The Fintech Revolution: How Technology is Changing the Banking Industry
– Fintech is a term that describes all the different technologies and sectors that fall under the financial technology umbrella.
– Traditional banks are worried about fintech because it has made them lose market share to upstart companies.
– There are many different types of fintech, including platforms for payments, investments, and more.
– Fintech has been successful in helping people escape poverty and reduce crime rates in some areas.
How Fintech is Revolutionizing the Banking System
-Traditional banks were drowning in bureaucracy, and fintech has shown us that it can be improved and streamlined for a lower cost. For example, now it’s possible to find a whole range of apps and websites that help you compare prices of credit card loans in a way that banks didn’t use to do.
-Among these are peer-to-peer lending platforms like prosper marketplace and lending clubs sites for business loans like kabbage and Lendio.
-Fintech companies that help you apply for mortgages which take traditional brokers out of the equation, have also become popular in recent years.
-Cyber security is still a big concern, with figures from last year showing that 27 percent of fintech companies have experienced a security incident. In comparison, 29 percent aren’t sure because they haven’t checked with more investments or transactions made through fintech.
-Investment in fintech is going up exponentially; according to Goldman Sachs, the market value of all fintech firms is 4.7 trillion dollars
– including investments made by big tech firms into their platforms like Apple Pay and Google Wallet, as well as the financing secured by many startups.
Intense Competition in the Fintech Industry
– Fintech companies use various new technologies to improve their products and services.
– One of the most well-known uses of AI in fintech is in “robo-advisors,” which automate customer investment advice.
– Cyber security is another big area for fintech, as they try to fight online fraud with computer programs that use information about your payment history.
– One of the most prominent players in fintech is Chinese Ant Group, with over 60 billion dollars in value as of 201-
– There are several other big names in US and Asian fintech, including Silicon Valley giants Apple Pay, Google Wallet, and Square (formerly Jack Dorsey’s company).
– Asia dominates the world market for fintech, with China leading the way, followed by India and South Africa, respectively.
– While Silicon Valley dominates the scene when it comes to innovation within fintech, many baltic countries are making an impact on the industry too
– Lithuania is fourth place globally, and Estonia is 10th place on this list!
The Threat to Traditional Banks from Fintech
-Fintech workplaces are known for their casual dress code and fun perks like staff happy hours and in-office yoga classes.
-This poses a threat to traditional banks, as fintech is finding more and more ways to attract top talent in finance.
– what other changes do you think fintech will bring about in the future? Let us know in the comments below!
Conclusion of the fintech revolution
In conclusion, the fintech revolution is changing the banking industry by making it more accessible and efficient. This is achieved through technology, which allows for more people to be reached and transactions to be processed more quickly. To stay up-to-date on the latest
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