The Future of Fintech

First, I would like to say that it is actually quite difficult to understand what fintech really is. Fintech covers a lot of different fields and aspects of the financial industry, both traditional and new innovative technologies. But there is one thing that all fintech has in common: it can be described as technology driven innovation in finance.

 

Technology driven innovation is a recurring theme in the history of finance, as well as every other industry. The financial sector – like any other one – has been and will be subject to technological changes.

 

The financial industry has always been subject to technological changes, but in the past they have mostly occurred at a much slower pace. There were periods of relative stability when people could rest on their laurels and use previous technologies for a long time without having to worry about competition.

 

And then suddenly there was a new technology that could replace the old ones. It is difficult to imagine today, but it took centuries for paper money and checks to completely take over from gold and silver coins. For example, in England only in 1732 were bank notes made legal tender.
But now the pace is accelerating and new financial innovations are appearing practically every day.
The financial sector is experiencing a technological revolution, and it will be difficult for most of the companies in this field to keep up with the pace. And there are many reasons why technology driven innovation in finance has become possible.

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