gradually, people are figuring out that Financial Services has always been a tech business, but seem not be be fully aware of this. Look at how many people in the Boards of Banks have a tech background....Recently, Business Insider analyzed Goldman Sachs’ business segments and said that it had more engineers and programmers, at 9,000, than Facebook, Twitter or LinkedIn.
Money is pouring into fintech. In 2014, global investment in financial technology startups spiked to more than $12 billion. That’s three times what it was just a year prior, according to Accenture. There have also been some huge funding wins this year. Most recently, zero-commissions trading app Robinhood announced $50 million round and financial education site NerdWallet attracted $64 million in funds. Those are big, headline-grabbing numbers. But only using funding as a benchmark can mean focusing too heavily on consumer fintech – and ignoring another large fintech opportunity. A booming fintech industry is incubating surrounding exchanges, hedge funds, banks and proprietary trading firms. But startups developing technology for trading and “markets” has been overshadowed by its consumer finance counterpart. They shouldn’t be.