Fintechs are financial services or products that technology provides. There is no definitive definition, but the term "fintech" has become very popular in finance and banking circles over the last few years. This blog post will explore the five things learners could do to catch up with fintech innovations.
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What are fintech innovations?
Fintech innovations have three categories:
- Payments and money transfers
- Lending and borrowing
- Wealth management and investment
These categories include a range of different fintech products and services.
The rise of fintech:
Fintech started to boom after the Global Financial Crisis (GFC) in 2008. At that time, there was a need for financial institutions and banks to innovate their business models so they would not get outcompeted by new players from outside traditional finance circles. Before GFC, big banks and financial institutions didn't have to innovate because they were the only players in town.
Here are five things that learners could do to catch up with fintech innovations:
#1. Learn about the different types of fintech products and services
It's essential to understand the different types of fintech products and services. It will help you know how fintech is changing traditional finance, and it will also give you ideas for potential business models that you could startup.
#2. Use fintech products and services
Once you have a basic understanding of fintech, it's essential to start using the products and services. It will help you understand how they work and benefit you.
For example, if you're interested in mobile payments, start using Apple Pay or Android Pay apps.
#3. Attend fintech events and meetups
Attending fintech events and meetups is a great way to learn more about the latest innovations in space. You'll also hear from industry experts, and you'll also have the opportunity to network with other people interested in fintech.
Some of the best events include the Finnovasia conference in Hong Kong and the Singapore Fintech Festival. You can also check out websites like Fintech Weekly, which lists all the upcoming fintech events worldwide.
#4: Follow fintech leaders on social media
Following fintech leaders on social media is a great way to stay up-to-date with the latest innovations in the space. You'll get insights into what they're working on, and you'll also learn about new products and services.
#5: Read books about fintech
There has been a surge of new books that explore the topic of fintech. Why not pick up one or two and learn more if you're interested? Reading these will give you an even deeper understanding of how technology disrupts traditional finance.
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