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.
Personal advice platforms, and personal finance apps, are offering better, more scalable user experiences in the investment and lending space. Blockchain is changing contracts, payment technologies are re-imagining e-commerce exchanges, and new solutions are coming to cyber-security. This list has almost no end in sight.