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.
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