By Elisabeth Prager
More than 1 in 2 people in the UK don’t feel confident managing their day-to-day finances, let alone investing (Money & Pensions Service). And 1 in 3 people feel worried about their personal finances (Money & Pensions Service). More concerning is the impact of this. Low financial confidence and knowledge, leaves people c. £1,400 worse off per year (NFEC). That’s a direct hit to your bottom line. The same applies to investing, where you lose the benefits of long-term compounding (where your money returns grow on top of the returns over time).
But guess what? You’ve probably already noticed, the industry is waking up and there are more and more fintechs challenging the status quo. You’ll have heard of the big ones – Wise, Monzo, Revolut – but things are evolving rapidly. Fintech is no longer just for The City suits or Silicon Roundabout techies anymore - it’s here to make your finances easier, smarter, and way more fun.
As a recently exited fintech founder, with a personal passion for financial education and empowerment, join me to take a closer look at how fintech helps you take control of your finances, why this matters and what developments are coming up.
First, do you remember what money management used to be like? It was only a decade or two ago when it was stacks of paperwork, high and untransparent fees, clunky apps, confusing bank or investment statements. Now, efficient, affordable, and accessible technology exists that is tackling these issues.
Here are a few ways fintech making a difference for everyday users: (Forbes).
Lower Costs and Fees: Fintech apps and platforms are cutting out the middlemen, which means lower fees and more money in your pocket. Especially in areas like currency exchange and investing, the industry is seeing solutions and premium features, often cheaper than traditional banks.
Personalised Suggestions: AI and data analytics mean your banking and fintech apps know you - like, really know you. Some apps and banks are already starting to nudge you to save, suggest better investments, and even adjust your budget when you set goals, move cities or change jobs.
Security You Can Trust: With money becoming more digital, security also becomes important. So Digital IDs, biometrics, AI-driven fraud detection, and blockchain tech helps keep your money safer than ever.
All of this matters to you, because – if you’re anything like me, busy with life, family and work – financial admin and money management isn’t your favourite thing to do. Time is among your most precious resources. Fintechs know this.
What will we see next?
While we’re already well underway, there are many more developments in fintech you’re likely to see (and love) soon:
Financial Literacy on Demand: Fintech apps are adding features to help users learn more about money, making financial literacy more accessible to everyone (Fintech Review).
Hyper-Personalisation Powered by AI: Fintechs will know you better than your best friend. Expect real-time adjustments, predictive nudges, and even investment options based on your values (Forbes / Plaid).
Embedded Finance Everywhere: Need a loan while booking a vacation? Want insurance when you order a new gadget? Have a fridge that knows you’re out of milk and orders and pays it directly for you? Financial services will be baked into everything you already use, making life seamless.
New Ways to Pay: Digital currencies, stable coins and instant cross-border payments are becoming mainstream. Sending money to a supplier in another country? No problem – just a few taps away.
Bottom Line: Why Not Try?
Fintechs aren’t just a trend – they’re a game-changer. Many of the latest apps make personal finance management easy, accessible, and even – dare I say it – enjoyable. This means more time, less stress, and a whole lot more freedom to focus on what really matters.
Dive in, explore the tools, and let fintech do the heavy lifting. Your future self might just thank you.
If you’re keen, here’s an overview of some of the UK’s leading fintechs.
What do you think fintech will be focusing on in the next decade? What problem would you like to see solved?
I’d love to hear from you!
Elisabeth Prager has over 15 years’ experience in financial services; having worked in the life and pensions industry, then private banking and then as a management and digital consult for numerous banks and insurance providers across the globe. She co-founded a fintech in 2023, which she recently exited. Connect with Elisabeth to share your thoughts and follow her on LinkedIn for all things money, technology, behavioural science.
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