Posts Tagged ‘FinTech’
Financial technology (FinTech) startups from Silicon Valley and across the United States are revolutionizing the financial services industry and introducing innovative technologies to the benefit of consumers. While some view these innovators as disrupters, FSR also views them as potential partners. Working collaboratively with technology innovators, we are seeking to address some of today’s – and tomorrow’s – most pressing challenges like enhancing financial inclusion, creating convenience and security for consumers, and pairing new services to meet the changing demands of customers.
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.
The financial sector is no stranger to change and disruption (from bartering to coins and paper money, to stocks and mutual funds) but the explosion of financial services technology (FinTech) start-ups is accelerating change at an exponential pace. In the past, changes took place over decades. Now, many occur in a single year or even shorter timeframes. This CTO Corner discusses the resulting accelerated perceived democratization of financial services, which is causing a Cambrian explosion of new access and forms of financial products and services, and its implications on the business, security, privacy, and regulation of financial services.