Fintech is really a mixture of two words namely “Finance” and “Technology”. Completely, it is called Financial Technology. It is often attributed to technology innovations within the financial industry. Put differently; it describes the convergence of finance and technology – or methods 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 the major evolutionary difference in the financial technology industry. It was brought on by the collapse of your unsustainable banking system that took too many risks in the hunt for profits. Lehman Brothers were bankrupted, swiftly followed by emergency rescue offers to save major 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 was an in-house enterprise for your banks. The creation of bank cards within the 1950’s, ATM’s within the 1960’s and electronic stock investing within the 1970’s were all driven internally by major players within the banking industry.
The failure within the banking system gave rise to some whole host of monetary technology upstarts. New companies that planned to see change and most importantly remove traditional barriers the banking system had built. This increase in financial technology was quickly labelled as fintech.
Fintech covers an enormous spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are simply a few areas where everyone is seeing room for innovation and disruption to fliers and other modes.
This rapid growth has built a booming financial technology industry and lots of fintech conference 2017 online. As a result of plethora of companies that belong to the umbrella of fintech it’s difficult to put a precise you’ll need the worldwide worth of this industry. Thankfully KPMG create a sydney called ‘The Pulse of Fintech’. This supplies a worldwide research into the latest investments within the fintech industry. Their latest report states that global purchase 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 ?”
http://www.techbullion.com/what-is-fintech/