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The Rise of Fintech in Finance
How fintech is reshaping the finance sector and how you handle your money
What is fintech and why should you care?
Fintech is the term given to financial service firms whose product or service is built upon technology, often resulting in highly innovative, pioneering services. “Fintech” as a term is a compound of “finance” and “technology”. It is a relatively recent term and is certainly not a buzzword. Fintech is here to stay. Why? Put simply, fintech is changing finance as we know it and is already impacting how increasing numbers of individuals and businesses alike conduct their financial matters. Are banks worried? They certainly are. But their worry does not come from the market share fintechs have currently, as it is miniscule. The real worry comes from what fintechs could do to banks’ market share in the future. The fear is that mid- to long-term, ironically, banks could lose their own sector: banking. Or a significant portion of it at the very least. Fintech growth is seemingly unstoppable. Since 2008 global investment in the burgeoning fintech sector has tripled, from $928 million to $2.97 billion and is forecast to reach up to $8 billion by 2018. The UK and Ireland now account for over 50% of all European fintech investment. Venture capitalists around the world have diverted attention to fintech, mainly as the growth prospects of the sector are stratospheric.
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