What is Fin-Tech?
FinTech actually had its inception around the 1950’s with the credit card. This is a tale of the evolution of banking and technology. In the 1960’s came the ATM machine, which is still hailed as one of the biggest innovations in banking. The 1970’s brought us electronic stock trading on the trading floors. The 1980’s was all about banks becoming more technology driven with mainframes and the increased ability for data storage. In the 1990’s we saw the rise of the internet and the move to online banking, especially for retail investors.
All of this has led to behind-the-scenes innovations today that you really don’t see or think about. You might notice that transactions are faster, or that you really don’t step inside a bank very much anymore. You might have tried to check your credit score online for free, and certainly seen the tv commercials for applying for a loan online with the push of a button. All of this is the FinTech revolution happening before your eyes without you even knowing it.
The future of FinTech: this spells a big worry for financial institutions as well as insurance companies. Pioneers in alternate forms of banking, insurance mobile apps and even currencies are making people billionaires almost overnight. The combining of technology with finance is an exciting ride. Banks are scrambling to get into the technology bus by investing in startups and holding technology forums in order to try to beat the odds and stay competitive in this quickly changing market. We don’t even have a way of predicting the next big feature soon to be landing on your handheld device. But I can promise you this - it will be a fascinating journey!
If you have questions about Fin-Tech for your business, call us today!
Amy Patt, Project Manager