Fintech is a combination of two words namely “Finance” and “Technology”. Completely, method . Financial Technology. It is usually caused by technology innovations from the financial industry. Put differently; it describes the convergence of finance and technology – or ways technology is improving usage of finance, from making payments, currency, peer to see lending and even wealth management.

The season 2008 was the dawn of your major evolutionary difference in the financial technology industry. It was brought on by 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 offers to save major high street names such as HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

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

The failure from the banking system gave rise into a variety of financial technology upstarts. Latest businesses that desired to see change and most importantly remove traditional barriers that this banking system had built. This increase 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 a few places that folks are seeing room for innovation and disruption to fliers and business cards.

This rapid growth has built a booming financial technology industry and many Financial technology online. As a result of great number of businesses that fall under the umbrella of fintech it’s tough to put a precise figure on the international price of this industry. Thankfully KPMG develop a quarterly report called ‘The Pulse of Fintech’. This supplies a global analysis of the latest investments from the fintech industry. Their newest report claims that global acquisition of fintech companies reached an impressive $24.7 billion in 2016, spread across 1076 deals.

To find out more, check out this article on “what is fintech ?”
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