Over the years, human desire to have an easier life. That desire pushes the growth of Fintech startups. Financial Technology or Fintech defines as companies that use software to provide financial services. It offers technology to create an easy way to invest, pay, and even get a loan. Thousands of us using this technology willingly let our data sucked in Financial Technology.
People get blinded by the services usually reserved only for wealthy people. Take investment for example, before Fintech, it used to be an expensive hobby. While, thanks to the massive growth of Fintech, we can now enjoy an easy and cheap investment.
Every time we agree to use Fintech services, we also agree to submit our data to them. The data we collect analyzes by the company. The company uses the data to judge us and make decisions on things like our creditworthiness. Yet, that analysis is not only used for that. It uses to make and shape our decision.
Why it becomes a problem
Our data collected by Fintech range from our email address to the history of cars we have bought, the content of our messages, the friends we are with. Those data may affect our interest rate or the insurance and credits product they offer to us. They aim to maximize the credits we take or even to change our behavior to be more consumptive.
The judgments made for us usually opaque. They are made without the knowledge of the people involved. We have to accept the decision made from the information we don’t choose to provide.
Read more: Fintech Grows Fast in China, Why so?
How to get out of it
There are significantly fewer ways to opt out of this situation. If we don’t give the insurance company more data about us, we jeopardize higher premiums. The options to protect our privacy are getting lesser day by day. Another example is how people portray cash as something traditional and complicated. That forces us to follow the trend and use Fintech services. They force us to just watch our data sucked in Financial Technology.
That left us with only one option, to demand a regulatory framework that meets the new challenges.
