There was a time there was the belief that online shops will never compete with brick shops, that online adverts will never replace conventional adverts. It was called the dot.com bubble, a belief that the internet prospects that were forecasted in the early years of the World Wide Web will not be realized.
Some persons still believe the same about the Fintech Industry. Some persons believe that the hype about Fintech is so much that disappointment is bound to set it. But wait a minute that reminds you of the wrong claim made of the dot.com stock bubble right? Yes. The same wrong claims are being made concerning Fintech too. Some skeptics do have their reasons, but they obviously miss some vital signs.
The Fintech industry has made some advancement that if studied show a steady rise in the pace at which new innovations are accepted. For example, internet banking and transactions were accepted within a short period of their release, while the ATM was accepted over a decade. People now generally prefer more technological processes of going about their transactions, they want to be more high-tech. This change in consumer preference will be a major roller coaster on which the Fintech industry will ride.
In truth, banks will still need to make a move from their traditional means of operation to practices that will allow more technology thereby supporting Fintech companies. But despite the recent setback in investments faced by the Fintech industry, the potential it has not dimmed a bit.
With the increasing adoption of Fintech innovations, there will be a need for increased security. Fintech companies will need to find a sure solution to this possible problem.