Take, for example, the world’s first ATM, which was installed in 1967 at a Barclay’s Bank. Paul Volcker, former chairman of the US Federal Reserve, said in 2009 that the ATM was one of the most important innovations he’d seen sector-wide; that people no longer needed to visit a bank was ‘a real convenience.’
More conveniences were to follow: tech in the finance sphere has empowered trade processing, treasury management, advanced data analysis, and online lending. By the mid-1990s, the financial services industry was officially the largest single consumer of information technology, a position it’s maintained since then.
FinTech: A Fast Rise
Post-Pandemic Portfolio Positioning
As the pandemic introduces new pressures to corporations and individuals alike, FinTech is well-positioned to solve increasingly urgent problems.
Artificial intelligence (AI) and machine learning (ML) platforms are empowering businesses to better manage their core operations; detecting and recovering fraud, managing compliance, and analyzing data for optimized decision making.