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What is FinTech (and how has it evolved)?

Lucas Mearian | Sept. 19, 2017
Financial Technology has been around virtually as long as the financial services industry itself.

 

Banks as tech providers

Banks have also become technology providers, competing with the likes of PayPal or Square and sometimes collaborating on rolling out shared platforms to enable services.

For example, earlier this year Early Warning Services LLC. – a technology provider owned by Bank of America, BB&T, Capital One, JPMorgan Chase and Wells Fargo – unveiled its new Zelle person-to-person payments service. The service platform is expected to be supported by more than 30 banks this year and will let 86 million U.S. mobile banking customers send and receive payments as an alternative to cash and checks.

"So now the FinTech [firms], who were disrupting the banking industry are now being disrupted by the banking industry, which is an interesting spin of events," Piscini said. "It's a good example of the disruptors being disrupted."

 

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