Here’s everything you need to know about fintech so far (INFOGRAPHIC)

Photo credit: Pixabay

There’s a revolution that’s happening, and the world of finance and banking as we know it may become a thing of the past in the next few years. We all remember the global financial crisis, which was brewing for a while and started to show its full effects in the middle of 2007 and into 2008. World stock markets fell, and huge financial institutions collapsed or were bought out. The effect was that half of the world’s GDP was wiped out.

In the US, many people lost their homes as a result of foreclosures. The present economic models appear to be unsustainable, and that’s the reason why people are looking for alternatives. As they say, necessity is the mother of invention, and the recent development in the financial world is the creation of financial technology, also known as fintech.

The fintech industry is composed of companies that use technology to make financial services more efficient. So the question we should ask ourselves is this: Is it time to invest in fintech? The latest infographic by DealSunny on the growth of the fintech sector contains a few facts that show that fintech is booming and is a prime attraction for investors. All kinds of investors, from venture capitalists to the very banks fintech aims to eradicate are scrambling to get a piece of the pie.

Check out some interesting facts about the fintech industry in the infographic below:

Infographic created by DealSunny.