Fintech can be a blend of two words namely “Finance” and “Technology”. Completely, it is called Financial Technology. It is usually related to technology innovations inside the financial industry. Put differently; it describes the convergence of finance and technology – or methods technologies are improving use of finance, from making payments, currency, peer to look lending and in many cases wealth management.
The year 2008 was the dawn of the major evolutionary alteration of the financial technology industry. This is brought on by the collapse of your unsustainable banking system that took lots of risks in its pursuit of profits. Lehman Brothers were bankrupted, swiftly then emergency rescue offers to save major street names such as HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.
This crisis opened up the ability to do things differently. Previously financial technology had been an in-house enterprise to the banks. The introduction of charge cards inside the 1950’s, ATM’s inside the 1960’s and electronic stock investing inside the 1970’s counseled me driven internally by major players inside the banking industry.
The failure inside the banking system gave rise to a whole host of monetary technology upstarts. Innovative new firms that planned to see change and most importantly remove traditional barriers that the banking system had built. This surge in financial technology was quickly labelled as fintech.
Fintech covers an enormous spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are simply a few areas where individuals are seeing room for innovation and disruption to fliers and other modes.
This rapid growth has established a booming financial technology industry and many fintech conference 2017 online. As a result of large number of firms that belong to the umbrella of fintech it is hard to put a precise figure on the worldwide worth of this industry. Thankfully KPMG make a questionnaire called ‘The Pulse of Fintech’. This supplies a worldwide research latest investments inside the fintech industry. Their newest report states that global purchase of fintech companies reached a whopping $24.7 billion in 2016, spread across 1076 deals.
To find out more, check out this article on “what is fintech ?”
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