With the Fintech recap we had in the previous post, we can see that Fintech is definitely gaining traction. Fintech is beginning to occupy the same turf as banks and the banks are starting to take notice. In the past, due to a lack of alternatives, banks enjoyed an exclusivity when it came to various positions in the economy. In today’s market, with Fintech players ever growing, there is increased competition in such positions. However, what does this traction mean for tradional players such as the banks and the economy as a whole?
It’s the middle of the year and it’s time for a review of the Fintech industry, also known as financial technology. New startups and technologies are changing the core of the finance sector: commercial banking and insurance (life, health, property). The current outlook for the market looks promising, with P2P Lending leading the charge. The disruption of traditional finance by Fintech has started to show it’s power for change and many traditional financial institutions are jumping on the bandwagon, not wanting to lose out. Will Fintech continue and grow to become a force to be reckoned with? Continue reading