The history and evolution of the fintech industry
1 min read
The financial technology (fintech) industry has its roots in the late 20th century, with the advent of electronic banking and online stock trading. Since then, fintech has expanded and changed over time as a result of technological and internet advances. As a result, new financial services and products have been created with the intention of enhancing accessibility, simplicity and effectiveness in the financial services industry.
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- Open banking: Companies like Plaid, founded in 2013, and Yapily, founded in 2016, have emerged as leaders in the open banking space, providing APIs and infrastructure for secure access to financial data and enabling innovation in the fintech industry.
- Online lending: Affirm, founded in 2012, and Afterpay, founded in 2014, provide consumers with a range of credit options for online purchases.
The future of the fintech industry
The future of fintech is expected to continue its rapid growth as technology continues to shape and revolutionize the financial industry. Financial services will become more accessible, secure and innovative thanks to innovations like blockchain, AI and open banking.
In addition, there will be a trend toward digitization as more and more customers choose mobile and online banking options. It can be anticipated that traditional financial institutions and fintech firms will increasingly integrate, which will result in the development of new financial services and products.
