It may not be obvious to consumers, but the financial and tech industries are converging in the digital world as new technologies offer added convenience, security, and opportunity. This process has given rise to a now-common term – FinTech.
FinTech foreshadows what the convergence of these two industries will mean in the near future: It’s not just “TECH companies getting into FINancial services,” it’s really “FINance and TECHnology evolving in a shared universe,” and that’s a universe based on rules that prioritize the trust consumers have today in their financial providers with the converged FinTech providers of tomorrow.
Yet there’s a back-and-forth taking place over how Washington policymakers should react to this inevitable (and unfolding) convergence between sectors. The scintillating story is, of course, the idea that this is another inter-industry food fight. But in reality, the battle lines are not that distinct.
Is the FinTech industry waging a battle against being regulated? Yes. Should this be a surprise to anyone? No. It’s a battle that makes perfect sense and is quite healthy, and consumers will be the beneficiaries when the dust settles.
View full story on Morning Consult here.