Fintech can be a blend of two words namely “Finance” and “Technology”. Fully, it is called Financial Technology. It is often caused by technology innovations in the financial industry. Put differently; it describes the convergence of finance and technology – or ways technology is improving access to finance, from making payments, currency, peer to look lending and even wealth management.
4 seasons 2008 was the dawn of the major evolutionary alternation in the financial technology industry. This is attributable to the collapse of the unsustainable banking system that took lots of risks in its hunt for profits. Lehman Brothers were bankrupted, swiftly followed by emergency rescue offers to save major street names like HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.
This crisis opened up the opportunity do things differently. Previously financial technology was an in-house enterprise to the banks. The introduction of cards in the 1950’s, ATM’s in the 1960’s and electronic stock investing 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 whole host of monetary technology upstarts. Innovative new companies which wished to see change and most importantly remove traditional barriers that this banking system had built. This boost in financial technology was quickly labelled as fintech.
Fintech covers a huge spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are just a few locations where folks are seeing room for innovation and disruption to conventional methods.
This rapid growth has generated an excellent financial technology industry and many fintech news online. Due to the large number of companies which are categorized as the umbrella of fintech it can be hard to put an exact you’ll need the international valuation on this industry. Thankfully KPMG create a questionnaire called ‘The Pulse of Fintech’. This gives a global analysis of the latest investments in the fintech industry. Their most current report claims that global investment in fintech companies reached an impressive $24.7 billion in 2016, spread across 1076 deals.
To find out more, understand this article on “what is fintech ?”
http://www.techbullion.com/what-is-fintech/