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Friday, 31 January 2020 14:53

5 Q&A’s to Help You Better Understand Fintech

Written by Michelle Beane
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  1. What is Fintech?

Fintech is used to describe the combination of using technology in the financial sector. It is an industry that involves any kind of technology in financial services ranging from businesses to consumers. 

     2. What are the applications or uses cases for Fintech in the traditional banking industry? 

Fintech is already a part of the traditional banking industry.  It has made an impact on numerous applications that have changed the way consumers access their finances. From mobile payment applications like Square or simplified payment solutions like PayPal and Venmo. 

The uses cases for Fintech involve crowdfunding platforms, blockchain, mobile payments, insurance, robo-advising, stock-trading apps, and budgeting apps. 

    3. What are the biggest threats related to the rise of Fintech within the banking industry?

The rise of fintech within the banking industry has developed innovative technological solutions in such areas as online mobile payments, big data, alternative financial, and financial management. This has caused the traditional banking industry to experience loss of market share, pressure on margins, information security/privacy threat, and an increase of customer churn

    4. How big is the Fintech industry?

The fintech industry is estimated to be worth $4.7 trillion with more than 12,000 Fintech startups worldwide. 

     5. Who is involved in the Fintech industry?

Fintech relates mainly to startup firms that represent some of the fastest-growing companies in the world. But that doesn’t mean huge global banks like Goldman Sachs, JP Morgan, and CitiGroup aren’t involved in the industry as well, and they are now some of the biggest Fintech investors. 

Conclusion.

With the successful rise and intersection of the financial and technology industry, the fintech revolution is here to stay. It will continue to innovate and improve the banking and finance industry. Such improvements could come in the form of the automation and delivery services, and offer a way to improve financial inclusion and quality of life for under-banked communities around the world.

Join us on February 20th for an evening of insight and inspiration while learning more about the FinTech space from top industry experts. The event will also feature the latest Florida blockchain news and speakers from blockchain industries and government officials. The event will take place from 5-9 pm on February 20th at Embarc Collective. To purchase your General Admission or VIP Tickets, please click here

Read 261 times Last modified on Thursday, 23 April 2020 14:55


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