"There is no doubt that emerging technologies are disrupting industries all over the world, but one area that has experienced massive technological growth and change in recent years is the financial services industry. There is no clearer indication of this than the recent erupting business area known as financial technology, otherwise known as “fintech”. Fintech consists of any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin. It has transformed the way money is managed and affects almost every financial activity, from banking to payments to wealth management. Startups are re-imagining financial services processes, while financial services firms are following suit with new products of their own.
Last year, the fintech industry grew with investments over $7.6 billion, up from $4.7 billion the prior year and $1.5 billion in 2013. The rapid adoption of technology advancements in the financical services industry is beneficial in many ways, however it also reminds us that we must keep these tools secure and think about security differently, starting with threat prevention from both outside and inside the network. With fintech and the confidential nature of the financial services industry, there are many gray areas when it comes to where one can compete and where to partner. However, the following trends and expected areas of growth are crucial for organizations looking to remain competitive in a hypercompetitive industry."
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