The Incredible Growth of Financial Technology

The FinTech wave has brought in businesses that use new technology to provide modern financial services, with the end result often being a disruptive, brand new product.

Today these FinTech companies are competing with banks in most areas of the financial sector. However, banks are struggling to keep up with the innovation brought by FinTech startups, mostly due to regulation and their internal structures.

FinTech companies are thriving because they understand that modern financial services – including money transfer, lending, investing and payments – need to seamlessly integrate into the lives of the tech-savvy and sophisticated customers of today in order to stay relevant and maintain a customer base.

The younger generations in particular prefer quick and easy online or mobile banking services over walking to a branch to set up appointments with bank consultants, and the lengthy processes of setting up accounts or putting a portfolio together.

However, banking is not the only industry affected by the new technologies revolutionizing finance. Many other fields are benefitting from the innovations FinTech has brought forth and it is not an exaggeration to say that FinTech has changed the way we shop, travel and work. Just look at the innovations coming from companies like Expedia and SelfPay.

FinTech is everywhere.

If you’d like to learn more about the growth of financial technology, take a look at the infographic below.