Fintech is a blend of two words namely “Finance” and “Technology”. Completely, method . Financial Technology. It’s related to technology innovations in the financial industry. Put differently; it describes the convergence of finance and technology – or ways technologies are improving access to finance, from making payments, currency, peer to look lending and also wealth management.
The season 2008 was the dawn of your major evolutionary difference in the financial technology industry. This was brought on by the collapse of an unsustainable banking system that took way too many risks rolling around in its quest for profits. Lehman Brothers were bankrupted, swiftly then emergency rescue plans to save major high street names including HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.
This crisis opened up the opportunity to do things differently. Previously financial technology was an in-house enterprise for your banks. The introduction of bank cards in the 1950’s, ATM’s in the 1960’s and electronic stock trading in the 1970’s counseled me driven internally by major players in the banking industry.
The failure in the banking system gave rise to a large number of financial technology upstarts. New businesses that desired to see change and more importantly remove traditional barriers that this banking system had built. This rise 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 locations where people are seeing room for innovation and disruption to fliers and business cards.
This rapid growth has generated a booming financial technology industry and a lot of fintech financial services online. Due to the large number of businesses that belong to the umbrella of fintech it can be difficult to put a perfect you’ll need the international worth of this industry. Thankfully KPMG develop a questionnaire called ‘The Pulse of Fintech’. This provides a worldwide investigation latest investments in the fintech industry. Their newest report states that global acquisition of fintech companies reached an impressive $24.7 billion in 2016, spread across 1076 deals.
For more info, check out this article on “what is fintech ?”
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