By Emilie Kemp, assistant account executive

In 2004, the U.S. Congress designated the month of April as National Financial Literacy Month to raise awareness about personal finance, money and investing. Despite the national observance, a 2016 Standard & Poor's global survey ranked the U.S. #14 in financial literacy and found that only 57% of U.S. adults are financially literate.

For those who are looking to learn more about financial fundamentals, we encourage you to explore the resources linked below. If you’re comfortable with your financial foundations and want to learn about the hot trends we are seeing in fintech, keep reading.

As we kick off this month, we highlight below a few financial trends we are calling “The ABCs of Fintech.”

  • Automation
    Juggling work and keeping track of utility bill payments, insurance, streaming subscriptions, etc., can be overwhelming. Implementing Artificial Intelligence (AI) and Machine Learning (ML) technology, autonomous finance automates the financial decision-making process, freeing individuals up from the burden of recurring and mundane tasks.
  • Budgeting
    Everyone knows what budgeting is, but knowing and doing are very different. Digital budgeting services allow consumers to connect existing institutions to one platform for a comprehensive, side-by-side view of their accounts. They can set parameters for various spending buckets, and identify when they want to receive alerts. With automatic monitoring and notifications, consumers know right away when they are cutting it close to a spending limit. What they do with that real-time information is up to them.
  • Contactless Payments
    Contactless payment is a secure payment method that uses RFID technology and near-field communication (NFC). Using contactless payment instead of a traditional method offers many benefits, including increased speed, security, and safety. It’s estimated that contactless payments can be completed within 15 seconds and work twice as fast as traditional methods. Built in protection ensures that the same transaction doesn’t occur twice and that, if a card is intercepted, the details and numbers linked to the card cannot be decrypted. Faster, safer, more secure transactions improve the overall customer experience. (Be sure to check out this video created by RPG’s Multimedia Team to learn about the rise of contactless payments.)

There are many financial and fintech trends to keep an eye on, including blockchain and NFTs. Yet, a whopping 44% of Americans would rather talk about nearly anything than finance-related topics. Perhaps these trends and additional resources will give you the material you need to chip in your two cents.

Financial Literacy Resources

  • Jump$tart
    • Jump$tart is a nonprofit organization that seeks to improve the personal financial literacy of students in pre-kindergarten through college.
  • Next Gen Personal Finance (NGPF)
    • NGPF provides free up-to-date curriculum, engaging professional development and advocacy resources to increase access to financial education.
  • Fastlane Education
    • Fast Lane is a free resource designed to promote financial education in U.S. high schools.
  • American Bankers Association (ABA) Financial Education
    • The ABA Foundation provides financial education programs and resources for bankers to help them strengthen the financial well-being of their communities.
       


About the Author

Emilie Kemp

Emilie has worked in the B2B and consumer technology spaces for over two years. Her focus is on media and analyst relations, with the goal of generating impactful content that raises awareness of her clients' innovative technologies.