If this word is new to you, “FINTECH” (Financial Technology), it is the innovation in financial services based on using software to provide financial services such as easy payment processes, reducing fraud, saving user’s money, promoting financial planning, making life easier for financial institutions to manage their responsibilities and easier for account holders to manage their full financial picture.
Some fintech companies partner directly with financial institutions, while some offer products directly to account holders, completely bypassing the financial institution.
Other companies seek to replace financial institutions completely, these are called NeoBanks, example is Moven and GoBank.
With this trend, incumbent financial systems and corporations that rely less on software would be definitely disrupted.
APPLICATIONS/FINTECH MIND MAP
Perhaps most important, people have embraced the idea, thanks to the rise of the mobile, on-demand economy. “The world is far more connected today than it was 15 or 20 years ago. The tools that are available–cheap storage, cheap computing, and wonderful analytics–have changed, the regulatory environment has changed, and people are way more comfortable managing their money and business online,” says Pat Grady, a partner at Sequoia Capital.
According to fintechinnovator.com, see below the top global leading innovators for 2015;
ASIA – PACIFIC REGION