Fintech can be a mix of two words namely “Finance” and “Technology”. Entirely, stage system 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 in which technologies are improving usage of finance, from making payments, currency, peer to peer lending and in many cases wealth management.

4 seasons 2008 was the dawn of your major evolutionary change in the financial technology industry. This was attributable to the collapse of your unsustainable banking system that took lots of risks rolling around in its pursuit of profits. Lehman Brothers were bankrupted, swiftly followed by emergency rescue promises to save major 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 had been an in-house enterprise for that banks. The introduction of credit cards inside the 1950’s, ATM’s inside the 1960’s and electronic stock investing 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 number of financial technology upstarts. New firms that wished to see change and more importantly remove traditional barriers that this banking system had built. This increase in financial technology was quickly labelled as fintech.

Fintech covers a vast spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are only a few locations people are seeing room for innovation and disruption to conventional methods.

This rapid growth has established an excellent financial technology industry and lots of fintech information online. Due to the great number of firms that come under the umbrella of fintech it’s hard to put an exact you’ll need the world value of this industry. Thankfully KPMG develop a questionnaire called ‘The Pulse of Fintech’. This supplies a global analysis of the latest investments inside the fintech industry. Their newest report states that global investment in fintech companies reached a stunning $24.7 billion in 2016, spread across 1076 deals.

For more info, check this out article on “what is fintech ?”
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