BigDataFr recommends: The Rise of the Fintechpreneur, and Why It Matters
[…]The financial technology field is rapidly expanding, but remains in flux and continues to be unpredictable. Fintech’s use of AI, algorithms, and modern technologies can transform traditional banking, but still faces some resistance.
Some fintech companies are finding billion-dollar markets in the gaps left by outmoded banking services. Nevertheless, there are still many obstacles in the road before a complementary system is created that makes room for them both.
Should Banks be Scared?
Banks are slow to come around to innovation, but with a little effort they can remain more competitive than ever. Newer digital standards and transparency laws even the playing field, and the institutions quicker embrace of new technology can position themselves better for success. Not all fintech startups are out to hurt banks, and in fact, many services use legacy platforms to bring them more customers.[…]