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Even as global equity markets have plumbed depths not seen since the financial crisis, investor appetite for start-ups, particularly in the financial technology – 'fintech' – space has remained near insatiable. But any broad discussion today inevitably reaches a point where someone asks “is fintech (and indeed the venture capital space more broadly) entering bubble territory?”. Bubbles, notoriously, are proven only when they pop.
If you think about what banks do, it's actually really simple. We really only have two resources: great people and technology. Banking is essentially about using these two things to continually improve the customer experience we offer. To make it easier to engage with the bank, to make it something people want to do. In the old days the only way banks could do that was by having great people. They smiled and they understood you as a business and as an individual.
Viewing the below chart of web searches, you could be forgiven for thinking that fintech has only really emerged in the past year. But the financial services sector has been innovating with technology for centuries – so why has it got so big recently? The coming together of financial services and technology is nothing new. It will come as no surprise to know institutions have been using technology to improve their middle and back offices for as long as computers have been around.
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