NY Fed heart fintech

Mortgage lenders that exclusively use online applications approve loans quicker, experience fewer defaults, encourage more refinancing and respond to demand shifts better than brick-and-mortar rivals, according to a New York Fed report released Thursday.The Federal Reserve’s New York branch studied how mortgages from financial technology companies (fintechs) compared to those extended from banks in key categories. The study is part of the Fed’s broader efforts to understand how fintechs will reshape the financial world.Fintech lenders seek to connect customers with outside sources of capital or holdings from investors and promise a quicker, easier process than going through a bank. The providers offer services through software, internet applications and even smartphone applications.

So NY Fed should support intelligent cash card.