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Financial technology is a term used to describe the integration of new technologies into traditional banking, investment firms, credit agencies and insurance companies. It is a rapid development that has become increasingly popular in the last decade. While many people may associate the concept of fintech with the rise of cryptocurrencies and digital tokens, this is only one aspect of what the industry encompasses. Fintech is a broad term that includes a variety of products and services such as mobile banking, P2P lending, cryptocurrency apps and digital payments.

In 1886 someone threw a wire under the Atlantic, and the idea of financial transactions being conducted over long distances was born. This period saw the birth of modern international networks like NASDAQ and SWIFT that enabled banks to communicate with each other across the world, while the introduction of credit cards allowed consumers to make purchases without having to carry cash or cheques.

This era ended with the global financial crisis of 2008 that highlighted the interconnectedness of the entire system, and led to the rise of new tools to allow people to quickly access capital (credit) when they need it most. It also showed that digitization and automation works well when things are going well – the system was able to transfer billions of dollars around the world in just a few hours to keep the world economy running smoothly.

The most recent era of fintech is bringing even more advancements to the sector. Some of these include new business models like buy-now, pay-later e-commerce options such as Amazon Prime, Better Mortgage and GreenSky; and peer-to-peer lending platforms that link borrowers directly with lenders (Prosper Marketplace, LendingClub and Upstart are all examples). These businesses use RPA-driven algorithms to provide fast credit decisions and fundings for both individuals and small businesses. https://greyjournal.net/hustle/work-tech/navigating-the-new-challenges-for-fintech-startups-in-a-changing-economic-landscape/


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