Global investment in financial technology (FinTech) ventures tripled to $12.21 billion in 2014, to over $27 Billion expected in 2018, clearly signifying that the digital revolution has arrived in the financial services sector.
Fintech (Financial Technology) is the convergence of Information Technology (IT) and Financial Services. Examples include mobile payments, cybersecurity, trading analytics and the list goes on. Additionally, it is a commixture of financial technology and is paving the way for new efficiencies and innovation within the world of finance. There are several factors that help explain FinTech’s emergence as a growth sector, including technology such as social networks, a favourable regulatory environment and demographics. These factors may gave FinTech options an increasing advantage over traditional financial services.
FinTech has a large scope and varies from payment systems, to loans, to accounting software. Many smaller financial tech companies are taking on big banks and challenging the status quo for payments, banking method and financial services. Here are a few examples of how FinTech is changing the financial landscape around the world.
Financial technology is already all around us. Whether it’s behind the scenes in banking operations, acquiring loans or paying for groceries, fintech is only getting more diverse and applicable to the world around us, learning how to use and integrate with it will be important going forward.
How can we leverage financial technology to address one or more global goals, and solve a global problem?
Find out more at the FinTech Canada Conference in Toronto on August 16, 2018.
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