With the rise of FinTech, we're seeing a dramatic change in the way we manage our finances.
5 years ago, if you needed a loan or a mortgage, your bank would help.
Wealth management or international money transfers? Your bank.
Today, the finance landscape has changed. You can do all of the above (and more) with new, FinTech companies:
But, what is FinTech?
The World Economic Forum explains it as:
FinTech, the abbreviation for financial technology, is a broad category that refers to the innovative use of technology in the design and delivery of financial services and products. The application of FinTech cuts across multiple business segments, including lending, advice, investment management and payments. Many FinTech companies harness mobile technologies, big data and superior analytics to tailor products for various customer segments.
While using technology to power financial systems is nothing new, the core difference is putting technology at the heart of the financial services offering.
This is allowing companies to make finance faster, more accessible - and most importantly, transparent.
Will there be banks in the future? Time will tell.
Read TransferWise's Future of Finance report for more.