There is a new trend in finance, if there was ever such a thing, and it’s called Fintech. A trend and phrase that is used a lot in the media but still have many people scratching their heads.
Because what is Fintech?
One thing it’s certainly not, is a buzzword. Fintech is an area that is radically changing how we live as society and how we do business professionally. Fintech companies focus on all new, disruptive innovations in finance, such as mobile payment solutions, transparant mortgage systems and just plain simpler banking.
A recent report from Accenture found that global investment in Fintech has skyrocketed from $930 million back in 2008 to over $12 billion by the beginning of 2015. Europe experienced the highest growth rate, with an increase of 215% to $1.48 billion in 2014. And it’s actually predicted that Fintech is nowhere near its peak.
Why FinTech Matters
The rise of Fintech has changed the way companies do business, by cutting out a lot of parts of the chain, by being more transparent and by being more accessible to many. From crowdsourcing to mobile payments, there has never been as much choice to entrepreneurs as there is presently. It’s never been cheaper to not only set-up your business, but also to expand it.
Crowdsourcing, for example, allows people with big ideas to get funding quickly and easily from anywhere in the world from people they have never met. Instead of months of investor talks, entrepreneurs can pitch directly to the world. The rise of Fintech has opened up a world of possibilities. Businesses can offer more services than ever and for a fraction of the price of what it would have cost before.
Do you want to stay in the loop of the developments in the Dutch Fintech scene? Join us for Amsterdam talks Tech: The FinTech Edition.