Financial Technology, or FinTech, has recently emerged as its own industry, consisting of companies that use technology to make financial systems more efficient for their customers. According to statista, “As of February 2015, bank spending on new technologies in North America was projected to reach 17 billion U.S. dollars in 2015 and increase to 19.9 billion in 2017.” FinTech involves areas such as:
FinTech investment has grown by 27% globally per year since 2008. That’s 14% more than the Silicon Valley’s investment growth.
In a rapidly growing industry, you want to keep up with trends that could make or break your business. As a Financial Advisor, it is important to be aware of what FinTech is and how it can affect and help your business.
The infographic below, courtesy of RainFin, walks you through the evolution of the FinTech industry – where it began and how far it’s come.