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FinTech Taking Over Traditional Finance Operations
FinTech Taking Over Traditional Finance Operations
Ganesh Subramaniam

Senior Consultant at Draup

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FinTech Taking Over Traditional Finance Operations

22 Aug 2018

Draup Newsletter

The 2008 global financial crisis had a catalyzing effect on the growth of the FinTech sector. Since then, new players equipped with disruptive technologies along with large corporations becoming enabling partners, have contributed immensely to script an incredible growth story in this industry.

number of fintech solutions/ product

Emergence of Cryptocurrency, Alternative Financing and Robo advisory are few striking new age domains undergoing maximum disruption through machine learning, blockchain technology, cybersecurity, predictive modelling and more. The technology advancements have helped the FinTech ecosystem to grow rapidly along with expanding investment volumes, rising deal flow and increasing average deal size. In 2017, the global FinTech investment stood at $31 Billion with ~49% of this belonging to the US alone. More than 5,000 FinTech companies have come into existence in the last decade.

Payments, Credit Risk Assessment, P2P Lending and Claim Processing are few top use cases where machine learning, blockchain, predictive modeling, and other technologies are seeing major applications. US financial giants such as Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley and Wells Fargo have rapidly started investing in acquiring talent with FinTech future skills. Top FinTech start-ups such as Stripe, SoFi, Credit Karma, Lending Club etc., have employed advanced talent with niche FinTech skills. These roles have been expanding outside of these core FinTech start-ups to big financial firms, who are aggressively adopting FinTech technologies to stay in the race.