Fintech is a combination of two words namely “Finance” and “Technology”. Completely, method . Financial Technology. It’s related to technology innovations from the financial industry. Put differently; it describes the convergence of finance and technology – or methods technologies are improving entry to finance, from paying, currency, peer to see lending and in many cases wealth management.

The year 2008 was the dawn of your major evolutionary alternation in the financial technology industry. This became due to the collapse of the unsustainable banking system that took lots of risks in their pursuit of profits. Lehman Brothers were bankrupted, swiftly followed by emergency rescue promises to save major high-street names including HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis opened up the ability to do things differently. Previously financial technology have been an in-house enterprise to the banks. The development of charge cards from the 1950’s, ATM’s from the 1960’s and electronic 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 a number of monetary technology upstarts. Modern firms that desired to see change and more importantly remove traditional barriers how the banking system had built. This surge in financial technology was quickly labelled as fintech.

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

This rapid growth has established an excellent financial technology industry and many fintech magazines online. As a result of large number of firms that are categorized as the umbrella of fintech it really is challenging to put a precise you’ll need the world value of this industry. Thankfully KPMG create a quarterly report called ‘The Pulse of Fintech’. This gives a global investigation latest investments from the fintech industry. Their latest report claims that global investment in fintech companies reached a stunning $24.7 billion in 2016, spread across 1076 deals.

For more information, understand this article on “what is fintech ?”
http://www.techbullion.com/what-is-fintech/