Fintech has come to mean financial services that are disrupting traditional financial methods in the delivery of these services. Some of these services that have been ‘disrupted’ include mobile payments, money transfers, loans, fundraising, and asset management, among others.
In an interview with Knowledge@Wharton (The Wharton School) Steve McLaughlin, CEO and managing partner of FT Partners says, “Fintech does not feel like it’s played out”. There is more yet to come from the Fintech game in our increasingly technology-driven society. There is still a lot of opportunity for innovation and disruption “with a capital D”, as McLaughlin states. Traditional financial services have only truly gone online in the last few decades: there is more yet to be seen from this technology explosion, immediacy, transparency, efficiency, and globalization around the world—it’s created an infinite amount of possibilities.
Fintech has quickly become about financial inclusion. The globalization of Fintech and the fact that many countries around the world are, as McLaughlin says, “way more advanced than what you’re seeing in the U.S. because they didn’t have the traditional infrastructure” in the first place. Fintech is everywhere you look. McLaughlin is looking forward to seeing more disruption in the market and seeing big companies merge to cause these disruptions and, ultimately, help people. If someone can pull all the technology from the past few decades together and become the next Google of financial services, then we’ll truly see a Disruption in the way Fintech and our world operates.
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