How Fintech Started the Banking Revolution
Previous: Why This Tech is Actually a Big Deal
Before we talk about blockchain, we need to talk about its big brother: fintech. In the first chapter of Blockchain and Banking, Pierluigi Martino takes us through how we got here.
The banking world has been changing for decades. Think back to when ATMs were a huge deal or when people first started using online banking. But we’re way beyond that now.
The $141 Billion Boom
Here’s the kicker: back in 2018, the world poured over $141 billion into fintech. That’s a massive jump from $54 billion the year before. People aren’t just playing around with new apps; they’re betting big on the future of money.
Fintech isn’t just one thing. It’s a mix of new products, new apps, and new ways of doing business. We’re talking about AI, machine learning, and of course, blockchain.
Why does this help you?
Martino points out that all this tech makes things better for us. It means:
- Lower costs (hopefully)
- More choices
- Better info at your fingertips
- Apps that actually feel like they were made in this century
But it’s not all rainbows. All this new tech also brings new risks that regulators are still trying to figure out.
The Real Game-Changer
The most interesting part? Fintech isn’t just about “better banking.” It’s about “disintermediation.” That’s a fancy word for cutting out the middleman.
Traditional banks are now facing competition from startups that can do things faster and cheaper. And that’s where blockchain comes in. It’s the ultimate tool for cutting out those middlemen.
But here’s the thing: some of the biggest banks aren’t just sitting there. They’re some of the biggest investors in this tech. They’re trying to figure out how to use blockchain to make themselves more efficient before some startup does it first.
And that sets the stage for what we’re talking about next: what exactly is this blockchain thing?
Next: Blockchain 101: More Than Just Bitcoin
Book Metadata:
- Title: Blockchain and Banking: How Technological Innovations Are Shaping the Banking Industry
- Author: Pierluigi Martino
- ISBN: 978-3-030-70969-3