Expert Opinion

What Is FinTech? | The Future of FinTech 2019

What is FinTech? | The Future for FinTech 2019

What actually is FinTech in 2019 - Thumbnail


What is FinTech “all about?”


You may be aware of the term FinTech and what it stands for (Financial Technology), but what is FinTech?

FinTech is a term used to describe a company that provides financial services through one form of technological methods, this includes anything from mobile payment apps to cryptocurrency.

Putting it as simply as possible FinTech companies will typically be using the internet, a form of software technology, mobile devices or cloud services to bridge the gap for consumer and the use of financial services.

FinTech in its infancy was used to describe technology that was applied to the back-end system of banks or financial institutions. Due to the mass growth of the FinTech sector, the reach in which FinTech has been able to achieve has been vast. Managing funds, paying for food and even managing insurance is now accessible anytime, anywhere via a smartphone.

Traditional banks are in fear of what the future holds, mobile banking apps such as Revolut and N26 are considered the “next best thing”.

According to PWC A recent research report concludes that 88% of legacy banking organizations fear losing revenue to financial technology companies in areas such as payments, money transfers, and personal loans.”

This demonstrates the impact that the FinTech sector is having on traditional forms of banking, and what the future holds.

FinTech Examples


FinTech is constantly creating and extending its reach into different sectors, here are some of the main sectors that are considered within FinTech: consumer lending, banking infrastructure, consumer & commercial banking, business lending, consumer payments, crowdfunding, equity financing, financial transaction security, institutional investing, international money transfer, payments backend & infrastructure, personal finance, point of sale payments, retail investing as well as small & medium business tools.

Let’s delve into some of the FinTech sectors that you may recognise, and potentially use daily.


1. Blockchain & Cryptocurrencies Exchanges



Cryptocurrency exchanges are great examples of a service that allows users to directly interact with these currencies via buying or selling e.g. Bitcoin or Litecoin.

“Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across several computers that are linked in a peer-to-peer network.”

Services such as BlockVerify aid the fight against fraud by keeping original data within the blockchain.


2. Mobile Payments

According to BankMyCell, there are 3.3 billion smartphone users within the world today, each one having the potential to have access to some form of mobile payments.

Some of the biggest payment companies out there currently are Apple Pay and Alipay.


3. Crowdfunding Platform


To put it simply, companies like Kickstarter and GoFundMe allow individuals to receive and send money.

The difference between this sector and mobile banking is the fact that the platform intends to raise funding for various reasons, typically charity work or to support a companies project.

These types of platforms allow banks to be removed from the equation entirely. The days of going through a lengthy process to receive a loan are behind us, we now have platforms that are continuing to multiply.


4. Stock-Trading Apps

Stockmarket Trading is now accessible to everyone.

Within the past, the only way to trade stocks was to pay a stockbroker to trade for you. It is now possible to access the stock market directly from your smartphone. Some of the top mobile Stock-Trading apps are eToro and Robinhood which could be considered casual stock-trading services. These apps have become much more popular within recent years, the ability to seemingly earn money out of just opening your phone. However, this is not entirely true, the media mispresent this lifestyle.

Thanks to these services, investing has never been easier. Simply a few clicks away, investments can be made with any budget, at fairly low costs.


5. Budgeting Apps




Fairly recently, AI has become much more prevalent within our westernised day to day lives. We are receiving AI input without even realising. Some people have been introducing IFTTT into their lives, automating small tasks such as ‘If I am within 20 meters of home, turn on the lights’.

However, companies such as Cleo are taking over the AI banking scene, budgeting and managing finances have never been easier.

These applications are taking on quite a fun appearance and act as a personal robot, or an interactive bank. Their overall goal is to track income and expenses to provide advice on how you should manage your finances within the future.


Who are we?


We’re Nicoll Curtin, the award-winning global FinTech & Change recruitment agency. We connect outstanding talent with industry-leading companies. And we aim to be the best at what we do – 9 out of 10 of our candidates recommend us. Since we started in 1999, we’ve always put people first. That’s why our consultants win awards for customer experience, contractor care and client service. We do more than understand the industry, we understand your aspirations. And we love what we do, that’s why we’re ranked in the 100 Best Companies to Work For.

If you are looking to kickstart your career within the FinTech market, upload your CV below and one of our specialised recruiters will be in touch shortly.


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