Fintech is often a mixture of two words namely “Finance” and “Technology”. In full, it is called Financial Technology. It is often caused by technology innovations inside the financial industry. Put differently; it describes the convergence of finance and technology – or ways technology is improving use of finance, from paying, currency, peer to look lending as well as wealth management.
The year 2008 was the dawn of an major evolutionary difference in the financial technology industry. It was attributable to the collapse associated with an unsustainable banking system that took a lot of risks in their pursuit of profits. Lehman Brothers were bankrupted, swiftly accompanied by emergency rescue intends to save major high-street names like 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 the banks. The introduction of cards inside the 1950’s, ATM’s inside the 1960’s and electronic stock trading inside the 1970’s were all driven internally by major players inside the banking industry.
The failure inside the banking system gave rise with a variety of monetary technology upstarts. Innovative new businesses that wanted to see change and most importantly remove traditional barriers that the 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 a few locations where everyone is seeing room for innovation and disruption to fliers and other modes.
This rapid growth has established an excellent financial technology industry and several fintech news india online. Due to multitude of businesses that fall under the umbrella of fintech it can be tough to put a perfect you’ll need the worldwide price of this industry. Thankfully KPMG make a quarterly report called ‘The Pulse of Fintech’. This supplies a universal analysis of the latest investments inside the fintech industry. Their most recent report claims that global investment in fintech companies reached an astonishing $24.7 billion in 2016, spread across 1076 deals.
To learn more, see this article on “what is fintech ?”
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