What the Article Says:
1. FinTech’s presence in modern-day society is coming to represent a variety of financial services that we use on a daily basis: mobile payments, money transfers, loans, fundraising, and asset management.
2. FinTech is shaving weeks off of the process of obtaining funds to start up a business. Crowdfunding allows businesses to raise money quickly and cheaply from people all over the world, even if there is no physical interaction. Not only that, people can even accept credit and debit payments through Square and Paypal, making business transactions easier than ever before.
3. FinTech is shaping customers and their expectations. People depend on these relatively recent developments to make purchases and do business. They also expect the same level of service and access from a small firm as a large firm. If a business is unable to keep up with customer expectations and the latest technologies, they will be left behind.
My Thoughts:
I thought this article was a great representation of how FinTech has shaped our lives over the past decade. The author mentioned that the industry has grown from $930 million to $12 billion since 2008, and I’m not surprised to see these numbers. While consumer expectations are increasing and the dependency on these technologies increase, I think the expectations for future developments also increase. It’s a growing industry and I’m interested in seeing which direction the consumers drive it in.
Source: http://www.forbes.com/sites/bernardmarr/2017/02/10/a-complete-beginners-guide-to-fintech-in-2017/#2d53ec597542