Fintech can be a mixture of two words namely “Finance” and “Technology”. Fully, stage system Financial Technology. It is related to technology innovations within the financial industry. Put differently; it describes the convergence of finance and technology – or ways technologies are improving entry to finance, from making payments, currency, peer to see lending and also wealth management.

4 seasons 2008 was the dawn of your major evolutionary alteration of the financial technology industry. This was a result of the collapse of the unsustainable banking system that took lots of risks rolling around in its hunt for profits. Lehman Brothers were bankrupted, swiftly accompanied 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 up the ability to do things differently. Previously financial technology ended up an in-house enterprise for your banks. The development of 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 variety of financial technology upstarts. Innovative new businesses that wished to see change and even more importantly remove traditional barriers that this 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 simply a few areas where individuals are seeing room for innovation and disruption to traditional methods.

This rapid growth has built a booming financial technology industry and many Financial technology online. Because of the great number of businesses that belong to the umbrella of fintech it’s hard to put a precise figure on the global value of this industry. Thankfully KPMG develop a questionnaire called ‘The Pulse of Fintech’. This allows a worldwide analysis of the latest investments within the fintech industry. Their most recent report claims that global acquisition 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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