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Blockchain, Cryptocurrency, and The Future FinTech

Toronto_2, Canada
(Toronto, Canada - Wei-Jiun Su)


Embracing Disruption



- Overview

Financial technology, or FinTech for short, is one of the most exciting - and fastest growing - areas in global business today. While the definition may be simple, products and companies that employ newly developed digital and online technologies in the banking and financial services industries, how it is used, and its impact on consumers is much more complex. In fact, in a relatively short period of time, the emergence of a new generation of FinTech has greatly impacted how we do business, transact as customers, and think about the future of finance. Among other things, it is significantly blurring the lines between business services, allowing bankers, advisers, and technology providers to provide nearly identical services.


- Future Financial Technologies

Financial technology (FinTech), an economic industry composed of companies that use technology to make financial services more efficient, is usually applied to the segment of the technology startup scene that is disrupting sectors such as retail banking, lending and financing, payments and transfers, wealth and asset management, markets and exchanges, insurance, blockchain transactions, etc.. It refers to new applications, processes, products or business models in the financial services industry. However, the FinTech term has started to be used for broader applications of technology in the space – to front-end consumer products, to new entrants competing with existing players, and even to new paradigms such as Bitcoin. The financial services industry is one of the last frontiers new technology has yet to fully conquer. FinTech companies are trying to disintermediate incumbent financial systems and challenge traditional corporations that are less reliant on software. 

FinTech is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public. Financial technology companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.

Internet-based technology has made it cheap to collect information and to network. This has empowered the sharing economy and allows FinTech companies to seize intermediation business from banks. But both FinTech and "sharing economy" businesses manage information centrally – they serve as middle-men – exactly as traditional financial institutions do. The FinTech revolution is forcing the financial services industry and everything it touches to evolve quickly.


- The Competitive Fintech Influencers For 2020 and Beyond

The following ten fintech influencers for 2020 and Beyond:


  • FinTech will drive the new business model. 
  • The sharing economy will be embedded in every part of the financial system. 
  • Blockchain will shake things up. 
  • Digital becomes mainstream. 
  • “Customer intelligence” will be the most important predictor of revenue growth and profitability. 
  • Advances in robotics and AI will start a wave of ‘re-shoring’ and localisation.  
  • The public cloud will become the dominant infrastructure model.  
  • Cyber-security will be one of the top risks facing financial institutions. 
  • Asia will emerge as a key center of technology-driven innovation.  
  • Regulators will turn to technology, too.  



[More to come ...]

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