The financial sector is ripe for disruption at the hands of new technology companies. Few of us really care about our banks, the brands of high street giants are tarnished in a post-crash era.
The enormous bail-outs and ludicrous salaries and bonuses mean the majority of the public hold those in charge of the financial sector in low regard. However, many of us find it hard to summon up the energy to actually switch banks and when searching for new products, the local branch is still often the first port of call.
This state of affairs could change in the near future, in fact, it already is. Technology companies that understand the banking sector are chipping away at the banks’ profits and offering consumers apps and software which empower them with new products and services. This financial technology, known as fintech, could soon be impacting your life and giving your bank manager a big headache.
One of them (pictured above) is Birmingham-based fintech company Droplet which enables businesses to accept payments from customers via their mobile phones.
Here’s a piece I wrote in the Guardian about fintech which gives an overview of some of the big things about to be happening in your wallet, computer and mobile phone.