• Open banking, a concept that leans on the blockchain and posits that third-
parties should have access to bank data to build applications that create a
connected network of financial
• Multi-currency digital wallets - Digital wallets store all of a consumer's payment
information securely and compactly, eliminating the need to carry around a
physical wallet.
• Institutions and third-party providers. An example is the all-in-one money
management tool Mint.
• Insurtech, which seeks to use technology to simplify and streamline the
insurance industry.
• Regtech, which seeks to help financial service firms meet industry compliance
rules, especially those covering Anti-Money Laundering and Know Your
Customer protocols which fight fraud.
• Robo-advisors, such as Betterment, utilize algorithms to automate investment
advice to lower its cost and increase accessibility. According to the consulting
firm A.T. Kearney, assets under management by robo-advisors will grow by 68
percent annually to a whopping $2.2 trillion in the next five years.
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• Unbanked/underbanked, services that seek to serve disadvantaged or low-
income individuals who are ignored or underserved by traditional banks or
mainstream financial services companies.
• Cybersecurity and payment security using biometrics technology. Given the
proliferation of cybercrime and the decentralized storage of data, cybersecurity
and fintech will always interlocked.
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