Fintech has been the most significant trend in the financial services sector for a number of years, gradually growing into a whole industry. The most successful Fintech companies have raised more than $75B in funding since 2016, from early-stage to well-funded unicorns.
We use the word Fintech to describe companies and startups that use technology and innovation to transform some specific domain of Finance. The biggest shift brought by Fintech is user-centricity. Banks were (and sometimes, still are!) unwilling to improve their products and services, often managed on last century legacy and mainframe systems, with operations that make any innovation difficult and exceedingly expensive. Thanks to Open Banking, one of the most relevant Fintech innovations, most banks are now able to reach customers in new ways and this is quite steadily transforming the banking experience to a new, improved and more efficient 21st century version.
Innovations brought to life by Fintech are, however, numerous, such as mobile banking (and full mobile banks), peer-to-peer lending platforms, crowdfunding, digitally advanced payment services, Insurtech (a new and improved paradigm of insurance made possible by Big Data, IoT and smart devices), Wealthtech (digital and automated Wealth Management and Investments/Savings services), RPA (Robotic Process Automation), AI Chatbot applied to banking customer service, accounting SaaS platforms, Regtech (regulatory compliance), Smart Contracts and many more.
At Norman Alex, we not only recognize trends but we try to anticipate them. Our company has been recruiting in the Fintech space for a number of years. Our extended international network spanning three continents allows us to work and identify talent in most geographies.