Fintech is really a mixture of two words namely “Finance” and “Technology”. In full, stage system Financial Technology. It is often attributed to technology innovations inside the financial industry. Put differently; it describes the convergence of finance and technology – or ways in which technologies are improving access to finance, from paying, currency, peer to see lending as well as wealth management.
4 seasons 2008 was the dawn of your major evolutionary change in the financial technology industry. This became brought on by the collapse of your unsustainable banking system that took lots of risks rolling around in its quest for profits. Lehman Brothers were bankrupted, swiftly as well as emergency rescue intends to save major high-street names for example HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.
This crisis showed the chance to do things differently. Previously financial technology have been an in-house enterprise for the banks. The development of credit cards inside the 1950’s, ATM’s inside the 1960’s and electronic trading 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 number of monetary technology upstarts. Latest businesses that planned to see change and even more importantly remove traditional barriers how the banking system had built. This rise in financial technology was quickly labelled as fintech.
Fintech covers a massive spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are a few locations where individuals are seeing room for innovation and disruption to fliers and other modes.
This rapid growth has created a booming financial technology industry and many fintech company news online. Due to the great number of businesses that fall under the umbrella of fintech it’s difficult to put a perfect you’ll need the world price of this industry. Thankfully KPMG create a modern australia called ‘The Pulse of Fintech’. This gives a worldwide analysis of the latest investments inside the fintech industry. Their newest report claims that global investment in fintech companies reached an impressive $24.7 billion in 2016, spread across 1076 deals.
For more information, check out this article on “what is fintech ?”
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