Depending upon your age and work experience, FinTech can mean different things. For those with more grey hairs than they'd prefer to admit, FinTech is nothing new - it's simply new words to define the use of technology and Financial Services. For those just cutting their teeth in the work world, FinTech represents a disruption to traditional forms of relating people with their money.
Both are correct.
Originally coined as a back-end technology used to support banks and trading institutions, FinTech has come to represent so much more. From emerging entities such as Dwolla and Adyen, FinTech companies are raising the interest of end users and investors. In 2014, FinTech startups generated $14M in institutional funding. In 2015, that amount nearly doubled to $20M.
In this issue, we will share with you information that can help you understand this new wave of technology and how it may impact you, your company and card benefit products.
As always, enjoy.
FinTech and Blockchain Technology
When most people hear the term "Blockchain" instantly BitCoin comes to mind. However, Blockchain is more than BitCoin, In fact, Blockchain Technology is a platform upon which BitCoin can exist. Looking further, Blockchain technology represents a different approach for not only unique currencies but how organizations can communicate in a unique way. This is definitely not for the novice tech fan, but perhaps these articles will inspire thought, ideas or opportunities within your organization:
The future status and role of the CFPB may not be fully known until sometime last this year or next. Until that time comes, cbsi will continue to report on any relevant activity from the CFPB and complaince-related issues.
We've all heard the saying: one picture is worth a thousand words. So let's use that to our advantage. Below are links to Inforgraphics that may help define the FinTech world in easy-to-understand images.