The implementation of FinTech across the Globe

The FinTech industry is all grown up and has earned a respected place among other tech industries. These financial technology organizations offer innovative business models and advanced technical solutions. When it first came on the scene FinTech was rapidly adopted across the globe spurring change throughout the financial industry. The term “FinTech” no longer refers only to start-ups and new players it also includes established companies and seasoned professionals all offering a wide range of improved and expanded financial services internationally. Today FinTech is adopted globally and is a sophisticated competitor with enhanced services that are economical and efficient.

 

Disruptive and Invented FinTech Propositions

Disruptive FinTech: By offering more attractive, technically enhanced, advanced, convenient and economical option to traditional financial services FinTech has disrupted sectors such as insurance and foreign exchange trading. This has altered customer expectations, what used to be acceptable is now considered below par and conventional financial institutions have had to step up and offer similar services and financial products in order to remain competitive and relevant in the financial market.

Invented FinTech: In addition to disrupting the established banking organizations FinTech has also given us invented services – ones we had never seen before that gave solutions to unsolved problems and redefined financial platforms. We had never imagined these technological alternatives before FinTech yet now we can hardly get along without FinTech services. Among the invented services FinTech brought us peer-to-peer lending, mobile-phone payments and alternative business models.

 

FinTech Innovation Beyond Banking

We are most familiar with the role FinTech plays in banking, financial start-ups and neobanks but one of the strongest FinTech adoption trends is innovation in the insurance sector. Insurance continues to adopt FinTech (insurtech) to improve their services, fill niches and offer new insurance products. Examples of how FinTech continues to be adopted in the insurance arena include the use of insurance comparison sites; peer-to-peer insurance and feeding data into an insurance-linked smart device. Consumers often adopt FinTech solutions independently of financial services such as the step-counting apps that give valuable information about a client’s state of health to insurance companies; technology implemented in vehicles to feed data to car insurance companies and online robo-advising services.

 

FinTech Adoption Worldwide

FinTech will continue to change the way we handle finance and will continue to bring us innovations we had never dreamed of in sectors we once thought could not be effected by technology. Growth of FinTech will be driven by increased market penetration of existing services and the international spread of FinTech now only available in a limited number of markets. Global adoption of FinTech is already here but it will continue to be adopted on an even larger scale in even more diverse industries.

Recommended for you

Paytech industry solutions
24.01.23
The payments technology business, or PayTech, has experienced rapid expansion in recent years.   This study by GBO attempts to give a broad picture of the market by examining its history, market size, company kinds, payment legislation and compliance, and PayTech's potential. It will also...
How to start a business in Dubai for German citizens
22.01.23
This study, carried out by GBO, attempts to give a general overview of the benefits and prospects accessible to German firms wishing to set up an offshore company in Dubai.   Germany and Dubai have a close and expanding relationship, and numerous German companies have...
How to start business in Dubai for Indian
22.01.23
GBO's study indicates that this makes Dubai a desirable location for Indian businesspeople. For Indian business owners, Dubai's free zones provide a number of tax benefits, including a tax-free environment, a lack of import or export duties, 100% foreign ownership, and the ability to repatriate...