What is Fintech and why does it matter?
Financial Technology – or Fintech – refers to the use of technology to provide financial services. It relates mainly to small start-up companies which develop innovative technological solutions in such areas as online and mobile payments, big data, alternative finance and financial management.
Barely a day goes by without seeing an article in the press about Fintech; but is it a buzzword or is it radically changing how we live as society and how we do business?
Fintech Landscape in the UK
Just as the UK is a leading financial services capital so it is also a leading Fintech capital. The sector has now grown from its disruptive roots into an industry in its own right – generating £6.6b in revenue in 2015. Investment in fintech has grown from $1.8bn (£1.25bn) in 2010 to $19bn in 2015, according to Citi.
According to an independent report by EY published in February 2016, Britain is the leading Fintech centre in the world. Britain’s Fintech sector supports over 61,000 jobs and generates billions of pounds of revenue for the UK’s economy. Its development has kept the UK’s financial services sector on the cutting edge of innovation, and has increased competition and choice in banking, helping customers and businesses to get better services.
To access the report click here.