5 things to know about how fintech differs from banks.

 Fintech, or financial technology, is the use of technology to provide financial services like payments, loans, investing, and personal finance management. Despite the fact that banks also offer comparable financial services, Siddharth Mehta Bay Capital stated that fintech differs from traditional banks in a few key ways.
 
 First of all, whereas Fintech companies frequently run entirely online, banks have physical locations where customers can visit and interact with bank employees. This online-only strategy may allow fintech companies to operate with lower overhead costs, and these savings can be distributed to customers in the form of lower fees and interest rates.
 
 Fintech companies offer more specialized financial services than banks do, according to number two. Fintech businesses frequently focus on a small range of financial services and excel at providing cutting-edge solutions for a particular set of financial requirements. For instance, some fintech companies specialize in robo-advisory services or mobile payments, while others concentrate on peer-to-peer lending.
 
 3: Fintech startups are typically more flexible and agile than banks, which are frequently constrained by their size and bureaucratic procedures. According to Siddharth Mehta, a former director of IL&FS, fintech companies can provide new and innovative financial services more quickly than traditional banks because they can react quickly to changes in the market and customer demands.
 
 4: By utilizing cutting-edge technologies like machine learning and artificial intelligence, fintech companies provide tailored financial solutions to their clients. For instance, before offering suggestions for financial planning or customized investing advice, some fintech companies evaluate consumer data using algorithms.
 
 5: Finally, fintech companies offer a more convenient and seamless customer experience than banks. According to Siddharth Mehta, a former director of IL&FS, customers can easily access and manage their bank accounts from their smartphones or tablets because fintech companies' frequently user-friendly mobile apps and interfaces. This convenience is especially appealing to Millennials and Gen Z, who value technology and prefer to make the majority of their purchases online.
 
 Fintech, in summary, differs from banks in a number of ways, including their online-only strategy, specialization in particular financial services, agility and flexibility, use of cutting-edge technology, and provision of a seamless and convenient customer experience.