The word FinTech is a term that derives from joining the words Finance and Technology and encompasses all those companies that are responsible for applying the latest technological trends to traditional financial services in order to turn them into innovative services and products.
At the beginning, FinTech focused on loans, purchases and sales of securities, investments or financing and this is one of the reasons why it has had so little growth since its birth, but it was time for the banks, which they had been left without innovating in their products and services in their desire to generate credibility and offer stability to their customers.
Now with the infinite range of possibilities offered by the Smartphone, the banking system has seen the need to join the technological movement, allowing us to control all our finances in a more agile, secure and simple way. What will boost astronomically the growth of FinTech in the coming years; we could predict this when big companies like Apple, Google or Amazon have already started to develop their own mobile payment systems.
The main drawbacks that this sector has presented is that first clear regulations have not been established that can give it the necessary legality as a backup and also because its products and services are so innovative, it is necessary to do a great job to convince users to use the platforms; Not to mention that there are still lacking standards in their service protocols that allow an integration with any platform that is needed.
Already last year the FinTech sector managed to capture around 31,000 million dollars in investment which makes us believe that this is just the beginning of a great revolution, where all the great technology, capital ventures, globally recognized banks, accelerators, among others, large negotiation rounds are planned in search of the next unicorn.
And you already thought about that service that the financial sector can innovate? If so, do not wait any longer and get to work on it, sure it can become the next success.
