Fintech Trends and Practical Steps to Implementation
The 2008 financial crisis damaged customer confidence in commercial banks, leading to a 63 percent decrease in banks over the next decade. During that same period, however, fintech emerged in a tidal wave of innovation, and with it, consumer trust. Fintech has been, and continues to be, disruptive in the destabilized banking industry.
This great disrupter is popular across business segments: Insurance, mortgages, healthcare, budgeting, investing, mobile payments, and crowdfunding all use fintech. It is B2B, B2C, consumer to consumer, global, and local. And it involves billions of dollars and a wide universe of customers.
Banks small and large marvel at the wonders of fintech, and rightly so: When technology supports core processes, it strengthens the institution as a whole and allows room for innovation. Fintech doesn't come without risk, however. Read our guide to the popular financial technologies, including steps to implementation and relative ROI for your institution.