There are plenty of cliches about careers in finance, one of which is that traditional finance firms can be pretty stuffy, structured, and hierarchical environments. And, like all cliches, there’s a strong element of truth in there. Fintech carries its own cliches, of course. These are creative environments with a relaxed dress code – think fun and dynamic workspaces and flexibility when it comes to when and where you’ll work from.
Is cash dead? Not yet. The majority of people in most countries – roughly 75 per cent of the world’s population – still conduct most transactions with cash. Nonetheless, a massive transition to digital payments is under way. According to a recent survey by management consultancy McKinsey, 58 per cent of Middle East consumers strongly prefer digital payment methods, while only 10 per cent strongly prefer cash.
Today, the technologies that fintech (financial technology) companies are rolling out are invariably in hot demand. Lending institutions seeking additional agility to deliver cutting-edge solutions are increasingly looking to new, nimble tech start-ups to advance their own business functionality, with innovative products and services such as digital-payment solutions, mobile banking, wealth management and insurance products among the most highly sought after.
t is an exciting time to be in the financial technology space. As the sector has gone from strength to strength, we are witnessing a distinctive move towards a digital society and leading fintech firms have become household names. Today over 70% of digitally active adults in the UK use a fintech service – well above the global average.
Fintech startups like Chime, Aspiration, and Daylight are emerging to take on traditional banks—that’s not new news. What many people don’t realize is how they’re changing the definition of “community” in banking.
The poster children of the U.K. and European fintech sector tend to be customer-facing businesses—the likes of Revolut, Monzo and Starling bank to take just three examples.
The rise of fintech has seen its adoption across much of the world – even in traditionally minded banks and the wider financial services sector as a whole. Can solutions in fintech further partner with banks in the Middle East and Africa (MEA) across improving the wider customer and internal journey?
Fintech is ruling the world and is one of the most promising industries with a CAGR of 23.41%, from 2021 to 2026, as per Market Data Forecast. Thus, it is essential for any businessman dealing in financial institutions to have a sound knowledge of Fintech.
It’s a good time to be a fintech-focused VC. Over the past six months in Europe, there have been €22.6bn worth of exits, making a lot of investors mighty rich, according to PitchBook data.
A short decade after software started eating the world, along came headlines about every company becoming a fintech thanks to innovation and growth in embedded finance business models.
What do Starling Bank, Checkout.com, Klarna and PensionBee have in common? They’re all fintechs of course.
It might seem strange that a publication like AltFi, which extensively covers the world of fintech, would need to ask the question: what is fintech? But, in the first of a new weekly series, we are going behind the buzzword to unpack the jargon and phrases that often obscure what we’re really talking about… starting with “fintech”.
Fintech is a forward-facing industry driven by innovation. Increasing evidence demonstrates that diversity and inclusion results in more creative and innovative environments. Evidence also shows that firms with women in senior roles outperform firms without female representation, both in terms of innovative solutions and the firm’s bottom line.
FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalized life.
Fintechs keep transforming the financial services ecosystem. Banks and credit unions can no longer afford to view them as a threat. But partnerships can flop, so it’s important for institutions to take steps to ensure these collaborations pay over the long term.
A few months ago, Fintech seemed like nothing but a buzzword used by financial news sites. However, it has grown tremendously since then. Fintech has grown double-digit since 2020. Following the pandemic, businesses realized the need to come up with alternative payment options.