As Featured on Forbes.com
Fintech is now thought of by many as an industry in itself, comprised of companies offering disruptive alternatives for the delivery of financial services. Over the past 10 years, fintech has been a magnet for investment (over $20 billion in 2015), and it has changed the way that people and institutions transact and interact.
The first wave of fintech was primarily about providing new ways of doing existing things more easily, efficiently, and often in a way that aimed to supplant large financial institutions. Much of the focus in the first wave was on business-to-consumer (B2C) interactions in the banking sector, especially in the areas of payments, banking, lending and securities.
The way that people use a bank is an example, as a startup like Moven helped make banking on a phone or a tablet the predominant way that people interact with their banks today. The way that people pay for things and pay each other has been changed by companies like Square and Venmo, which changed how these transactions occur. And the way that people invest their savings has transformed thanks to companies like Betterment and Motif Investing.