Everyone’s talking about FINTECH. Start-ups clearly want to talk it up to promote what they do and build value.
Bankers are gearing up by bringing in teams of people operating independently so as not to be hindered by legacy bank procedures, etc. And, quietly they fret about the world being turned upside down, the system being disrupted not so much from Fintech phase 1, but Fintech phase 2, and talk of Blockchain. Lots of worry and fret to go around.
Lately articles discussing Fintech firms that are not regulated. And, the possibility of terrible things happening if we move to these Fintech evil ways! Of course these articles are the fodder of those in the traditional mindsets- those who want to protect their world and see no change, allowing them to continue their profit making machines in a world where the most money made may be on money itself!
Think of music… remember Napster. There was no protocol for accessing music online, and Napster went down. But, the problem was solved with iTunes. You see, issues in the finance world will also find resolution over time.
But what about the customer ? Why should they care? Customers always like to pay less for the same thing. So if we could facilitate financial products in a safe, secure and controlled manner, paying less is always desirable. Let’s face it, financial products are by their nature intangibles, so the most well suited for a pure digital means of access and distribution.
You can’t stop change. Once it’s possible for things to change they will. It may take time, mistakes along the way and colossal failures, but history teaches us to be on the right side of change.
Be ready, change is here.