FinTech – Report

Introduction

Fintech is a term that combines the words “finance” and “technology”. Where financial (monetary) comfort is produced by merging modern technology and modern financial services, allowing consumers to use modern technology to access financial services with easiness.

Why the need for Fin-Tech?

As a financial institutions, banks have been regarded as the primary channel for value transfer in terms of money and other transactional activity for centuries. Almost every traditional technique has been improvised because of the increased usage of technology. In our financial system or to be more specific term i.e., banks we see plenty of space for development and research.

Roadmap of Future Growth

From $930 million in 2008 to more than $22 billion in 2015, global investment in financial technology surged by more than 2,200 percent. According to the Mayor of London’s office, London’s embryonic financial technology industry has seen remarkable growth in recent years. Financial and technology services employ 40% of the workforce in the City of London.

Major Contributors to Market

• Ant Financial
• Adyen
• Qudian
  
• Xero
• SoFi