September 15, 2015
There is a technological shift happening in financial services around the globe and it’s asking some big questions about Latin America’s banking sector. From Silicon Valley to Madrid and Sao Paulo to Mexico City, financial institutions are partnering with a growing group of third-party specialists called FinTechs, or financial technology companies, in order to innovate more efficiently, accelerate the deployment of new services and respond to perceived threats.
Investors have taken notice. In fact, global investment in FinTech companies tripled in 2014 to more than $12 billion, and it’s reported that payments-related companies are making up more than 50% of recent deal shares.
What is FinTech? Google has more than 100,000 answers for that very question with various references to startups, innovation and disruption. In reality, these organizations address a variety of financial subsectors from trading to payments. It’s more of a technical park of organizations than a homogenous group with any common purpose or interest. However, the payments space is definitely among the most active and discussed. Why do banks need FinTech? While equities trading and other more lucrative ar ...