Family finance simplified: What is fintech?

Ever heard the term "fintech" and wondered, "What does that mean?" Well, fintech, short for financial technology, is just a fancy way of talking about technology (like apps and online platforms) that makes it easier to manage your money. A fintech company takes something like your traditional piggy bank and gives it a digital twist. So, instead of heading to a brick-and-mortar bank or physically counting coins, you can use tech tools to handle, save, and even grow your money.

The world of finance used to be all about in-person appointments, paper records, and waiting in long lines, but as technology improved, the financial world began to evolve. Computers in the 1980s and 1990s set the stage, but it was really the internet that pushed the big transformation. Fast forward a bit, and today, fintech has made managing money a breeze — from accessing credit and making payments to investing for the future.

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Examples of fintech in the modern world

Think about it: When was the last time you paid a friend back with cash instead of using a peer-to-peer lending platform? Or, when did you last visit a bank rather than just snapping a pic of a check to deposit it in your mobile banking app? These are prime examples of the wonders of fintech. From contactless payments at the coffee shop to crowdfunding platforms for that genius idea you had in the shower, fintech makes our money lives more efficient. 

Just about all major banks and investment houses, and pretty much any company that has anything to do with money, offer digital services such as online payment systems to clients. This is because our money has become increasingly more digital. Most people use debit and credit cards rather than carrying cash around, as they are safer and make tracking spending easier. These advances have happened on the back end too, as many people receive their income digitally through direct deposit.

Now, what if we told you there’s a fintech tool designed especially for the future savvy money manager in your household? Imagine giving your teen the power to manage their money, set savings goals, and even learn about investing, all while spending quality time together. Greenlight's plans make that possible. Greenlight isn’t just any fintech company; it's on a mission to transform the way your young ones think about and interact with money. And the best part? They’ll be miles ahead when it comes to financial literacy, all thanks to some digital magic (and dedicated parents).

How kids and teens can use fintech tools to learn about money

Most kids and teens spend some part of their day in front of screens. So, rather than letting them spend all that time on social media, encourage them to put that time to better use. Kids and teens could be using apps to set savings goals or even get a head start on understanding stocks. They'd be learning real-world money skills, but in a way that's tailored just for them. As they start to get interested in all the things they can do with their money, you can also encourage them to find a job or pick up a good side hustle for teens.

If you want to teach your teen how to invest or manage their money, fintech can help you do it. With the Greenlight debit card, your kids can budget, save, and spend. It also allows you to keep the guardrails on by setting spending limits and seeing their transactions. 

You can also show them how to grow their savings with Greenlight's investing app for kids, which allows you to approve any trades they propose. Not only that, but with Greenlight's teen credit builder, you can start them off building credit before they turn 18. Greenlight's fintech tools help prepare your kids for sound financial management later in life.

The fintech industry is here for you

Thanks to fintech, you can deposit checks, pay bills, and invest from just about anywhere with an internet connection. And Greenlight is here to help you teach your kids all about it. Whether you're looking for a debit card or an investing app for your kids that comes with parental oversight, or you want to start with education, Greenlight has solutions. 

Why not turn your family’s financial journey into an epic game? With Greenlight’s Level Up financial literacy game, you can do just that. Your kids will learn about budgeting and investing through a gamified video experience, giving them a solid financial foundation as they prepare to go off into the world. And isn't that what it's all about?

Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC.