Fintech is often a blend of two words namely “Finance” and “Technology”. In full, stage system Financial Technology. It is usually due to technology innovations within 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 look lending and even wealth management.

The season 2008 was the dawn of the major evolutionary difference in the financial technology industry. This became brought on by the collapse of the unsustainable banking system that took too many risks in its pursuit of profits. Lehman Brothers were bankrupted, swiftly accompanied by emergency rescue promises to save major traditional names for example HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

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

The failure within the banking system gave rise with a whole host of economic technology upstarts. Innovative new companies that planned to see change and above all remove traditional barriers 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 simply a few locations where people are seeing room for innovation and disruption to traditional methods.

This rapid growth has established an excellent financial technology industry and lots of fintech conference online. Due to the great number of companies that belong to the umbrella of fintech it really is hard to put a perfect you’ll need the world valuation on this industry. Thankfully KPMG produce a questionnaire called ‘The Pulse of Fintech’. This allows a global analysis of the latest investments within the fintech industry. Their newest report states that global purchase of fintech companies reached a stunning $24.7 billion in 2016, spread across 1076 deals.

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