Author : Housing And Urban Committee on Banking
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781720358886
Total Pages : 110 pages
Book Rating : 4.3/5 (588 download)
Book Synopsis Examining the Fintech Landscape by : Housing And Urban Committee on Banking
Download or read book Examining the Fintech Landscape written by Housing And Urban Committee on Banking and published by Createspace Independent Publishing Platform. This book was released on 2018-05-31 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technological innovation has brought about improvements in virtually every sector of the economy, and the financial sector is no exception. Technology advances are nothing new to the financial world; inventions such as the ATM and the credit card led to significant improvements in consumer welfare. New innovations by fintech companies have similar potential to make financial services faster, cheaper, and more accessible. For example, marketplace lending has the potential to expand the availability of credit to consumers and small businesses at lower costs. In particular, with the use of alternative data and technology, the business models of marketplace lenders may enable them to reach underbanked populations. Innovations in the payments space can offer enhanced speed, convenience, and efficiency in transactions. Fintech startups are not the only ones embracing this opportunity and responding to changing consumer demand. Traditional banks and other established financial institutions are increasingly participating in the fintech space through partnerships, incubators, investments, and more. Fintech firms may also reap the mutual benefits of partnering with banks who have well-established operations and comparative advantages in certain areas. But with all the potential for fintech to improve the financial services sector, the industry is still relatively new. Uncertainty remains around questions like data security and the proper regulatory treatment to ensure that consumers and the financial system are safeguarded.