Is FinTech Always Fun and Friendly?

Innovation carries risks for consumers

Andy Spears
2 min readJun 15, 2022


Photo by Ales Nesetril on Unsplash

I came across an article by Konul Alasgarova on the fintech industry — the use of technology in financial services — and it reminded me that while many of these innovations carry benefits for consumers, there are also some risks.

The rise of fintech and its impact on banking | by Konul Alasgarova | Jun, 2022 | Medium

The story notes:

Fintech is changing the way we bank in a number of ways. Perhaps the most obvious is the way it is making banking more convenient.

With mobile banking apps, we can now do our banking anywhere, anytime. We can check our account balances, transfer money, and pay bills, all from our smartphones.

Fintech is also making banking more affordable.

But the impact of fintech goes beyond convenience and cost. Fintech is also changing the way banks do business.

For example, fintech companies are leading the way in data-driven banking. By using data to better understand customer behavior, fintech companies are able to offer personalized products and services that traditional banks are struggling to match.

Overall, these statements are true. The rise of fintech gives customers more options and makes financial transactions more convenient. However, there are also risks — from privacy concerns to hidden costs of items like Buy Now, Pay Later. Oh, and then there are those fintechs who find creative ways to skirt the law and charge outrageous interest rates for their products.

Here’s a recent piece on bank “innovator” TAB Bank and their partnership with predatory lender EasyPay Finance:

Here’s some information on the ubiquitous Dave App — you now, the cartoon bear that wants to give you a high interest loan on your phone:



Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .