Industries being driven by the rise of Fintech

The rise of financial technology companies, has pushed the growth of other industries, which now see strong potential for change and innovation. For example, we can look at the real estate industry. Companies like Redfin and Realtyshares, allow to make the transactions more efficient, and less time consuming, often saving the users thousands of dollars. We can also look to the payments, industry and the rise of alternative digital wallets than Paypal. This includes Square, Dwolla, Skrill and others. These all offer different benefits, and have been used on a more worldwide scale than Paypal. The lending industry is also changing, as the often tedious task of getting a loan has been simplified and streamlined. They match borrowers with investors through a smooth easy process. They have figured out ways to pull from a pool of “investor cash” and by doing that they can lower margins and rates and make the data easily integrated and accessible through their platform. Essentially they are cutting big banks out of the equation, and can reduce costs greatly.  We can see that these changes often come as a benefit to the consumer and a detriment to the existing members of the industry. Fintech has the potential to do so much more to these industries, and will be affecting many more industries as time goes on.

http://www.nasdaq.com/article/industries-where-fintech-is-changing-the-game-cm740805