The History Of FinTech
Since information technology first gained a foothold in the world, the financial industry has begun to incorporate its services into its ranks. FinTech is the name given to this new wave. While it may appear like FinTech is a new phenomenon, it has actually been around for quite some time. The history can date back to the beginning of modern society. FinTech is now associated with cryptocurrencies and start-up banks, but its origins can be traced back to the late 1800s, when money could be transferred by telegrams and Morse code.
Why The History Is Important
It’s important to understand the history of FinTech because it allows you to comprehend your industry more, helps a company understand where they fit within the current journey of FinTech and potentially their position in the future. If we want to truly understand why something happened, you need to look for factors that took place earlier. Only through the study of history can people really see and grasp the reasons behind these changes, and only through history can we understand what elements of an institution or a society continue regardless of continual change.
Let’s look at each of the major stages in the evolution of FinTech before considering how it might expand in the future – and the systems and concepts that will drive this evolution.
The Future Of FinTech
The adoption of FinTech trends demonstrates not only the financial industry’s willingness to adapt and evolve, but also the rapidity with which it does so. A solid awareness of the prospects for FinTech innovation, as well as case studies on market repercussions, will put you in excellent stead for a future of unavoidable financial disruption.
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