Who Will Be the Next FinTech?

FinTech is now a known powerhouse, improving the lives of everyone across the globe. Billions now have easy access to financial services and can use this new and improved access to better interact with their local culture and the world.

Although the benefits that come from the melding of modern technology and finance are the most obvious positive aspect that comes from FinTech, these benefits are also helping to improve other aspects of our lives. New movements have started to improve other aspects of our world through the introduction of modern technology. From AdTech to HealthTech to TravelTech, every division of the market is set to undergo a technological upgrade.

This week I’ll show you some of the next potential major players.

Many other areas are now using technology to improve their processes, and these upgrades are bringing industries into the modern age. Take the RegTech evolution of regulation. Regulation is becoming a hot topic as more people become aware of the issue and banks incur greater and greater fines. RegTech startups, by harnessing technology to improve the regulation process, will help guide companies through the regulation and compliance process.

Considering that global demand for regulatory, compliance and governance software is growing and is forecasted to reach $118.7 billion by 2020, you can see how ingrained this technology will be in the future market.

The technology that forms the basis of FinTech is working to improve other (slightly surprising) areas as well and this coming phase of the technological revolution will see interesting developments.

First off is EdTech. Education is finally getting the overhaul it needs to bring it into the modern age. This technological revolution has already started and is set to explode with investment in the field set to hit $252 billion by 2020.

New startups like Udemy (which calls itself “the world’s largest online learning marketplace”) and Fullbridge are changing how people seek out knowledge, providing online education to students across the globe.

Next is ConTech, the new generation of construction work. Through the introduction of innovations like digital ecosystems and big data the field of construction is being brought into the modern era. This new evolution will make construction a major force in the world and a powerful industry.

Then there is the vital but tumultuous GreenTech/CleanTech. Obviously important, this field (unfortunately) rises and falls in public attention. The good news, however, is that Ontario is aiming to be a hotspot for CleanTech innovation and currently houses over 3000 CleanTech companies.

Properly harnessed, CleanTech will set us on the right path to a better tomorrow. I look forward to seeing what innovations it brings forth.

Technology has always had the real power to change our world for better or for worse. FinTech is a positive spin on technology and, thanks to FinTech, our future is paved in gold (or golden Bitcoin). We cannot underestimate or dismiss the great things the combined power of finance and technology has done for our world. Who of the aforementioned technological movements will follow FinTech into the mainstream? Only time will tell. I have to say, though, I can’t wait to see what innovations they’ll bring with them.