Crypto is the financial system that is supposed to give control to the people. Avoid the bank middleman earning millions while those who own the money are left without anything. You avoid the banks, the fees, the lack of speed and the lack of control. However, that is when you consider the classic banks of old, there's a new wave of fintech banks that offer modern solutions and alternative to the old bank's way.

These banks are most often entirely digital, allowing for greater security and speed compared to tradional banks. But how does the benefits that are offered by fintech banks compare to crypto? Which is the better alternative for retail consumers?

Fintech (financial technology) - new tech that seeks to improve and automate the delivery and use of financial services.

Security

Crypto

Crypto is built in such a way that it places all the means of keeping your money safe in your own hands. Often when funds are lost in the crypto world, it's the user who owns the funds that end up being the one at fault. All keys are placed in the hands of the user and there's no overarching central body that keeps control off who owns what and where any funds are. The lack of anyone that's fully in control apart from yourself provides a great opportunity to have a higher level of security than tradional banks. There really is no way to lose your money unless you get hacked or lose money to scams. 

Fintech

This is a more modern alternative compared to normal banks. Information and funds are stored digitally and users can easily access their funds and move them around with a simple digital authentication. Users can access their funds with any device that has a internet connection, much similar to crypto. All funds are safely stored and encrypted, accessible only by a authorzied connection to each user's device. However the funds can be accessed by outside forces and the bank itself with relative ease. Most hackers simply need your account info, such as name or email and the password, both which can easily be grabbed from the web with enough experience. 

Speed and ease

Crypto

All transactions performed on the blockchain are verified in real time by miners providing verification. This means that every transaction can be anywhere from instantly performed or take several minutes to hours to go through, all depending the speed of the blockchain and all the nodes performing verification. When it comes to the ease of use, that can vary. All depening on the cryptocurrency and the app that allows the transaction. Most often what you need is a address to send the funds to and not much else, sometimes maybe you'll need a memo to include with the transaction. 

Fintech

Fintech was built with speed and user satisfaction in mind. Most applications are as quick as your device allows to, often cutting corners around security to make it slightly quicker. The user interface is normally very innovative and makes it easier for anyone to get access and control over their finance. When it comes to the speed of most fintech plattform they are superb. Most often they perform any transactions the same day, sometimes they are instant if they are perfromed on the same network or fintech ecosystem. Fintech banks also offer quick transactions between different countries, as their plattform is a unified user base where people from different countries can freely move money on the plattform. There are often limits however which can cause trouble, none of this ever gets close to how normal banks act, where the transaction fee can be close to half the amount of the transfer and take weeks to transact.

Fees

Crypto

This part can be very different depending on which crypto you decide to use. The most common coins are proof of work, where miners are paid to include your transactions. That is however the only time a fee occurs, and it is to fill a purpose and to pay the miners that are verifying the transaction. One of the best parts about crypto is that no matter how large a transation is, the fee is always a set amount based on the current load on the network. Some cryptos even elimnate the transaction fee alltogether, such as NANO.

Fintech

This one of the things that fintech excel at. They exist thanks to attracting the users that want to avoid the hassle of a tradional banks and their fees, especially cross border fees. There still are several forms of fees however, fintech banks do need to generate some form of income, they have the normal methods that most banks utilize but try to keep it less aggressive. Most cryptos built for transactions excel in this area and tradional banks and most fintech banks are left in the dust.

Conclusion

There are alot of different options for choosing a solution to suit your needs, wheter that be the fees, security or speed. However, fintech banks are still one step behind in most areas and it's way easier to manage several cryptos as opposed to several banks, you can't put all your banks in one wallet. Most modern fintech banks offer suitble solutions so there is very little difference, but that's uniquely in the first world. Cryptos are solving more problems than fintech banks and they're availble all over the world. 

In the end crypto is a way more versitile and high tech solution, fintech is a good alternative but lack the same power as cryptocurrency.