What banks are fintech?
What banks are fintech? Firstly, not all banks are fintechs and not all fintechs are banks. Banking is just an area of fintech!
Fintech encompasses a number of financial arenas!
Firstly, we have banking!
Secondly, we have asset management. Robo Advisors & brokerages.
Thirdly, we have the blockchain. Yes, many argue for this to have its own area while others say it is a part of Crypto, but we believe they are seperate areas.
Fourthly, crypto! Why does crypto receive its own designation from blockchain? Because both can stand on feet without the other.
So lastly, we also need to cover mortgages and lending and payments. Many would say these are 3 more areas. So the fintech universe is broad and encompasses a ton of opportunities. We didn’t even mention Real Estate fintech. So the point is that banking is really just an area or facet of the broader fintech universe.
And some banks are fintechs. Yes, some banks are online, technology based. While others are pure bricks and mortars 1950’s style old school establishments. So there is a series difference between the two.