Fintech is a mix of two words namely “Finance” and “Technology”. Fully, it is called Financial Technology. It’s related to technology innovations from the financial industry. Put differently; it describes the convergence of finance and technology – or methods technology is improving access to finance, from paying, currency, peer to see lending as well as wealth management.
The season 2008 was the dawn of your major evolutionary alternation in the financial technology industry. It was attributable to the collapse of an unsustainable banking system that took way too many risks in the quest for profits. Lehman Brothers were bankrupted, swiftly followed by emergency rescue intends to save major high street names including HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.
This crisis exposed the chance to do things differently. Previously financial technology was an in-house enterprise for the banks. The creation of cards from the 1950’s, ATM’s from the 1960’s and electronic stock investing from the 1970’s were all driven internally by major players from the banking industry.
The failure from the banking system gave rise to some number of monetary technology upstarts. Modern businesses that wanted to see change and even more importantly remove traditional barriers the banking system had built. This rise in financial technology was quickly labelled as fintech.
Fintech covers a vast spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are simply a few locations where folks are seeing room for innovation and disruption to fliers and other modes.
This rapid growth has built an excellent financial technology industry and a lot of fintech news uk online. Because of the great number of businesses that belong to the umbrella of fintech it really is tough to put a perfect you’ll need the world worth of this industry. Thankfully KPMG create a modern australia called ‘The Pulse of Fintech’. This provides a universal research into the latest investments from the fintech industry. Their newest report states that global purchase of fintech companies reached a stunning $24.7 billion in 2016, spread across 1076 deals.
To learn more, check this out article on “what is fintech ?”
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