Story of Fintech: First part (50’s – 90’s)
6 December 2018
Almost 70 years ago, in the 1950s, the first technological innovations began to emerge. Today, the world is completely different. Technological disruption has brought many changes to society and to different business sectors, amongst them, the financial sector.
Financial technologies began to appear in the 90’s when more and more people began to demand financial products and services adapted to the new technology.
It is then, when FinTechs began to set their roots, marking the beginning of a global phenomenon.
What has generated a boom?
Historical and economic events promoted the boom of this industry. The economic crisis of 2008 brought strong regulations for the financial sector as well as the discontent of employees who opted to move into the technology sector.
This brain drain, the lack of investment in innovation on the part of banks and the facilities to create technological platforms led to the rise of all this cutting-edge technology.
All these platforms respond to the needs of a changing society, in which the majority of the population has access to the Internet. Users are increasingly demanding greater convenience and speed, demanding a greater offer and looking for a product or service that values and responds to customer needs.
Finally, in order to know in depth the creation and evolution of FinTech, we will show through several infographics how they were incorporating technological advances in the financial world, to get to where we are today and know that other changes are yet to come.
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