Fintech Investment is Booming
A great source of information and insight on Fintech is Fintech Finance, which publishes a magazine, blog posts, and videos, and conducts webinars about the complex topic. Some of the subjects include how bank branches are being transformed by Fintech, point of sale Fintech, using AI to predict customer experience, compliance issues, using the cloud with Fintech applications, overviews of cutting-edge Fintech technology, and how the Fintech revolution will transform or even end banking as we know it.
Technology, of course, is leading the charge, but threats to the financial services industry including fraud and cybercrime are now so great that rapid innovation in Fintech is necessary to stop the bleeding and carnage. The financial world is, in some respects, behind the eight ball because it has failed to keep up with rapid changes in technology. According to John McAfee, hackers are way more sophisticated than most realize, and are at the top of the food chain feeding on helpless financial institutions like vultures after a lion kill.
One of the main promises of Fintech is the use of blockchain which is now being adopted by major banks, the US Department of Defense, and other major institutions. Blockchain not only can make transactions secure but can also create “smart contracts.” In short, the world of banking is undergoing a major transformation.
The following video explains how the intersection of technology and finance is going to transform financial services. One of the big takeaways is the possibility that with the support of Silicon Valley, Fintech will soon be taking on Wall Street as we know it.