It all ended up leading us to the Great Recession, a drop in stock markets around the world, and the loss of trust in the whole banking system. Yet, for all the warnings and news stories, movies like The Big Short trying to make it all accessible, and the long, oh-so-long articles providing deep insights into the subject, the general public still struggled to understand the whole ordeal.
The only thing most people
Really understood was the effects that hit country email list them right afterward – the loss of wealth, the foreclosures and evictions, the mass unemployment. Such a context didn’t just drive us into a delicate economic scenario for years but also made us collectively realize something else. Most of us didn’t get banks. Though we used them for payments, wire transfers, and deposits, their inner workings and their roles in the bigger picture eluded us – and still does.
The banking system is incredibly
Complicated and somewhat obscure. You removing carbon emissions from the might be wondering why all this recap. Well, because all of it propelled the rise of Fintech 2.0, the second wave of financial technology that wants to go beyond improving the efficiency of current processes. In fact, it wants to bring a financial revolution that changes banking as we know it and prevents a 2008-like crisis from ever happening again.
Fintech is nothing more and nothing
Less than a portmanteau formed by whatsApp number finances and technology. So, it might seem enough to say that any technology the banking and financial institutions are using falls under this category. However, it’s best if we clarify a couple of things. First, fintech is all about improving and automating the use and delivery of financial services. When it first emerged at the beginning of the 21st century, the term applied to all the back-end systems used on established financial institutions, mainly banks and investment companies.