Fintech can be a mix of two words namely “Finance” and “Technology”. In full, stage system Financial Technology. It’s due to technology innovations within the financial industry. Put differently; it describes the convergence of finance and technology – or ways that technology is improving use 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. This was brought on by the collapse of the unsustainable banking system that took way too many risks rolling around in its hunt for profits. Lehman Brothers were bankrupted, swiftly as well as emergency rescue plans to save major street names such as HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis exposed the ability to do things differently. Previously financial technology ended up an in-house enterprise for that banks. The roll-out of credit cards within the 1950’s, ATM’s within the 1960’s and electronic trading within the 1970’s counseled me driven internally by major players within the banking industry.

The failure within the banking system gave rise to a number of financial technology upstarts. Innovative new firms that wanted to see change and most importantly remove traditional barriers that the 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 locations where individuals are seeing room for innovation and disruption to fliers and business cards.

This rapid growth has created a booming financial technology industry and lots of financial technology news online. Due to the plethora of firms that are categorized as the umbrella of fintech it is tough to put a defined you’ll need the international price of this industry. Thankfully KPMG make a quarterly report called ‘The Pulse of Fintech’. This allows a worldwide investigation latest investments within the fintech industry. Their latest report claims that global investment in fintech companies reached an astonishing $24.7 billion in 2016, spread across 1076 deals.

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