While Fintech has many faces, 3 stand out as the largest drivers in the space: the transfer of money, consumer lending, and small business lending.
Mobile money refers to everything that makes shifting funds easier; from basic money transfers to mobile banking and payment processing.
Smart phones are an increasingly important part of the process, as they now enable money to be easily and quickly routed both locally and globally.
Consumer and small business lending are also important parts of the equation, especially as traditional lenders pulled back as a result of The Great Recession.
However, while each of these 3 areas may present challenges to traditional banks, the playing field remains very fluid. Large institutions may move a bit more slowly, but once decisions are made, they can become powerful competitors. Most importantly, innovation and competition often lead to advances that provide real benefits to consumers.