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What is FinTech and where is it going?

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Published

5 Jan 2015

Duration

3 minute read

You have probably heard the term “FinTech” bandied around by those in entrepreneurial and startup circles, especially in recent times. However, many do not fully understand what it actually means, or appreciate the breadth of the financial technology space.

What is FinTech?

The term FinTech is simply short for financial technology, and basically refers to any technological innovations in financial services. It is a relatively recent term, but it certainly not some passing fad. FinTech is here to stay.

Why is FinTech such a big deal?

According to a report released by Accenture, global investment in FinTech hit $3billion in 2013, up from less than $1billion in 2008.

But we don’t need these impressive numbers to tell us how big FinTech is becoming. Innovative technologies are disrupting the finance industry in the same unpredictable and dramatic fashion as it did the media and music industries.

Technology is changing the way we transfer money, conduct fundraising, manage stock portfolios, borrow money, make payments and more. Consumers are the main beneficiaries, saving money and time whilst gaining increasing access to a range of services that were previously unattainable.

Furthermore, the businesses that can innovate and deliver new solutions are making huge gains in market share. For example, the Commonwealth Bank’s market leading technology capabilities has been prominent in its increasing market share and profits over the last few years.

Where is FinTech heading?

FinTech is just getting started. Rapidly changing technology is allowing startups and big companies to explore endless possibilities to change the financial sector. Just take a look at these 7 apps that are changing the financial landscape to see evidence of that.

Entrepreneurs need to be aware of trends in FinTech, through networks such as the FinTech Startups Meetup group and The Startup Community.

Finally, while I am not one for making predictions, especially when technology is involved, one thing is for certain – those with the coding skills to match a business mind will be the ones who will unlock the most opportunities in the FinTech space!



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