Fintech is really a combination of two words namely “Finance” and “Technology”. Fully, method . Financial Technology. It is often attributed to technology innovations inside the financial industry. Put differently; it describes the convergence of finance and technology – or ways technology is improving access to finance, from making payments, currency, peer to look lending as well as wealth management.

The entire year 2008 was the dawn of an major evolutionary change in the financial technology industry. This was attributable to the collapse of the unsustainable banking system that took way too many risks in their search for profits. Lehman Brothers were bankrupted, swiftly as well as emergency rescue intends to save major high-street names such as HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis opened the opportunity to do things differently. Previously financial technology had been an in-house enterprise to the banks. The roll-out of credit cards inside the 1950’s, ATM’s inside the 1960’s and electronic trading inside the 1970’s counseled me driven internally by major players inside the banking industry.

The failure inside the banking system gave rise into a whole host of financial technology upstarts. Modern businesses that planned to see change and above all remove traditional barriers that this banking system had built. This surge 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 areas where folks are seeing room for innovation and disruption to traditional methods.

This rapid growth has generated a booming financial technology industry and lots of financial technology news online. As a result of great number of businesses that come under the umbrella of fintech it is difficult to put a defined figure on the global worth of this industry. Thankfully KPMG create a quarterly report called ‘The Pulse of Fintech’. This gives a universal research latest investments inside the fintech industry. Their latest report claims that global purchase of fintech companies reached a stunning $24.7 billion in 2016, spread across 1076 deals.

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