Fintech is without a doubt one of the most exciting, and most disruptive areas in the business world today. The term itself covers a lot of ground. Short for “financial technology,” fintech essentially encompasses all the digital and online technologies that currently sit in the banking and financial services industry space. Beyond that, how it is used, and its impact on consumers, is much more complex but no less exciting and intriguing. Let’s quickly look at the emergence of fintech and how it is completely reshaping the financial services arena.
What might surprise a lot of people is that fintech goes back about 60+ years. For most of us, when we hear the term, we’d be lucky if our first thought was about the latest mobile app for Starbucks versus something from back in the late 50’s or early 60’s. But the reality is that technology has always played a vital role in the financial sector. It’s just that now we can actually see technology working on behalf of the banks and finance sector, and we can now equate the two together. Prior to this evolution, we either took the relationship for granted or we just didn’t see it.