There has been a new jargon in financial industry “Fintech” which has been floating around for the past few years. “Fintech” are technology-first (software based) companies that leverage software to compete with traditional financial institutions. Traditional brick and mortar financial institutions have to somehow pass their physical location operational costs to their customers in one way or other. Online-only financial institutions fully pass these savings to their customers. There are already many online-only financial institutions which have made their mark.