"The fintech industry moved into the modern era from something deeper than just better technology. The Global Financial Crisis of 2008 triggered a crisis of trust. For millions of consumers and businesses, the crisis revealed a need for greater transparency. A new generation of financial services companies-fintechs-stepped into the gap promoting not just efficiency and lower costs, but transparency and accessibility as well."
"Fintech is in the middle of a turbo-charged era: AI-driven efficiencies and personalization, instant decentralized settlements, and a fully digital wealth management experience, all unthinkable a decade ago, are now on the way. Basic trust has already been established. One example: across age groups, new technologies have significantly reduced the need for physical cash, if not made it near-nonexistent, in many economies."
Fintech emerged after the 2008 financial crisis as a response to a crisis of trust, offering transparency, accessibility, efficiency and lower costs. Digital finance increases financial inclusion and is associated with higher GDP growth, contributing to a more equitable global financial system. The industry has matured, with major events evidencing scale, and faces a new question of earning sufficient trust to manage and move global money. Fintech sits at an inflection point as AI, instant decentralized settlements, and fully digital wealth management accelerate adoption. Basic trust exists for payments, but managing retirement savings demands far higher trust levels.
Read at Fortune
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