What on Earth could be bigger Contributors than ATMs, PayPal and Bitcoin combined?
Fintech, if you are unfamiliar with Fintech, basically it is the computer programs and other technology used to support or enable banking and financial services. The era of financial services is the most profound since the 1970's brought us Index Funds, discount brokers and ATM's.
Let's make it clear that no firm is immune from Fintech disruption, however it matters most how every company has a strategy to harness the powerful advantages of the new Fintech revolution.
An intelligence report from BI Intelligence reports that the Fintech lays out the new landscape, identifies the ripest areas for disruption and highlights some of the most exciting new companies, these new players can potentially become the new Visa, Paypal or Charles Schwab the bank and brokerage firm in San Francisco. If you work in Retail Banking, Lending and Financing, Payments and Transfers, Wealth and Assesment Management, Markets and Exchanges, Insurance or Blockchain Transactions, you have the potential to transform important areas in your company, even revolutionize your business and possibly your career. It's important to understand the Fintech revolution to take advantage of it and if you are part of the digital industry, it's important for you too to exploit these new technologies.
Fintech global funding has already $15 Billion in August 2016 and it continues to grow. The main attractions of Fintech include Insurtech , robot-advisors and digital-only banks which make up only a few of the segments, B2B Fintechs are playing an increasingly prominent role in the ecosystem too. BI Intelligence also states that the "The relationship between incumbents and fitness continues to evolve. Fintechs are no longer viewed exclusively as a threat, nor can they be ignored. They are increasingly viewed as partners, but that narrative alone is too simple — in reality, a more nuanced connection is taking hold"
Get ready for the revolution!