By Jonathan Pfeffer
If Financial Technology—FinTech—was the cog that dismantled an ineffectual machine 5-to-10 years ago, now it’s become the new machine.
“FinTech is one of the fastest growing segments of the economy. Five financial functions are being disrupted—payments, how money is transferred, markets, insurance and capital allocation,” NYU Stern clinical associate professor of finance Kathleen DeRose explains.
FinTech applications that leverage data and mobile technologies to enhance or streamline financial services have transformed the way companies engage consumers. This year’s breakout tech success is FinTech startup Stripe, whose PayPal-like platform is designed for businesses who regularly have to manage large transactions—like Amazon, Facebook, and Lyft.
Even conventional banks and insurers like Goldman Sachs and Citigroup have...
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