FinTech has become a popular term and an even more popular industry. In the US alone during the first half of 2018, fintech investing grew to $57.9B across 875 deals, up from a total of $38.1B in all of 2017. And similar trends are apparent in Asia and Europe, with those regions making significant government and private sector investments in the space. And in that time, the types of innovations that have emerged, the investor set, and the response of incumbents and regulators have changed dramatically.
These changes are no coincidence, and they are far from the last for fintech and financial services. What’s driving these changes? What’s next on the horizon? And how will it impact your industry, markets and consumers?
FINANCIAL HEALTH
Seventeen percent of Americans are financially vulnerable and 55 percent are coping. That means only 28 percent are financially healthy. Almost half of Americans spend more than or equal to what they make and do not have enough to cover three months of living expenses. Almost one third of Americans have more debt than they can manage. And all of this in the most prosperous country in the world.
It’s easy to think that financial vulnerability is about being poor or irresponsible with one’s financial choices, but these numbers tell a different story. Why are personal finances so difficult to manage? Why, even when we make responsible financial choices do we still come up short? Why are the simple financial choices we all make every day so daunting and hard to get our arms around? And what can financial services and fintech do to help?
THE POWER OF WOMEN
In the age of #TimesUp, #MeToo and The Women’s March, women are changing the game – at work, at home, and in society at large. But this isn’t the first time society has grappled with women’s equality, so what, if anything, makes this time different? Why is it a competitive advantage for your business to understand these dynamics? What can you do to seize that competitive advantage?