THE FUTURE OF BANKING AND FINANCE: A FINANCIAL FUTURIST BREAKS IT DOWN

15 Jul THE FUTURE OF BANKING AND FINANCE: A FINANCIAL FUTURIST BREAKS IT DOWN

Posted at 06:17h in Uncategorized by

Working as financial futurists and keynote speakers, we know there’s no shortage of change happening in the space. Even more so in the area of fintech. The concept’s origins have history that can be traced back to the dawn of the 20th century. However, the term “fintech” was only coined much later, around the 1990s. Per your favorite financial futurists and keynote speakers, below is a brief history of the innovation:

  1. Early and mid-20th century: The introduction of mainframe computers after World War II helped financial institutions optimize their operations. The 1960s saw the advent of ATMs, revolutionizing the way customers accessed their cash.

  2. 1970s and 1980s: The 1970s brought the adoption of electronic stock trading, which was another big step for the fintech industry. In the 1980s, more banking services started using online platforms, such as home banking services.

  3. 1990s: The term “fintech” appeared, initially referring to the technology applied to the back-end systems of established financial institutions. During this time, banks and other businesses started offering  services on the internet, as financial futurists and keynote speakers have noted.

  4. Late 1990s – 2000s: With the dot-com boom and the development of e-commerce, companies like PayPal drastically changed the money transfer sector. During this era, the foundation for online lending and crowdfunding platforms was laid.

  5. 2008 Financial Crisis: The crisis was a pivotal moment for fintech. Disillusionment with the traditional banking sector led to the emergence of new fintech companies. Innovators leveraged the increasing smartphone usage and internet penetration to offer digital-centric financial solutions.

  6. 2010s – 2020s: Fintech applications expanded to various domains like lending, money transfers, payments, asset management, insurance (Insurtech), and even created robo-advisors for investment management. Mobile payment solutions like Apple Pay and Google Wallet emerged. The fintech industry started to leverage AI and machine learning for credit scoring, algorithmic trading, and fraud detection.

  7. Post-2020: The COVID-19 pandemic accelerated the adoption of digital financial services. Trends like decentralized finance (DeFi), neobanks, and buy-now-pay-later services are gaining popularity.

Despite the rapid growth, fintech is still evolving and continues to disrupt traditional financial systems. Key trends driving the future of fintech according to financial futurists and keynote speakers include AI, blockchain, big data, and the increasing focus on cybersecurity.