FinTech. A word that right now, is being batted around more than a Slazenger at Wimbledon. But what actually is it?
FinTech is (drum roll please…) the providing of Financial Services using Technology. Oh. Okay. Did someone say anti-climax?
Granted. When chiseled to the core, FinTech by definition is not the sexiest concept to originate from the Silicon Valley digerati. However, before bolting for the exit, just hold your horses. FinTech as a revolution and the way it could simplify your life and finances could be a lot sexier than you might think.
FinTechers across the land have acknowledged something us ever so polite and ‘best not complain’ Brits have been missing for some time. At the banks we queue within longingly, the money transfers we pay through the roof to complete and the stock markets we daren’t even think about entering – we are the customer. The 2008 crash brought a whole new format to the Financial Services Industry. Summarised, this new format pretty much equated to; regulation first, customer second. Whilst we all respected that regulation needed to change to prevent the everyday man from getting shafted on a monthly basis, we have begun to grow resentful as a nation at the general acceptance we give to bad service, bad rates and quite frankly – a bad Financial Services industry.
Enter the Smartphone! 76% of adults within the UK own and use smartphones. (We now use these more than the trusted laptop). Upon these we have already been exposed to a new era of simplified services. Taxis, food delivery, even checking your train times! (And isn’t that always a fun experience). Now, Financial Services are getting the Silicon Valley treatment. You can now check balances, buy shares and transfer your cash abroad, all while you wait for that train.
The beauty here is that anyone with a smartphone and Internet connection can access the same service, hassle and judgement free.
Last year alone, £12 billion of investment has been raised for FinTech ventures. (Pretty impressive when you consider that the term FinTech is so fresh it isn’t even in the Oxford Dictionary yet).
So how can these Financial apps provide us with a secure service? Surely there’s a clink in the FinTech armour somewhere!? Well , actually, they have that covered too, and just to really put the cherry on the convenience cake – the security they’re using will simplify your experience even further.
How often have you clicked the dreaded ‘Forgot your password’ button? Me too.
Hand in hand with the FinTech movement is ‘Biometric security’. This basically means a security method that uses elements of your behaviour or appearance to confirm you are who you say you are. If you have an Apple iPhone, your ‘Touch ID’ is an example of this already in action. However, there are some cool methods that you should keep your eye on. Cue the pun!
Iris Recognition. No two people in the world have the same Iris Pattern. (Thats eye colour to you and me). Retina scanners can identify if your eye really is your eye by its unique colour. Cool huh?
Another is Facial Recognition. Something the self proclaimed ‘anti-password’ squad Aimbrain have brought us. They also use voice recognition and behaviour analysis to concrete a seriously up to date and secure customer experience.
With these techniques, along with others, it may soon be time to tear your password page from the back of your diary and take it to the shredder. Hallelujah!
So where does Dabbl tie into all of this?
Well, here at Dabbl, we spotted and resented the overly complicated, inaccessible and quite frankly outdated world of stocks and shares. At current, it is nothing short of archaic and we felt this needed to change – pronto. The Dabbl App will soon be bringing the art of investing to the masses. Once you’ve checked your bank balance and transferred your friends some overdue beer money, you’ll be able to check into Dabbl. Whether you’re there to buy a segment of your favourite company or just to check your Dabbl wallet to see how your investments are looking. (Remembering that your capital may be @risk).
In his latest annual letter to shareholders, JPMorgan Chase boss Jamie Dimon warned – “Silicon Valley are coming”.
Our response? Up the Revolution!
Have a great weekend folks. Any questions? Just ask…firstname.lastname@example.org
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