Banking Technology Trends and Practical Steps to Implementation
What is fintech? Financial Technology (fintech) describes any company that provides financial services through software or other modern technology. As a result of the 2008 financial crisis, customer confidence in commercial banks plummeted and bank existence shrank by 63 percent over the next decade. During that same period, however, a growth in consumer acceptance of fintech led to a tidal wave of innovation. As a result, fintech has been, and continues to be, disruptive of the already severely destabilized banking industry.
This great disrupter is affecting banks large and small. Insurance, mortgages, healthcare, budgeting, investing, mobile payments, and crowdfunding use fintech. It is B2B, B2C, consumer to consumer, global, and local. And it involves billions of dollars and a wide universe of customers. Global fintech venture capital has been pouring into the industry, setting a new record of $39 billion in 2018. There are now 39 global fintech “unicorns,” or private companies valued at more than $1 billion.
Is fintech today’s “shiny object” to be swatted away by big banking? Is it a fundamental change that drives big financial institutions to a more agile, consumer-focused model? Download the white paper to learn more.
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