Editor’s note: This article was published in the Record-Eagle’s Rise special publication. For more stories from northern Michigan’s economic engine click here to read Rise in its entirety online.

Close your eyes and image standing in line at the bank in one of six packed teller windows on a Friday afternoon, eagerly waiting your turn to cash your paycheck. You’re tapping your foot to the dulcet tones of Don McLean’s new song, “American Pie” emanating from the lobby, and getting ready to hit the town and go see “The Godfather” at the State Theater. If you haven’t guessed it by now, that was 1972.

The golden age of checkbooks, no debit cards, and obnoxiously long songs: i.e. “American Pie.”

Today you woke up already paid, thanks to direct deposit. Now you’re walking down Front Street listening to the new Post Malone joint on your AirPods all while wondering which one of the 7,000 plus titles you want to watch on Netflix tonight in the comfort of your own living room. Suffice it to say the times, and likewise banking, have forever changed.

One of the most impactful fields of innovation and industry in our lifetime has come to be known as Fintech, or financial technology. Its exponential growth seemingly has no end, with ultimate ergonomic consumer convenience as its ever-present aim. From debit cards you can use on your smartphone, through near field communication (NFC), to peer-to-peer lending institutions that provide previously unbankable loan options, the product possibilities are infinite.

Many banks have even added new roles to their ranks to help manage these game-changing technologies; Chief Experience Officers (CXO’s), User Experience (UX) Designers, and in-house programmers, to name a few.

Fintech has become a make-or-break industry for banks and credit unions alike. It is predicted that the Fintech industry will reach $305 billion by 2023. To give some perspective, that figure eclipses the projected worth of the cyber security industry in 2023 — by more than $50 billion.

All these incredible products and services, however, are not without their share of risk.

They utilize some of the most sensitive information we have and, rightly so, businesses and consumers alike must be afforded the appropriate protection. The good news is that many steps are being taken and to ensure information security. Through tools like standardized data ports — called application program interfaces (API’s) — financial organizations are able to facilitate a more secure sharing of data.

However, as information thieves evolve so too will the technology used to protect us.

So what can consumers do to help and be involved?

The first thing is to get and stay informed. Use resources that are available to you, like the American Bankers Association website www.aba.com, to learn and research these topics. Talk with your local legislators about the importance of not only protection, but of smart regulation that doesn’t choke innovation or the ability for financial institutions to implement new services. Financial institutions should be allowed to move quickly but with caution in order to bring you new, safe, and innovative financial solutions.

I encourage you to embrace this changing financial landscape and remember that this is all a question of when, not if. These innovations can be temporarily stifled, but not stopped.

Think of the possibilities and how they might positively impact you and our local economy.

Finally, I encourage you to talk with a financial professional about these changes and, as always, bank local.

Max Anderson is assistant vice president, commercial lending at Honor Bank.