Fintech is a blend of two words namely “Finance” and “Technology”. Completely, stage system Financial Technology. It’s caused by technology innovations within the financial industry. Put differently; it describes the convergence of finance and technology – or ways that technologies are improving usage of finance, from making payments, currency, peer to peer lending and also wealth management.

4 seasons 2008 was the dawn of an major evolutionary alternation in the financial technology industry. This was attributable to the collapse of an unsustainable banking system that took lots of risks in their hunt for profits. Lehman Brothers were bankrupted, swiftly followed by emergency rescue promises to save major high-street names for example HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis opened the opportunity to do things differently. Previously financial technology have been an in-house enterprise for the banks. The introduction of bank cards within the 1950’s, ATM’s within the 1960’s and electronic trading within the 1970’s were all driven internally by major players within the banking industry.

The failure within the banking system gave rise into a large number of economic technology upstarts. Modern companies which planned to see change and even more importantly remove traditional barriers how 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 only a few locations where folks are seeing room for innovation and disruption to fliers and business cards.

This rapid growth has established a booming financial technology industry and a lot of fintech conference online. Due to the large number of companies which fall under the umbrella of fintech it really is difficult to put a precise figure on the international value of this industry. Thankfully KPMG produce a questionnaire called ‘The Pulse of Fintech’. This provides an international research into the latest investments within the fintech industry. Their most recent report states that global purchase of fintech companies reached an astonishing $24.7 billion in 2016, spread across 1076 deals.

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