaning to different data points. Blockchain may end up being useful to areas outside of the financial sector, as well. It may be possible for a ledger, like someone's own personal data, to be compared to educational metrics in order to design the best education plan possible for them. Anything involving information may get an overhaul with FinTech soon.
"Right now, imagine a world where every employee gets immediate feedback on the execution of every task by an AI. Imagine how much faster the world would be. Imagine every person knowing where to look for the information that they need at breakneck speed. Imagine a CRM device being introduced to smart homes to monitor interactions and give advice for personal habits compared to others. FinTech is creating a path into the future not just for financial development, but for personal development and professional development, as well," said Frere.
About Frere Enterprises
Run by CEO Brandon Frere, Frere Enterprises is a California-based company with a global vision based around the usage of special financial technology, or SpecFinTech, with a current focus on financial wellness and productivity.
He has designed and created multiple companies to meet the ever-demanding needs of businesses and consumers, alike. Frere's website, www.FrereEnterprises.com, is used as a means to communicate many of the lessons, fundamentals and information that he has learned throughout his extensive business and technological endeavors. Through Frere Enterprises, he aims to apply those lessons to other business opportunities.
Frere Enterprises' mission is to acquire traditional businesses and digitally transform them to meet and exceed modern day demand. This mission seeks to transform such businesses by developing the newest and most evolved technologies to speed up the evolution of financial services in order to meet the demands of the modern consumer and exceed the potential of the modern era.