Fintech is a combination of two words namely “Finance” and “Technology”. Fully, method . Financial Technology. It is often caused by technology innovations from the financial industry. Put differently; it describes the convergence of finance and technology – or ways in which technology is improving use of finance, from making payments, currency, peer to see lending and even wealth management.
The season 2008 was the dawn of an major evolutionary difference in the financial technology industry. This became brought on by the collapse of the unsustainable banking system that took lots of risks rolling around in its search for profits. Lehman Brothers were bankrupted, swiftly as well as 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 ability to do things differently. Previously financial technology have been an in-house enterprise for the banks. The roll-out of cards from the 1950’s, ATM’s from the 1960’s and electronic stock trading from the 1970’s counseled me driven internally by major players from the banking industry.
The failure from the banking system gave rise to some number of monetary technology upstarts. New businesses that wanted to see change and more importantly remove traditional barriers that this banking system had built. This boost 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 simply a few locations where folks are seeing room for innovation and disruption to traditional methods.
This rapid growth has generated a booming financial technology industry and many fintech news 2017 online. Due to large number of businesses that come under the umbrella of fintech it is challenging to put a defined you’ll need the world worth of this industry. Thankfully KPMG develop a quarterly report called ‘The Pulse of Fintech’. This gives an international analysis of the latest investments from the fintech industry. Their most recent report states that global purchase of fintech companies reached an impressive $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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