The Growth of Fintech
Financial Technology (Fintech) is a widely expanding market, thanks to the willingness of consumers to use ecommerce. Fintech is used to describe technologies used within the financial services industry. Often described as ‘disruptive,’ these technologies are keeping traditional financial institutions on their toes as they begin to grow in popularity and become widely used.
The rise of Fintech was inevitable with the onset of the digital revolution. The changes going on right now in the financial services industry are exciting, to say the least. Startup businesses which want to shake up their industries and frighten competitors have an amazing opportunity to do so with Fintech.
Traditional financial institutions such as banking services are widely regarded as being slow, unwilling to adapt to change, and rigid. These qualities work against everything that is great about the 21st century and digitally connected world. In part, it is the fault of these traditional financial institutions and their unwillingness to adapt, which has allowed Fintech to grow in popularity and become a real threat to them. Large companies like <a href=”https://www.16best.net/expedia/”>Expedia</a> are already taking advantage of the innovation brought by Fintech, especially the ability to conduct payment in cryptocurrency – which is faster, more secure and potentially cheaper.
Consumer demands are changing, and this is where Fintech comes in; increasing
pressures are being put on financial institutions to change the way they operate. With demands focused on speed and efficiency on a consumer level, even the biggest financial institutions are finding it difficult and have to change how they operate.
If you want to learn more about Fintech, check out our infographic below, which is full of interesting facts and information!