Driven by innovative startups and major technology players, the Fintech industry is booming and capturing traditional market share by offering customers easy-to-use and compelling products and services.
Why is Fintech growing so fast?
Transformative technologies and millennial thinking are revolutionising business models and the disruption of the financial crisis has accelerated this in the finance sector. We are becoming a cashless society, comfortable with banking via a device, along with low interest rates and less stringent regulations, new banks are appearing and new business models are becoming more acceptable.
Fintech is particularly strong in in Asia, the UK and the US. The UK is rapidly evolving into the best environment for starting, growing and retaining innovative financial technology businesses due to London’s position as a global trading hub, having the world’s greatest concentration of financial firms and professionals, its optimal global time zone, unrivalled international connectivity and excellent technical infrastructure combined with a strong start-up culture and a large and technologically sophisticated customer base.
Fintech: It’s a fast growing sector. It’s great financial technology. And it’s here to stay.
It’s disruptive. It’s innovative. It’s easy to use. And it’s catching on. Fintech is a broad category based on the innovative use of software to provide an array of new financial services and products to businesses and consumers. These financial technologies integrate finance and technology that disrupt traditional financial models and businesses and benefit consumers.
Fintechs focus on individual segments of the value chain having developed products for handling accounts, payments, advice, loans and financing arrangements and investment management. Many Fintech companies harness mobile technologies, big data and superior analytics to tailor products for various customer types.
Global investment in Fintech increased from $2.4 billion in 2011 to $19.1 billion in 2015View infographic
For traditional financial services companies, including banks, insurers and wealth and asset management companies, the risk of disruption is real. From payment processing, deposit accounts, working capital to life assurance, Fintech is replacing traditional structures and ways of working with new technology-based processes. Across the entire financial services industry. Right now.Find out more about the Fintech space
Regulatory Technology or RegTech is technology that helps people comply with their regulatory obligations. And as regulatory compliance is one of the most time and resource-consuming activities for financial institutions, this agile technology is helping firms facilitate the delivery of regulatory requirements as well as better understand and manage risks.Read more