Fintech is often a combination 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 methods technology is improving entry to finance, from making payments, currency, peer to peer lending and in many cases wealth management.

4 seasons 2008 was the dawn of a major evolutionary change in the financial technology industry. This became brought on by the collapse associated with an unsustainable banking system that took too many risks in their hunt for profits. Lehman Brothers were bankrupted, swiftly as well as emergency rescue plans to save major high street names for example HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis opened up the opportunity to do things differently. Previously financial technology have 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 trading inside the 1970’s were all driven internally by major players inside the banking industry.

The failure inside the banking system gave rise into a number of monetary technology upstarts. Latest companies which wished to see change and above all remove traditional barriers that the banking system had built. This increase 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 individuals are seeing room for innovation and disruption to traditional methods.

This rapid growth has built a booming financial technology industry and a lot of fintech news india online. As a result of multitude of companies which come under the umbrella of fintech it is challenging to put a defined figure on the worldwide price of this industry. Thankfully KPMG make a sydney called ‘The Pulse of Fintech’. This provides a universal investigation latest investments inside the fintech industry. Their most current report states that global acquisition of fintech companies reached a stunning $24.7 billion in 2016, spread across 1076 deals.

To learn more, check this out article on “what is fintech ?”
http://www.techbullion.com/what-is-fintech/