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Fintech is new and innovative financial technology applications that are competing with traditional methods and incumbent institutions for the delivery of financial services. Financial services has long been seen as one of the business sectors most vulnerable to disruption by software because, like publishing, financial services are made up of information rather than concrete goods. In particular, mobile services and blockchains have the potential to significantly disrupt the incumbents and reduce costs for consumers. While financial institutions have historically been shielded by a wall of regulation, and managed to weather the dot-com boom without major upheaval, a new wave of startups are actively “disaggregating” global banks.
Fintech can often eliminate middlemen. Financial products and services that have historically been the realm of entrenched legacy institutions are migrating to mobile devices and software platforms, which allow customers to execute transactions effortlessly and on a peer-to-peer basis.
This board was originally created to discuss LendingClub Corp., the first peer-to-peer lender to complete an initial public offering.
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