Fintech
 | This article may document a neologism or protologism in such a manner as to promote it. (November 2014) |
FinTech is a collective term for the use of modern technology in financial services. The term is a portmanteau of the words 'finance' and 'technology'. It is the economic industry that is made up of companies that use technology to disrupt financial systems.[1]
According to Accenture, global investment in fintech has skyrocketed from $930 million in 2008 to $3 billion in 2013.[2] Further to that, this nascent tech industry has seen such rapid growth over the last few years that according to the office of the Mayor of London, 40% of the city's workforce is employed in financial and technology services. [3]
Definitions
The National Digital Research Centre in Dublin, Ireland, defines fintech as "innovation in financial services", adding that "the term has started to be used for broader applications of technology in the space – to front end consumer products, to new entrants competing with existing players, and even to new paradigms such as Bitcoin."[4]
Key areas
The FinTech Innovation Lab, an investment scheme sponsored by Accenture, lists the following as "current hot topics" in FinTech:[5]
- Big-data analytics and predictive modelling
- Mobility
- Payments
- Risk management
- Security
- Social media and collaboration
- Infrastructure and operational technologies (hosting, data bases, storage, networking, IT management).
References and notes
- ^ "What is FinTech?". Wharton FinTech. September 2014. Retrieved 9 December 2014.
- ^ "The Boom in Global Fintech Investment" (PDF). Accenture. 2014. Retrieved 9 December 2014.
- ^ "What is FinTech and why does it matter to all entrepreneurs?". Hot Topics. July 2014. Retrieved 9 December 2014.
- ^ "So what is FinTech?". National Digital Research Centre. March 2014. Retrieved 26 November 2014.
- ^ "FinTech Innovation Labs eligibility criteria". Accenture. Retrieved 26 November 2014.