It's hard to imagine a world where traditional banks don't exist, isn't it? Not if you never grew up with them (which may be the case for today's younger generation) or if you find the alternatives simply have a better customer experience.
One of my previous financial industry innovation proposals, the "FinTech Supermarket," was about the possibility of an open selection of the best fintech partners. In other words, a client offering the best financial package of financial services under one roof.
I always start with a wish or goal for a service or business that I think would be great to have and enjoy. Then, I ask myself whether my desire is relevant and shared by a large number of people and, most importantly, if it provides a real added value.
Businesses live and die by it. Growing up the daughter of small business owners, and for anyone who's owned a small business, we can certainly attest to the daily anxiety of taking in enough cash to pay vendors, overhead and employees.
Whether you believe the FinTech investments this year were $6Bn or whether you believe the bigger estimates of upwards of $18Bn, one thing is clear - FinTech is really hot right now. But it's only going to get hotter.
Fintech or human insight? The simple logic remains that people make the best decisions concerning people and the small businesses they run. We supercharge our data collection and availability, but in the end, it is still a human looking through that telescope of technology.
These five companies are positioned to really change the way consumers think about investing. By empowering individuals to have easy and affordable access, it simplifies the complex world of investing.
Do not ask an academic what he or she has to offer to society. (In fact, do not ask ANYONE this question [SMH]). Instead, ask them about what they know, what they love, and what they do; perhaps even why they do it.
The democratization of information that was once held in the hands of the "experts" is fundamentally changing our ability to make decisions for ourselves. So, is it time now to democratize Wall Street? Perhaps.