Fintech companies -- those that combine finance and technology -- have generated a lot of buzz in the public markets during the pandemic. Although they have been around for a while, they are fast becoming a part of everyday life. A study published in 2019 by Ernst & Young claimed the global rate of adoption had climbed to 64% from only 16% in 2015. The pandemic only reinforced that trend.
Although the term can relate to many different aspects of our financial lives, consumer credit is an area that has seemed especially vulnerable to disruption. After all, the credit report of 1 in 5 people contains an error, according to a study by the Federal Trade Commission. Although Fair Isaac Corporation (FICO) and other major players have offered changes, it may be too little too late. That's why we asked three Fool contributors for the companies they were most excited about in the space. They offered Upstart Holdings (NASDAQ: UPST) , Blend Labs (NYSE: BLND) , and Rocket Companies (NYSE: RKT) . Here's why.
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Forget FICO, 3 Fintech Companies That Are Disrupting Consumer Credit