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What is fintech? | CNBC Explains - Video học tiếng Anh
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What is fintech? | CNBC Explains
What is fintech? | CNBC Explains
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Phụ đề (62)
0:00
If you’ve ever paid for something with your phone, transferred money using an app
0:03
or checked your bank statement online,
0:05
then you’re already part of a multi-billion dollar industry.
0:08
It’s called fintech, and it’s changing economies around the world.
0:15
Fintech is short for financial technology - seems simple, right?
0:19
Well, the term fintech includes a huge range of products, technologies, and business models
0:24
that are changing the financial services industry.
0:26
It refers to everything from cashless payments,
0:29
to crowdfunding platforms, to robo-advisors, to virtual currencies.
0:33
So every time you donate to someone’s Kickstarter campaign - that’s fintech.
0:37
Or if you transfer money to someone using Venmo - that’s also fintech.
0:41
And that’s just the beginning.
0:43
Here at a major fintech conference in Amsterdam, hundreds of companies are trying to
0:46
disrupt the banking and finance industries by changing the way we pay and borrow money.
0:52
And investors are buying it.
0:53
Global investment in the fintech sector has added up to nearly $100 billion since 2010.
0:59
In 2017 alone, fintech investment surged 18%.
1:04
Startups focusing on payment and lending technologies received the majority of those funds.
1:09
It’s not just startups that are getting into fintech.
1:11
Some of the world’s biggest companies from Apple to Alibaba are going big on it, too.
1:16
Just think of Apple Pay or Alipay.
1:18
One reason for all of this investment?
1:20
Consumers are adopting fintech - fast.
1:23
One out of every three people across 20 major economies
1:26
report using at least two fintech services in the last six months
1:30
China and India are leading the way with more than half of consumers
1:34
using services like money transfers, financial planning, borrowing and insurance.
1:38
Financial technology has filled a void for people around the world
1:41
who don’t have access to traditional banking services.
1:45
In fact, it’s estimated nearly two billion people worldwide are without bank accounts.
1:49
Now, thanks to fintech, all you need is your phone to take out a loan or insurance.
1:54
Take Kenya, which pioneered a mobile banking system called M-Pesa.
1:58
Kenyans access their M-Pesa accounts directly on their mobile phones
2:02
to transfer money, pay bills or take out loans.
2:05
Today, an estimated 96% of households in Kenya use M-Pesa
2:10
and one study found it has helped lift roughly 2% of Kenyan households out of extreme poverty.
2:15
The rise of fintech has forced traditional lenders, insurers and asset managers
2:20
to embrace new digital technologies.
2:22
For example, wealth managers now have to compete with robo-advisors -
2:25
which are automated financial planning services.
2:28
I mean talk about rise of the robots, right?
2:30
Thanks to high-tech algorithms, these services are available 24/7
2:35
and can be more affordable than traditional asset managers.
2:38
That helps explain why robo-advisors already have billions of dollars under management.
2:43
Like any growing industry, fintech isn’t without risks.
2:46
And some regulators have struggled to keep up with the fast pace of innovation.
2:52
Think of peer-to-peer lending platforms,
2:54
where individuals borrow and lend without going through a bank.
2:57
Compared to traditional banks, these services might not be required to
3:01
set aside as much money in case customers default on their loans.
3:05
This can be risky for companies and consumers.
3:08
Data privacy is another major concern.
3:10
As more financial services go digital, cyber attacks become a bigger risk.
3:15
The challenges facing financial technology are likely to grow as more and more businesses go digital.
3:21
But for many of the companies and consumers here - fintech is more than a buzzword.
3:25
It’s a big business opportunity.
3:33
Hey everyone, Elizabeth here. Thanks so much for tuning in.
3:35
Be sure to check out more of our videos over here
3:38
including one about blockchain and another where I talk to a company that's going cashless.
3:42
Let us know if you have any other ideas for videos in the comments section
3:45
and while you're there, subscribe to our channel.
3:47
See you later!
