FinTech Financial Technology (Business Models (Third Party Payment ,…
A new financial industry that applies technology to improve financial activities.
Who uses it?
Large, well-established financial institutions such as Bank of America, Chase and Wells Fargo are major users.
Companies that provide infrastructure or technology that facilitates financial services transactions including companies like MasterCard, exchanges such as NASDAQ.
Start-ups focused on a particular innovative technology or process. Companies include Stripe (mobile pay ments), Betterment (automated investing), Prosper (peer-topeer lending), Moven (retail banking), and Lemonade (insurance).
How FinTech gains widespread usage?
The initial interest was attributed to the 2008 financial crisis, which left public trust in financial institutions at an all time low.
The growing financial independence of the millennial generation. They want their banking to be as digital as any of their other commodity services.
Plentiful VC funding
Accelerating technology evolution
Lowers customer costs
Provides services to people who don’t use traditional banking
Delivers quicker financial services
Makes banking, saving, and payment more accessible
Makes financial services more secure
30% of large Financial Institutions are investing in AI.
By 2020, 90% of smartphone users will have made a mobile payment.
What kind of tech?
User experience design
Third Party Payment
Automated Wealth Management
P2P consumer lending and P2P business lending
P2P currency exchange