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Fintech underpins the 4th industrial revolution

Digital technology, on the brink of a technical revolution - SantanderCB

Fintech's important role in the 4th industrial revolution was discussed at the 2016 World Economic Forum in Davos, with WEF founder and executive chairman Klaus Schwab saying: 'We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another'. The internet of things, robotics & artificial intelligence, big data and mobile telephony are all seen as playing increasingly significant roles in fintech and the next generation platforms. Start-ups with ambitions to disrupt are increasingly realising the need to join up with more established businesses. Funding Circle, for example, built a technology to remove banks from business lending practices, and pioneered referral agreements with traditional lenders such as Santander, to accept and review non-qualifying loans. Santander has also set up its own Santander InnoVentures venture capital arm to help support developments outside of its own business. The driving forces behind fintech's advance include post-crisis regulation, as well as globalisation and advancements in digital technology also important factors.

 

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