As there has been increasing interest and talk about the realm of fintech, this article broke down what fintech actually econpmasess as of late. The author mentions that fintech is no longer one bucket, but multiple buckets which include things like RegTech, WealthTech, and InsurTech among others. Additionally, fintech has a growing list of subcategories some of which include lending, analytics, cybersecurity, neobanking, payments and roboadvice. To add to this, there are also certain technologies like IoT and AI that are heavily involved within fintech. The author then goes on to create three major market streams which include creating a new financial structure, removing friction from financial markets, and reducing the costs and overcoming bank inefficiencies. In the evolution of fintech, it’s important to note that none of these streams are aimed at replacing banks; those are here to stay.
I found this article quite interesting as fintech is still an emerging field and with this, its definition has changed over time and will continue to do so as more players enter the field with their own new ideas. It will be interesting to see where fintech is in the next five to ten years and what it will exactly encompass compared to today.
https://thenextweb.com/finance/2017/02/21/fintech-is-not-just-fintech-anymore/#.tnw_ZDOUz4QE