Currency is moving toward a digitized model. Cryptocurrencies, as they’re dubbed, have quickly become a multimillion-dollar industry, with droves of users, uses and formats that stand to upend the current financial industry.
In terms of financial innovation, the banking sector is one of the most active. Banking, insurance and asset management are the three sectors that encompass the most numerous and innovative projects in Europe.
More and more players, banks and fintechs, are interested in the commercial exploitation of bank customers’ personal data. With a new European law entering into force in May 2018, regulators are getting prepared to check whether the data uses are authorized or not.
Blockchain technology, initially used for the bitcoin-exchange market, is now spreading into many other industries. Blockchain is a transparent and secure information storage-and-transmission technology that operates without a central control body.
2015 was the year of explosion in the amounts invested by venture capital funds in the startups of financial services, according to KPMG; around $46.7 billion was invested that year in the startups of the sector. However, in 2016, a sudden 50-percent decrease arose after two exceptional years.
Information-technology (IT) outsourcing is being applied increasingly in all areas of business—in particular it is growing in application in the banking and financial-services sector. IT outsourcing provides many benefits, in particular significant cost-cutting.
In one East African country, an idea that is taking the developing world by storm was born. The concept of mobile money was introduced in Kenya in 2007 by two mobile network operators, Safaricom and Vodafone.
In 1988, Robert Morris, a graduate computer scientist at Cornell University, created a computer worm that spread so rapidly and aggressively that it succeeded in shutting down the better part of the Internet.
Over the last few years, massive investments have been made globally in the fintech (financial technology) sector. In 2010, $1.8 billion was pumped into fintechs; with each year seeing an exponential jump in the amount invested,