What is the difference between Fintech apps and bank apps?

[Kera]

I always see people talk about banking apps and Fintech apps differently. It always seems like they are the same somehow.

What are the main differences between banking apps and Fintech apps? What is their core utilities individually?

 

[oliver991]

I always see people talk about banking apps and Fintech apps differently. It always seems like they are the same somehow.

What are the main differences between banking apps and Fintech apps? What is their core utilities individually?

Bank apps belong to licensed banks. You use them to hold money, get paid, pay bills, and access loans. Your funds sit at the bank and usually come with deposit protection.

Fintech apps focus on one problem and try to do it faster or cheaper. Payments, budgeting, investing, transfers, or cards. Many fintechs sit on top of banks instead of being banks themselves.

In practice, bank apps handle core banking. Fintech apps optimize specific tasks and user experience. Many people end up using both at the same time.

 

[Fidelia]

Fintech apps don't take more than five minutes for a person to get on them. Bank apps have barriers to entry that makes it complex to get on.