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How The Biggest Banks Are Copying The Fintech Industry

Fintech companies represent a niche industry at the peak of innovation, quick to respond and adapt to ever-changing needs of their customers. They’re leading the way with ground-breaking money management apps, online lending options, and mobile wallet opportunities. Trailing behind them are conventional retail banks, stalled by outdated banking models. These financial giants have a choice. They can remain unchanged and continue to offer traditional services to an increasingly frustrated consumer base, or they can follow in fintech’s footsteps. Many of them are choosingthe second option, as it’s the only these financial stalwarts can remain relevant in an increasingly digital age. Though they may be slow and cumbersome in comparison, here are three ways the biggest banks are copying the fintech industry. Money management apps By far the most popular money management app on the web, Mint has over 20 million users. The app was a trailblazer in 2007, and it remains a huge force within the financial world today. It’s a mobile budgeting app that offers an easy way to track expenses by synching up with users’ banking accounts. Though a leader within the industry, it’s not alone. Joined by countless others, including Spendee and YNAB, Mint represents consumers’ ...

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Getting the Best Variable Rate Home Loan

Buying a home is likely the biggest purchase one will make in a lifetime. Although there are people who buy homes with cash, most of us  need a mortgage to purchase our primary residence. There are many mortgage options depending on where you live and what you hope to accomplish with home ownership.A big decision to make when selecting a mortgage would be choosing one with payments you can afford for the entire time you plan to own the property. In some circumstances, a variable rate mortgage could be a good option. Variable vs Fixed Rate Mortgages In the US, most mortgages today are of the fixed rate variety, usually with either a 15 or 30 year term, although shorter terms are available. With a fixed rate mortgage, the interest rate is locked in for the entire term of the loan. This makes payments stable throughout the life of the mortgage. While that works well when interest rates are on the rise, if rates decrease, you are still locked in unless you refinance. As seen after the housing bubble crash in the US, refinancing is not always possible. In many countries, like Australia, Spain, or the UK, most mortgages are ...

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