Fintech is a mixture of two words namely “Finance” and “Technology”. Completely, stage system Financial Technology. It is often attributed to technology innovations from 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 in many cases wealth management.

The entire year 2008 was the dawn of your major evolutionary alteration of the financial technology industry. This became a result of the collapse of the unsustainable banking system that took too many risks rolling around in its quest for profits. Lehman Brothers were bankrupted, swiftly accompanied by emergency rescue promises to save major street names such as HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis exposed the ability to do things differently. Previously financial technology ended up an in-house enterprise for the banks. The roll-out of bank cards from the 1950’s, ATM’s from the 1960’s and electronic stock trading from the 1970’s were all driven internally by major players from the banking industry.

The failure from the banking system gave rise to some whole host of financial technology upstarts. Modern businesses that wished to see change and above all remove traditional barriers that this banking system had built. This surge 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 only a few locations where folks are seeing room for innovation and disruption to conventional methods.

This rapid growth has built a booming financial technology industry and a lot of fintech news uk online. Due to the large number of businesses that come under the umbrella of fintech it is hard to put a precise you’ll need the worldwide value of this industry. Thankfully KPMG make a quarterly report called ‘The Pulse of Fintech’. This provides a global research latest investments from the fintech industry. Their most current report states that global purchase of fintech companies reached an impressive $24.7 billion in 2016, spread across 1076 deals.

For more information, understand this article on “what is fintech ?”
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