FinTech is an acronym for Financial Technology and the definition of FinTech is the integration of technology in the financial services sector. These technologies are mostly used by the financial institutions themselves on the back end of their businesses.
With the latest statistics detailing that around 90% of all business startups fail, there’s no denying that there needs to be some kind of awareness as to what is going on and why these businesses are unable to find their footing. While this is happening in all industries, one of the most prevalent is the fintech industry.
Given the developmental stagnation of traditional banking institutions in the past years due to their revenue generation and industry stability, both B2C and B2B sectors have started to look for new FinTech services to use. Whether you intend to build your own startup in the next several years or are looking for an industry to devote your time and resources into, FinTech startups and their presence in the banking industry might present you with the perfect opportunity.
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Credit scores are an incredibly important part of every company, as they can have a huge impact on their ability to get loans, procure equipment, extend lines of credit and obtain other forms of financing. That said, it's much easier to ruin a company's credit score than a personal one, although that may sound difficult to believe.
As the term suggests, finance is the available cash that makes an organization can use. Whether you want to start a business, or expand an existing one, add more pieces of equipment or develop new products, finance is the core of every business organization today. Liquid money is important to run the day to day operations for the organization. Right from the smallest spending to huge business expenses, finance is a must. Agree?
The financial sector is fighting a constant battle, and not just for market supremacy. In fact, the most critical battle faced by today's financial institutions is the war to protect IT assets and safeguard customer data. In other words, the quest to ensure maximum cybersecurity.
With the rise in availability and intuitiveness of smartphone devices, more and more people opt for mobile bank applications as their go-to financial solutions. While they may be user-friendly, convenient and available on the fly, these applications are also more vulnerable and prone to scammers, malware, and other cyber intrusions.
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Small businesses are the backbone of the economy.
With some of the most impressive benefits packages and salaries in the world, it would seem ludicrous for financial industry executives to leave their jobs. Even so, it seems almost weekly the industry learns of another former bank or financial CEO that leaves their cushy post for the scrappy and hard life of the startup world. For non-executives, the trend is more pronounced.
“May you live in interesting times”. It’s a common expression, purported to be an old Chinese curse, that wishes trouble and strife in the recipient’s life. Cut to the UK and Brexit. There is trouble and strife on an unprecedented scale. “Do or die” said UK Prime Minister Boris Johnson about leaving the EU on 31 October. That date has passed. The Prime Minister is still alive, and so is Brexit.
The amount of articles about the impact of Artificial Intelligence in the financial and banking industries continues to increase amid strong attention from major players, and for a good reason. AI has a number of use cases that banks and other financial institutions can benefit from, ranging from banking chatbots to smart contracts.
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In a world increasingly driven by digital innovation, the financial technology (fintech) sector has been experiencing a rapid transformation.
Blockchain is one of the most used technologies in fintech, and also banks can benefit from this technology. Discover more with FinTech Weekly.
In a letter to shareholders penned back 2014, Jamie Dimon, CEO of U.S. banking giant JPMorgan Chase, wrote of Silicon Valley tech startups: "They all want to eat our lunch, every single one of them is going to try and a lot of them will succeed."
With traditional banks and financial systems on their last legs in terms of innovation andaccessibility, financial technology (fintech) startups have become a focal point of theindustry. Whether you are a financial expert, an accounting specialist or work in a fintechstartup yourself, there’s no denying that the industry is on a continuous upward trend.
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In recent years, the fintech industry has been rapidly evolving, and technology is changing the way people conduct financial transactions. Core banking software is one of the most significant technologies that have been adopted by financial institutions worldwide.
Once the darling of Silicon Valley, Theranos CEO Elizabeth Holmes convinced investors that she could accomplish the (currently) impossible. With Steve Jobsian style, dress and a sharp wit investors wanted to desperately to believe.
The debate about which is the best type of investment is as old as investing itself. While no market is “crash-proof,” real estate is traditionally viewed as one of the best and safest (if not the safest) investment options available, for several reasons.
Bitcoin is often portrayed as an untraceable method of payment that facilitates illicit activities by enabling criminals to make and receive payments without being tracked. This depiction implies that users transacting in Bitcoin can do so completely anonymously — that their identities will not be exposed. However, that is not necessarily the case. While Bitcoin offers increased privacy compared to traditional payment methods involving a third-party intermediary such as a credit card provider, it is still not as anonymous as a cash transaction. In fact, there are many ways a person’s identity could potentially be exposed in Bitcoin transactions.
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Artificial intelligence (AI) helps to get actionable insights from complex datasets – and fintech companies can benefit from this.
Conserving plastic with digital control over Debit & Credit cards
A coalition of cryptocurrency and blockchain organization won’t be taking big tech’s recent ban of crytpo-related ads sitting down.
Article first published on March 28th, 2018 on Coincentral.com
Cryptocurrencies – digital currencies that are transparent and free from government interference, running on secure blockchain technology are growing in popularity. In investment circles, and the wider sphere of financial services overall, cryptocurrencies still face a lot of skepticism and prejudice, fueled by regulatory uncertainty, volatility and in some cases, the perception of bloated valuations.
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FinTech is constantly growing – giving workers the opportunity to enter this industry by developing new skills and upgrading their careers.
World Satoshi Summit & NASSCOM Blockchain SIG to Promote adoption of Blockchain for various sectors and industries