FinTech has certainly made a dent in the Financial Services space, while many banks continue to be oblivious to its growth, continuing to treat FinTech startups like strange beasts that need to be examined and observed, instead of followed or emulated.
The FinTech onslaught happened because the financial services industry did not innovate enough when the Internet came along 20 years ago. 10 years into the Internet’s commercialization, all we had was online banking and online stock trading. Therefore, FinTech companies started to emerge in the 2nd decade of the Internet in the mid-2000’s, and now they are flourishing as evidenced in these graphs in the US and Europe.
Just as pure FinTech startups kept growing and many turned their dents into beachheads or fully-fledged businesses, blockchain-based startups are starting with small dents. Some of them are attacking parts of the financial services market, some are offering solutions to existing players, while others are suggesting that a cooperative process is needed to fertilize innovation.
Read the full blog post here.